Gaviota - Ensenada real estate

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TELEPHONE
1-866-LUV-BAJA (1-866-588-2252),
619-270-5446, 619-407-7878

Or in México:
01152 (661) 100 2076 Rosarito,
and
01152 (646) 156 5007 Ensenada

 

 


Frequently Asked Questions

Why Ensenada?
What kind of finance is available in Mexico?
There are developers that offer finance but the interest rate is very high, between 14% and 16%. There are a number of US lenders already offering US interest rates of between 7% and 8%. The interest rate will depend on the property, the deposit and the finances of the buyer. The deposit will be a minimum of 20% and in some cases 30%.

 How do I choose a good real estate agent?
This is not an easy question and there is no easy answer. The best way is to get a recommendation from someone that bought from a local agent and was happy with the service. You cannot depend on name brands from the US to be good agents here and sometimes the best agents are from small local firms.

 Should I live in a gated community? Is that safe enough or should I have a security system as well?
Gated communities offer a very comfortable life style but there are many more Mexican neighborhoods that are less expensive. There is crime everywhere, but a lot less in Mexico than one would expect. There are lots of good security systems available here and you need not be afraid to live in Mexican neighborhoods.

 Is Title Insurance a good idea?
Mexico has many different kind of titles so it easy to get confused. If the property you want to buy does not qualify for Title Insurance it might not be the best idea to buy it. Stewart Title is insuring several developments now and if a developer tells you there is Title Insurance, ask to see the policy and ask for the contact details of the Title Insurance representative. If the agent selling the property tells you Title Insurance is not necessary, walk away.

 What documents should I ask for when considering purchasing a property?
You need to see the title, the last tax bill and a bank trust, if available.

 What happens to the deposit I make on a property?
It is important to only give a small deposit until you have the opportunity to see the title insurance and the contract. If you decide not to purchase the deposit should be returned to you immediately.

 How can I be sure I am not paying too much for a property?
Like anywhere else, Mexican property is worth what someone will pay for it but you can ask for an appraisal and ask what similar properties have sold for. If the agent will not answer these questions, get another agent.

 What are the property taxes in Baja Mexico?
Your yearly property taxes will run you about ¼% (0.25%) of the total purchase price of Baja California real estate.

 Is there such a thing as Escrow in Mexico?
Mexico does not have traditional escrow but you can find developers that are using a Title Company to hold money in escrow. Be careful of any developer that wants you to give an unsecured deposit.

 What are closing costs going to be?
Closing costs are higher here than in the US. Between 4% and 6% is normal.

 If I make a deposit on a house and then find the house has a lien on it or has problems with the title, can I get my deposit back?
Only if you have stipulated in the offer agreement that you have the right to withdraw your offer under those conditions.

 Who do I need to settle the property?
You will need a Notario. This is a lawyer that is licensed to conduct property transactions.