Start the New Year with a New Address: Latitude 21
Tara A. Spears
“My reward is that I get to spend my days helping people make their dreams come true” Shane Milan.
Local entrepreneur, Shane Milan, by donating to Women to Women scholarships 2023 creates a ripple effect: Being a platinum level sponsor enables a young woman to pursue a university degree for a year! Not only does the talented woman have the opportunity for a better life, her family benefits and the quality of life in the community improves. Shane stands out for having a deep love for Jaltemba Bay and its people, a strong commitment to family and education, besides a natural integrity. This is the type of businessman you can trust to protect your money when buying Mexican property.
As a long-time resident of Jaltemba Bay, Shane has dual citizenship and is fluent in English and Spanish, a real plus in international transactions. “I was born here in Mexico when my parents were on vacation and I have lived in this area full-time since 2003.” Old timers will remember Shane as the hard working kid helping his parents at the family restaurant. By the time Shane reached his twenties, he undertook a 6 months Mexican Real Estate course and began working in Guayabitos in 2015. After gaining valuable experience in property sales and after completing several real estate refresher courses, Shane is now a qualified real estate broker. “I am confident that I can answer any question you might have about real estate in Mexico.” In addition to his training, Shane makes an effort to stay abreast of Mexican property law in order to protect his customers.
Whether you’re planning on buying a condo or house in Mexico as an investment- or to move to Mexico- Shane can guide you through the process. “I recommend to people that planning to purchase residential property first rent in the area they’re interested in to see if it meets their expectations,” said Shane. “Fall in love with the neighborhood, love the climate, meet your possible neighbors, decide what’s right for your lifestyle needs, then buy a house.”
Despite the negative impact of the COVID-19 epidemic in the economy, the real estate market remains steady. A large chunk of the property market in Mexico is owned by locals, but a significant number of immigrants (from the US and Canada) are still purchasing houses or land here. “It’s been a strong real estate market that has a lot of activity in 2022, and increases continually,” explained Shane. “The customer should be aware that the average closing time for transfer of Mexican property takes 3-4 months.”
Shane gives a brief overview of the process that foreigners typically go through to own property in Mexico. It starts with the hunt: you’ll need to find the perfect place. Work with a credible realtor, such as Latitude 2, to find the property or land you want to buy, and open negotiations on the price you’re willing to pay. Once you come to a mutually acceptable deal, you’ll be ready to start the formalities. “I provide complete transparency as to the required costs so that both parties know exactly what to expect.” The second step is to document the deal with a sales contract which will be in Spanish. The exact form of the sales contract may vary somewhat depending on local customs.
Once the contract is accepted, you’ll need to make a down payment. If you’re buying property or land within the restricted zones, you’ll need to either create a fideicomiso or have the previous fideicomiso transferred to your name. Currently the fideicomiso is in effect for 50 years. Your notary will step in at this point to complete the next few steps. You’ll need to seek permission to complete the purchase and sign an agreement that you’ll be bound by Mexican law in any real estate dealings.
Next is to obtain the property valuation for tax purposes, establish utility accounts and complete due diligence checks. You will sign the escritura, pay all final taxes and costs. Note that the escritura will ultimately become your title to the property once you’ve finalized your purchase and paid all the outstanding costs. The property process will start as soon as you’ve made the final payment. Your Ownership will be registered within 3 months of closing. You can see how vital it is to have a knowledgeable, honest professional like Shane Milan to guide you through the journey of purchasing property in Mexico.
Shane explains, “Most individuals need to plan for closing costs in addition to the down payment or purchase price. Real estate closing costs in Mexico consist of various fees and expenses that generally total between 4% to 6% of the purchase price. These costs are always the responsibility of the buyer. If you are the seller, you will have to pay other real estate fees and any capital gains taxes generated from the sale.”
Shane explains, “Most individuals need to plan for closing costs in addition to the down payment or purchase price. Real estate closing costs in Mexico consist of various fees and expenses that generally total between 4% to 6% of the purchase price. These costs are always the responsibility of the buyer. If you are the seller, you will have to pay other real estate fees and any capital gains taxes generated from the sale.”
Shane explains, “Most individuals need to plan for closing costs in addition to the down payment or purchase price. Real estate closing costs in Mexico consist of various fees and expenses that generally total between 4% to 6% of the purchase price. These costs are always the responsibility of the buyer. If you are the seller, you will have to pay other real estate fees and any capital gains taxes generated from the sale.”
Shane explains, “Most individuals need to plan for closing costs in addition to the down payment or purchase price. Real estate closing costs in Mexico consist of various fees and expenses that generally total between 4% to 6% of the purchase price. These costs are always the responsibility of the buyer. If you are the seller, you will have to pay other real estate fees and any capital gains taxes generated from the sale.”
You can trust Shane to always put his clients’ best interests first. Buying Mexican property can be challenging so it’s safest to use a reputable agency and agent. Shane has the necessary market expertise to help you find exactly what you’re looking for and the knowledge to protect your interests throughout the closing process.
Best of all, he loves this community! Follow Shane’s lead by becoming a W2W sponsor. Visit www.mujeresamujeres.com to learn about the group.
Contact Shane Milan 322 160 5516 to begin your journey to achieving your dream of owning a piece of paradise.
Latitude 21 office is open 9-5 except for Sundays
Look for the Latitude table at the area outdoor markets