Patzcuaro Realty. CENTURY 21

Cabañas El Mirador
Uruapan, Michoacan, MX
Residential Development

10 hectares of forest developed at northwest area of the Uruapan city. Only 35 exclusive lands with a minimum area of 1,000m². To preserve the environment and conserve the vegetation there is more than 2 hectares of green areas.

Unique Panoramic View to the hills and the city.
Pool, Club House, Squash and Tennis Court, Maximum Security

+ Photos and Info

Americans can buy property in Mexico with Dollar Credit

The BBVA Group in coordination with Laredo National Bank (LNB) and Mortgage Banking-Bancomer Hipotecaria Nacional, the first market to offer credit in dollars to American and Canadian citizens from acquiring property in Mexico.

This is Your Dream Home in Mexico, a mortgage collateralized trust created in order to meet the interests of Americans and Canadians to acquire a house for rest or as investment anywhere in the Mexican territory, including the restricted zone.

Characteristics:
Deadlines: Term (years) 25, 20, 15
Taxes: Taxes defined by the Libor + margin. *rate subject to the exchange rate
Committees: Open: 2%
Report credit: $ 17.70 dollars.
Fee anchoring: $ 125.00 dollars.
Credit Rating: $ 150.00 dollars.
Cost of appraisal: For houses up to 150 m2 building will be charged $ 400.00 dollars.
For every 50 m2 surface more, the cost will increase by $ 50.00 appraisal dollars.
Value of housing: USD 100.000 in Forward
Funding: 70%
Minimum amount of credit: USD 70.000
Minimum amount of housing: USD 100.000
Insurance: You have the option of buying insurance through Bancomer at a cost premium of 3.6 thousand, which include:
• Resposabilidad civilian family.
• Damage to property.
Alternatively, the customer has the option to contract these insurance on their own.

Requisites:
From 18 years.
Score minimum credit: 650 (FICO Score).
They must hire a certain damage to property.
Insurance damage to property and shares of the Trust included in the monthly payment.
Providing the following documents:
1. Credit Application signed.
2. Photo identification.
3. The last 2 annual tax statements with W2 form.
4. Receipt of payroll last month.
5. States bank in the last 2 months.

Tu opción en México - Mexican residents in E.U.A. can hire mortgage credit to buy property in Mexico

Do you have relatives in the United States interested in buying property in Mexico? They can hire a mortgage to purchase new house or used in any city in the Republic of Mexico, through the offices of the Mortgage Banking Bancomer in the United States-Mexican Mortgage-where for more than two years, have been granted a multitude of mortgage loans to our countrymen.

Through this credit, the Mexicans who live and work in the United States can acquire a mortgage in pesos or in minimum wages, fixed interest rate and no penalty for prepayment, with the following characteristics:

Deadlines: Term (years) 5, 10, 15, 20
Committees: a) Opening: 4% for housing values to $ .00 and $1'000,000 MXP
b) 2.25% for housing values greater than .00 $ 1'000000 MXP
c) For Prepayment: no fee for advance payment.
Cost of appraisal: 2.5 thousand + $ 500.00 or $ 1200.00 MXP whichever is greater.
Expenditure on Research: $125 USD
Factor payment (including insurance): $ 22.68 MXP (5 years), $ 14.88 MXP (10 years), $ 12.66 MXP (15 years) and $ 12.18 MXP (20 years), $ 10.80 MXP (25 years, this term applies only to minimum wages)
Minimum amount of credit: $153,000.00 MXP
Minimum amount of housing: $170,000.00 MXP
Insurance: Living and total and permanent disability: ($ 0.32 MN pesos monthly for every $ 1000.00 pesos MN credit).
Damage: ($ 0.49667 pesos MN monthly for every $ 1000.00 pesos credit. Includes VAT), includes Liability insurance up to $ 100000.00 weights and contents insurance latter up to $ 70000.00

Tuesday, June 17, 2008

Hass Avocado and Diamante Peach Orchard
Agua Blanca de Copio, Michoacan, MX
Orchard For Sale $1'470,000 MXP / $142,000 USD

Excellent Orchard, New, with warehouse and house room, system of irrigation, 300 trees of Diamante Peach and 250 trees of Hass Avocado of 1½ year, road front, near to Santa Clara del Cobre and Zirahuen.
24 acres of surface, 457.6 ft. of wide, great opportunity to invest!

Patzcuaro - Quiroga Road
Patzcuaro, Michoacan, MX
Land For Sale $409,000 MXP / $40,000 USD

Road front land, excellent for touristic development, near to Patzcuaro city.
19,583.2 sq. ft. of ascendant surface, 85.28 ft. of wide, 229.6 ft. of deep.

Vasco de Quiroga Neighborhood
Patzcuaro, Michoacan, MX
House For Sale $530,000 MXP / $51,500 USD

House for sale in a great location, only four blocks of the main square.
2,152 sq. ft. of land surface, 1,614 interior sq. ft., 2 levels, 3 bedrooms, 1½ bathrooms, 1 car garage.

+Photos, Info and Satellite View

Typical Adobe House in Patzcuaro Downtown
Patzcuaro, Michoacan, MX
Old House For Sale $14'500,000 MXP / $1'399,000 USD

Excellent colonial and centric property. Ideal for Hotel investment or lease rooms, closer to Plaza Grande (main plaza of Patzcuaro's Downtown), unique opportunity to own colonial old property.
15,734.13 sq. ft. of land surface, 62.32 ft of wide. 6,456 sq. ft. of construction.

Chalet in Zirahuen, Private Complex
Zirahuen, Michoacan, MX
House For Sale $1'150,000 MXP / $111,000 USD

Typical construction, rest complex, pool and dinning area, 24 hours surveillance.
2,001.63 sq. ft. of land surface and interior area, 2 levels, 2 bedrooms, fireplace, 1 bathroom, parking area.

Los Nogales
Patzcuaro, Michoacan, MX
Land For Sale $770,000 MXP / $75,000 USD

Magnificent located, residential area, full serviced, near to Patzcuaro's Downtown.
7,911 sq. ft. of surface with 22 ft. of wide, irregular dimensions. Small construction with bedroom and bathroom.

Rincon de Los Nogales
Patzcuaro, Michoacan, MX
Land For Sale $357,000 MXP / $35,000 USD

Residential area, panoramic view, full serviced, near to Patzcuaro's Downtown.
2,357 sq. ft. of surface, 56 ft. of wide and 42 ft. of deep.

Rincon de Los Nogales
Patzcuaro, Michoacan, MX
Land For Sale $457,000 MXP / $45,000 USD

Residential zone, panoramic view, full serviced. Near to Patzcuaro's Downtown.
3,132 sq. ft. of surface, 85 ft. of wide and 36 ft. of deep

Patzcuaro's Downtown
Patzcuaro, Michoacan, MX
House For Sale $167,000 USD

Beautiful remodeled house, located near to Patzcuaro main plaza (Plaza Grande), furnished with rustic and typical furniture of the region, ideal to retire in Patzcuaro.
1,032.96 sq. ft. of land surface, 2,044.4 interior sq. ft., 1 levels, 2 bedrooms, 2½ bathrooms, studio, 1 car garage.

La Loma Neighborhood
Patzcuaro, Michoacan, MX
House For Sale $2'100,000 MXP / $203,000 USD

Excellent house, new construction with fine finishes, ample spaces and garden, corner good located at quiet zone, magnificent Patzcuaro's Lake, Janitzio Island and Patzcuaro City View, full serviced.
2,130.48 sq. ft. of land surface, 3,012.8 interior sq. ft., 2 levels, fireplace, 3 bedrooms, 2½ bathrooms, 3 cars garage.

Patzcuaro's Downtown
Patzcuaro, Michoacan, MX
Hotel For Sale $2'000,000 USD

Excellent investment opportunity in Patzcuaro, ample and centric Hotel. 25 furnished rooms (not including decoration) with bathroom, ample parking area, Dance Hall, Restaurant, Bar, TV room. Pool and gardens. 30,827.4 sq. ft. of land surface

Santa Ana Chapitiro
Patzcuaro, Michoacan, MX
Land For Sale $1'150,000 MXP / $111,000 USD

Land with plane surface, megnificent Patzcuaro Lake view, located near to Patzcuaro city.
112,463.5 sq. ft. of surface, 229 ft. of wide and 492 ft. of deep.

Zirahuen Lakefront
Zirahuen, Michoacan, MX
Land For Sale $3'400,000 MXP / $329,000

Land for invest in Michoacan, ideal to residential or turistic development, Zirahuen Lakefront.
77,794.8 sq. ft. of surface, 183.68 ft. of wide, 413.28 ft. of deep.

Santa Clara Del Cobre
Salvador Escalante, Michoacan, MX
Mechanic Shop For Sale $1'100,000 MXP / $107,000 USD

Magnificent opportunity to invest in Michoacan, mechanic shop, totally finished, very spacious, on the border of the road.
5,380 sq. ft. of construction with 2 bathrooms.

Monday, June 16, 2008

El Charaparo
Ihuatzio, Michoacan, MX
Land For Sale $1'250,000 MXP / $121,000 USD

Wonderful View to Patzcuaro's Lake and Janitzio Island. Located near (one block) to the Lake.
54,347 sq. ft. of land surface, located on street and corner.

Patzcuaro, Vasco de Quiroga Neighborhood
Patzcuaro, Michoacan, MX
House For Sale $900,000 MXP / $87,000 USD

Nice home at quiet zone, full serviced, newly remodeled.
3,250 sq. ft of land surface, 1,528.52 sq. ft. of interior surface, 1 level, 3 bedrooms, 2 bathrooms. 2 cars garage, ample garden area.

+ hotos, Info and Satellite View

Patzcuaro, Revolucion Neighborhood
Patzcuaro, Michoacan, MX
Land For Sale $950,000 MXP / $92,000 USD

Patzcuaro's Lake view, good located, ideal to build a house or pair, full serviced.
7,492 sq. ft. of land surface, 68 ft. of wide, the property has a little house to restore.

Zirahuen Lake View
Zirahuen, Michoacan, MX
Land For Sale $1'760,000 MXP / $170,000 USD

Excellent located land, panoramic and magnificent view to Zirahuen's Lake. Unique opportunity for invest in Michoacan.
43,057 sq. ft. of land surface with 689 ft. of wide. Ideal to residential or touristic development.

Erongaricuaro Cottage, Patzcuaro's Lake View
Erongaricuaro, Michoacan, MX
Cabin For Sale $390,000 MXP / $38,000 USD

Comfortable cabin, ample land and garden, panoramic & beautiful view to Patzcuaro's Lake.
3,875 sq. ft. of land surface, 754 sq. ft. of interior surface, 2 levels, 1 bedroom, 1 bathroom.

Patzcuaro - Tacambaro Road
Patzcuaro, Michoacan, MX
Land For Sale $1'900,000 MXP / $183,000 USD

Good located, near to Patzcuaro's Downtown, road front, full serviced. Commercial or Residential use.
9,978 sq. ft. of land surface.

+Photos, Info and Satellite View

Arocutin Cabin
Erongaricuaro, Michoacan, MX
Cottage For Sale $380,000 MXP / $37,000 USD

Excellent cabin, full serviced, for great living style, located near to Erongaricuaro and Patzcuaro.
Panoramic View to Patzcuaro's Lake. 2,368.13 sq. ft. of land surface, 1,173.30 interior sq. ft., 3 bedrooms, 1 bathroom, 2 levels. 3 cars garage.

Ibarra
Patzcuaro, Michoacan, MX
Land For Sale $550,000 MXP / $53,000 USD

Very good located, plane and rectangular surface. Magnificent opportunity, excellent for residential development. Near to Patzcuaro Lake.
12,723 sq. ft. of surface, 45.11 ft. of wide, 282.15 ft. of deep.

Las Plazas Shopping Center
Patzcuaro, Michoacan, MX
Commercial Unit For Sale $270,000 MXP / $26,000 USD

Good located at Abastos Market, near to Patzcuaro Downtown, full serviced.
484 sq. ft. of surface, mezzanine and restroom. Ideal to invest and entrepreneur.

Friday, June 13, 2008

Cerrito Colorado
Zirahuen, Michoacan, MX
Zirahuen Lake Front Land For Sale $550,000 MXP / $53,000 USD

Beautiful land, Zirahuen's Lake front, near to cobbled road to Santa Clara del Cobre. Walled.
6,945 sq. ft. of land surface, 65 ft. of front and 1,400 ft. of wide.
Really Unique & Great Opportunity in Zirahuen.

Tzurumutaro, El Llanito
Patzcuaro, Michoacan, MX
Road Front Land For Sale $200,000 MXP / $20,000 USD

Excellent road front land, ideal to residential development o to commercial use.
10,760 sq. ft. of land surface, 137.76 ft. of wide and 198.83 ft. of deep.

Villas del Sol
Patzcuaro, Michoacan, MX
Panoramic View Land For Sale $270,000 MXP / $26,000 USD

Land located at residential, quiet and nice area, panoramic view to Patzcuaro Lake.
2,841 sq. ft. of land surface, 39.37 ft. of wide and 72.17 ft. of deep, full serviced.

Patzcuaro Downtown
Patzcuaro, Michoacan, MX
Colonial House For Sale $5'300,000 MXP / $509,000 USD

Colonial house located at the most important and typical area of Patzcuaro, 2 yards, ample garden, excellent conditions.
16,710 sq. ft. of land surface. 8,708 sq. ft. of regional construction, 2 levels, 10 bedrooms, 2 bathrooms. Great and Unique opportunity to invest.

Patzcuaro, near to Plaza Grande
Patzcuaro, Michoacan, MX
House To Remodel For Sale $4'500,000 MXP / $433,000 USD

Excellent opportunity, adobe house for remodel and expand at your necessities, typical construction.
6,146 sq. ft . of land surface. 1,130 sq. ft. of construction in 1 level. Located at the Downtown, closer to Principal Patzcuaro Plaza.

Patzcuaro Downtown
Patzcuaro, Michoacan, MX
House & Cabin For Sale $3'650,000 MXP / $351,000 USD

Magnificent located, closer to Plaza Grande, corner, ample cabin.
3,455 sq. ft. of flat land surface. 3,552 sq. ft. of nice construction. The house is in 2 levels and has 3 bedrooms, 2½ bathrooms, living room, dining room, kitchen. The cottage is next to the house. Ample garage and garden.

Patzcuaro Downtown
Patzcuaro, Michoacan, MX
Colonial Adobe House For Sale $1'950,000 MXP / $199,000 USD

Centric and good located, near to both Plazas, Grande (Vasco de Quiroga) and Chica (Gertrudis Bocanegra), colonial adobe house, ample garden.
9,580 sq. ft. of land surface, 2,152 sq. ft. of one level construction. 4 bedrooms, 2 bathrooms. Living room with fireplace, dinning room, kitchen. Big garden.

Patambicho, Patzcuaro Lake Front
Tzintzuntzan, Michoacan, MX
Land For Sale $600,000 MXP / $59,000 USD

Good located land at La Zarzamora residential zone, ideal for rest o retirement house, Patzcuaro lake and road front.
18,493 sq. ft. of irregular dimensions and flat surface.

Ibarra
Patzcuaro, Michoacan, MX
Land For Sale $1'760,000 MXP / $170,000 USD

Non serviced land, residential use, ideal to develop, plane and irregula surface. Located in Patzcuaro city, next to the Road Carretera Federal 14.
156,257 sq. ft. of surface, 131 ft. of road front.

Wednesday, June 11, 2008

How Foreigners can Own Real Estate in Mexico

Foreigners can Own Properties in Mexico, here we post the information about. Send your questions to us...

1. ALTERNATIVES
It is common misconception that foreigners cannot own Real Estate in Mexico, but reality is that they can. However, there is a restrictive zone, as described below, and we have to consider the following alternatives:

Outside the Restricted Zone, a foreigner or foreign corporation can acquire any type of real estate as any Mexican National, holding the property as a direct owner complying with Mexican law.

Within the Restricted Zone, a foreigner or foreign corporation may obtain all the rights of ownership but it must be in a bank trust, known as Fideicomiso.

Another alternative is to purchase non-residential property through a Mexican corporation which can be, under certain conditions, 100% foreign-owner, with a provision in its by-laws that the foreigners accept to be subject to Mexican laws and agree not to invoke the laws of their own country.

Also, that the real estate acquired be registered with the Foreign Affairs Ministry and is used for non-residential activities. In other words, under said conditions, foreigners can acquire, directly, properties destined for tourist, commercial and industrial use.

2. THE RESTRICTED ZONE
The Mexican Constitution regulates the ownership of the land and establishes that "... in a zone of 100 kilometers along the border or 50 kilometers along the coast, a foreigner cannot acquire the direct ownership of the land". These areas are known as the "Restricted or Prohibited Zones". Nevertheless, the lastest Mexican Foreign investment Law, which became law on December 28, 1993, makes the allowances mentioned above.

3. FIDEICOMISO OR BANK TRUST
Any foreigner or Mexican National can constitute a Fideicomiso (the equivalent to an American beneficial trust) through a Mexican bank in order to purchase real estate anywhere in Mexico, including the Restricted Zone. To do so, the buyer requests a Mexican bank of his/her choice to act as a trustee on his/her behalf.

The bank, as a matter of normal course, obtains the permit from the Ministry of Foreign Affairs to acquire the chosen property in trust. The Fideicomiso can be established for a maximum term of 50 years and can be automatically renewed for another 50 year period. During these periods you have the right to transfer the tittle to any other party, including a member of your family.

The bank becomes the legal owner of the property for the exclusive use of the buyer/beneficiary who has all the benefits of a direct owner, including the possibility of leasing or transferring his/her rights to the property to a third party or to a preappointed heir. During this period, the foreigner is considered as a Mexican National.

The trustee is responsible to the buyer beneficiary to ensure precise fulfillment of the trust, according to Mexican Law, assuming full technical, legal and administrative supervision in order to protect the interests of the buyer/beneficiary. Fideicomisos are not held by the trustee as an asset of the bank.

For practical purposes, even in unrestricted zones many foreigners and Mexican Nationals, for that matter, prefer to hold their property under a Fideicomiso

Purchase-Sale Process in México

If you want Buy or Sale a property, the process for foreigners is this. Read, and if have a question, please, mail us, we can help you!

1. PROCESS
Most real estate transactions are "opened" after a written purchase offer is accepted by the seller and when a purchase-sale agreement (promissory contract) is signed by both parties. In most cases, a deposit is required by the broker in order to transmit the offer to the seller. If the transaction is being conducted directly with the seller, it is highly recommended that a real estate broker or a lawyer be consulted before signing any papers or handing over any money.

In some areas it is common practice to deliver to the seller, as an advance payment, the equivalent to a 20-50% (including the initial deposit) of the total price upon signing the purchase-sale agreement which should contain a penalty cause applicable in case there is a breach of contract by any of the parties.

Normally, when signing the escritura or official deed, which needs to be certified by a Notario Publico or notary public, the balance is paid and the property is delivered. This should not take more than 45 days. In certain resort areas the custom of using "escrows" is being implemented.

2. NOTARIO PUBLICO OR NOTARY PUBLIC
The Notario Publico is a government appointed lawyer who processes and certifies all real estate transactions, including the drawing and review of all real estate closing documents, thus insuring their proper transfer.

Furthermore, all powers of attorney, the formation of corporations, wills, official witnessing, etc. are handled and duly registered through the office of the Notario Publico, who is also responsible to the government for the collection of all taxes involved.

In connection to real estate transactions, the Notario Publico, upon request, receives the following official documents, which, by law, are required for any transfer:

- A non lien certificate from the Public Property Registry based on a complete title search.
- A statement from the Treasury or Municipality regarding property assessments, water bills, and other pertinent taxes that might be due.
- An appraisal of the property for tax purposes.

3. CLOSING COSTS
It is common practice that the buyer pays the transfer or acquisition tax as well as all other closing costs including the Notario fees and expenses, and the seller, pays his capital gains tax and the broker's commission.

Since January 1, 1996, the federal law regarding the real estate transfer tax, which was 2% for all the Republic of Mexico, was modified in order to allow each of the Mexican States to determinate its own tax. The range may be from 1-4%, of the tax appraisal value, generally less than the sales value.

The rest of the closing costs, which exclude the transfer cost mentioned above, may vary from 3-5% of the appraised tax value or more, depending on the particular State. These percentages are applied to the highest value of the following:

- The amount for which the property is sold.
- The value of the official tax appraisal.
- The value designated by the property assessment authorities.

4. COST OF FIDEICOMISO
Based on a present tariff, the bank charges the person desiring the Fideicomiso an initial fee for the drawing up of the agreement and establishment of the trust, plus a percentage according to the value of the property. In addition to the bank charges an annual fee to cover its services as a trustee.

5. REAL ESTATE BROKER'S COMMISSION
Most real estate companies in Mexico charge 5-7% commission based on the actual sale price of the property. However, different area broker rates reflecting higher broker expenses may be found, such as in the resort areas.

6. CAPITAL GAINS TAX
In Mexico, the concept of capital gains tax does not apply in the sense in which it is determined in the United States. Here, the gain from the sale of the property is considered as normal income at a tax rate of up to 32%. In order to determine the gain, the following costs and expenses are deducted from the amount for which the property is officially sold:

- The original land cost and the depreciated construction cost, based on the number of years the property was held and adjusted for inflation according to the official consumer price indexes.
- Additions, modifications and improvements, but not maintenance, made on the property (construction), adjusted as above.
- Commissions paid to real estate brokers by the seller.
- The closing costs, including all expenses, taxes and fees paid by the seller.

The Notario will retain the calculated gain after deductions forwarding it to the Mexican tax authorities.

The seller will then deduct this amount against his/her annual tax return, which becomes an adjustable tax credit in the U.S.

On the other hand, there is no capital gain tax in Mexico if there is conclusive proof the seller has had property as his primary residence for the previous 2 years.

Leasing Process in Mexico

For Rent a property, the process for foreigners is easy, read and if have a question, mail us.

1. BACKGROUND
Historically, in Mexico, the law favored the tenant, making it harder for the landlord to increase the rents and/or evict the tenant upon the termination of the contract. Consequently, contracts were designed to the protect the landlord as much as possible, but in 1993, the law regarding leases in Mexico City (Federal District) was modified in order to expedite the lawsuits against the tenants, with the resulting benefits for all.

As each state in Mexico has different laws regarding leases, it is advisable that a lawyer or a reputable real estate broker be consulted before signing any agreement.

Some years ago, the housing leasing market in areas such as Mexico City, had a very high demand with minimum supply. Therefore, rents, in general, were relatively high.

Presently, the situation has reverted because property owners, unwilling to sell due to the economic situation are choosing to lease as an alternative to selling, as a result, markets reflect a tendency for lower rents.

2. TERMS
The normal and basic terms of lease agreement are:

- One year contracts are common, particularly in housing. Commercial and industrial properties are normally leased for longer terms with predetermined formulas to adjust the rent annually.
- In some cases a co-signer or a bond is necessary in most cases.
- A deposit equivalent to 1-2 months rent is normally required.
- Generally, refurbishing is responsibility of the tenant.
- All utilities as well as condo maintenance fees, telephone, cable vision and other optional services such as special area security, are usually paid by the tenant.

Los Nogales
Patzcuaro, Michoacan, MX
House For Sale $2'000,000 MXP / $192,000 USD

Excellent house, ideal for moving to Patzcuaro, great location at residential and quiet zone, near to Patzcuaro Downtown.
6,996.77 sq. ft. of flat land surface, 52.49 ft. of wide and 131.23 sq. ft.
2,583.42 sq. ft. of construction in 2 levels, ample living room with nice fireplace, kitchen and dinning room. 3 bedrooms, 3 bathrooms and studio. Ample garden, 3 cars garage.

+ Photos, Info & Satellite View

Fraccionamiento Bosques
Patzcuaro, Michoacan, MX
Land For Sale $350,000 MXP / $34,000 USD

Excellent dimensions, Flat and Regular land, located at private residential area, great opportunity to invest.
Quiet and natural zone, ideal to build a house, for live or rest.
6,458.55 sq. ft., 65 ft. of wide and 98 ft. of deep