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Real Estate FAQ

Real Estate FAQ – via capitale

Puerto Vallarta and Riviera Nayarit

 

 

 

 

Real Estate Listing client (Frequently Asked Questions)

Real Estate Buyer client (Frequently Asked Questions)


Q. What is the standard period of a listing?
A. In a market like ours at the moment (buyers’ market), the standard listing period is one year. If the property is priced right there is a chance that it will sell within the first 6 months.

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Q. Realistically how long will it take to sell my property?
A. Again we go back to pricing the property correctly; this means listening to your real estate professional which will give you facts and real data so you can price your property correctly. If you follow the expert advice there is a better chance that your property will sell within the first 6 months of the listing period.

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Q. Can I sign for less than 6 months?
A. You probably can with another agency, with us, the answer is NO. Why? Because in this type of market is takes longer to position a property, there is a lot of offer and not as much demand, so having a listing for less than a year in this type of market is not a good business decision for either the owner/seller or the agent.

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Q. What is the commission?
A. The commission varies depending on what is negotiated with each client. There is no faced standard. Usually you get what you pay for.

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Q. Do I have to pay capital gains tax?
A. Almost everyone has to pay capital gains tax with the new law. We will give you an approx. sellers estimate net proceeds so that you have a clearer idea of what costs you will have in the event of an accepted offer.

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Q. What is the IVA tax?Do I have to pay the IVA tax on the commission?
A. The IVA is Mexico’s Federal Value Added Tax and it is a federal tax. Every service business has to charge it over their fee.

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Q. Why do you expect more commission than the other two agents I have interviewed?
A. I don’t know who you have interviewed but to start with, we are Via Capitale PV, in this area no other brand comes near us as far as recognition and prestige. We will get harder to give you results.

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Q. What marketing will you do to promote and sell my property?
A. The most important thing to getting close to selling your property is pricing it right. It will be featured in the AMPI MLS system as well as the Via Capitale PV website and other alternate web site that we use to promote our listings. We will also promote among our data base and network.

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Q. How often will I hear from you?
A. Our agents have a commitment to stay in touch with their listing clients at least once a month.

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Q. Do you plan to do an Open House?
A. This all depends on the property and if you want one. Open Houses don’t seem to really do the job as in the past, however, maybe an invitation to specific agents may work better.

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Q. How do you plan to bring qualified buyers to view my property?
A. Price has to be right in order to attract any buyer. Asking the right questions when a potential buyer shows interest will help determine if indeed he/she/them are qualified for this specific property.

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Q. What happens if I bring the buyer?
A. If you bring the buyer we will charge half of the agreed commission and we will handle all of the paperwork and closing process for you.

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Real Estate Buyer client (Frequently Asked Questions)

Buyer client

 


Q. How does ownership work?
A. The end result is the same, however the process is different. Instead of owning fee simple you will have the rights to the property through a mechanism called “Fideicomiso” (Trust), issued by a Mexican Bank. Please email us and we will send you an easy to read two page document that will explain how this works.

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Q. What is the trust?
A. Please email us to send you a two page document that explains how this works.

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Q. Can I work with several agents, including you?
A. Well, the truth is that this is not healthy for anyone. We belong to a Real Estate Association (AMPI) Mexican Association of Real Estate Professionals, and we have and share an MLS system, so essentially all agents will end up showing the same properties. The best thing would be for you to choose one based on what is important for you.

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Q. If I don’t like the agent I chose and regret can I change agents?
A. The answer is yes. You as a buyer will always have the prerogative to work with whomever you want to. We recommend that you stick to the real estate professional that you feel comfortable with in every aspect.

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Q. When I found what I want, and feel ready what is the next step?
A. That you real estate agent write an offer. You can sit down with him/her and define the important points and indispensable conditions of the offer. If you are no longer in the area, email and phone works.

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Q. How long does it take to close?
A. Depends on the status of the property, if it has a mortgage it will take longer but if it is a normal transaction it will take between 30 to 45 days.

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Q. Does the seller pay for the closing costs?
A. In this market commonly the closing costs are paid by the buyer. However, if the buyer wants the seller to cover them, this request could be put in writing in the offer.

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Q. What are the closing costs, how are they calculated and who does this?
A. Closing costs run between 5% to 8% of the purchase price. The Notario Publico (Real Estate Attorney) will be the one determining the closing costs, based on purchase price.

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Q. Will I be able to use an Escrow company to close on the deal?
A. You will be able to use an Escrow company to place the initial guarantee deposit, but the transaction ultimately will close at the Notario Publicos office. Escrow is only used to hold funds.

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Q. Who pays the commission?
A. The seller pays the commission (99%); unless the property you decide to purchase is not listed and the owner/seller is not paying a commission, then if the buyer wishes that I handle the closing and all of the paperwork, the buyer will have to cover the commission.

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Q. Is it safe to pay the seller the guarantee deposit?
A. NO. We always recommend that our clients use Escrow for this purpose.

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Q. I want to see all of the properties that fit the criteria I have, will you be able to show them to me or shall I get several agents?
A. The best and most recommended thing in our market is to choose one real estate agent and that person can show you everything available that fits your criteria.

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Q. Can I get financing from a Mexican Bank?
A. Yes. For more info on this please send us an email.

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