When venturing into the real estate market of San Miguel de Allende, two critical steps define the journey:
finding the right real estate agent and understanding the buying process.
finding the right real estate agent and understanding the buying process.
Here’s a combined guide to help you navigate through both.
Selecting a Real Estate Agent
1. Experience and Local Knowledge:
- Choose an agent with a proven track record in San Miguel de Allende who understands local market trends, neighborhood specifics, and potential future developments.
- They should offer insights into the community, amenities, and local regulations that could impact your property.
2. Reputation and References:
- Opt for an agent with a history of successful transactions and satisfied clients.
- Verify their reputation through testimonials or by contacting their previous clients.
3. Communication and Availability:
- Ensure your agent is responsive and available to address your concerns throughout the complex process of buying or selling property.
- Confirm their availability across various communication channels.
4. Professional Associations:
- Membership in associations like AMPI SMA signifies a commitment to ongoing education and adherence to a strict code of ethics.
- These organizations provide dispute resolution services and keep members informed about legal changes and industry practices.
The Buying Process
1. Valuation and Offer:
- Start with a formal written offer based on a clear understanding of the property’s value, without exchanging earnest money.
2. Buy/Sell Agreement:
- Upon offer acceptance, draft a Purchase Contract outlining both parties’ legal rights and responsibilities, accompanied by a 10% earnest money deposit in escrow.
3. Inspection:
- Conduct a thorough inspection and review all documents necessary for the legal transfer of title.
4. Notario Público:
- Engage a Notario Público, a highly qualified attorney, to oversee the legality of the transaction, with notary fees representing about 1% of the total closing costs.
5. Closing the Sale:
- Complete the sale by obtaining a professional appraisal, notifying the public registry, conducting a title search, drafting the deed, and registering it with the public registry. Closing costs are approximately 6% of the purchase price.
Additional Costs:
- Commission: Typically around 6% of the sale price. (Paid by seller).
- Notary Fees: About 1% of the total closing costs. (Paid by buyer).
- Closing Costs: Generally between 4% and 6% of the purchase price, covering all transactional expenses. (Paid by buyer).
Working with a reputable local real estate agent or attorney is advisable to navigate the specifics of purchasing property in San Miguel de Allende. They can provide detailed information on all associated costs and ensure a smooth transaction.
