Time to Sell Your Real Estate Property in La Paz?



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Here is a practical guide to help sell your house or lot as smoothly as possible.

By Sandra D. Gaytán

Many home or lot owners in Baja California Sur get to the moment when they realize it is time to sell their property. Making the decision to sell property can be for a number of different reasons. Regardless of what the reason might be, it is very important that the sellers are ready for when the time comes.

 

The following is a practical guide to get yourself ready to sell your property and to have a smooth closing:

  1. Locate the original public deed for the fideicomiso (Mexican Bank Trust) on your house or lot.
  2. Make sure that your passport is valid and that it will not expire anytime soon. If your passport is about to expire, apply for the renewal as soon as possible.
  3. Make sure that you have your immigration document in order (Permanent or Temporary Resident Card or Tourist Visa).
  4. Pay any outstanding property taxes to the treasury department of the City of La Paz.
  5. Check with your Bank Trustee (the bank that is holding your fideicomiso) that all bank trust fees are paid.
  6. Make sure that all services, such as electricity, water or telephone are paid and are in the name of the seller.
  7. Obtain an estimate for capital gains taxes from the Public Notary so you know in advance how much in taxes you will need to pay as the seller.
  8. List your property with a local realtor that you trust, and remember to sign a “Listing Agreement” where you establish all the terms and conditions, such as selling price, percentage of sales commission and the duration of the listing agreement, which can be for 6 months, 1 year, 2 years – it is your choice.
  9. Have your local realtor take amazing pictures of your property and to include it on the MLS (Multiple Listing Service), so all realtors can have access to the listing. This will increase the possibility of having offers on the table faster.
  10. If you are planning to be away from town when the closing occurs (final signature before the Public Notary) sign a “Limited Power of Attorney” to a person of your complete trust, so he/she can represent you at closing and sign all the paperwork on your behalf.
  11. If you are selling a property as a “Substitute Beneficiary” and not as the owner recorded on the fideicomiso, inform your lawyer so you can immediately start the process called “Acknowledgment of Beneficiary Bank Trust Rights” or “Reconocimiento de Derechos de Fideicomisario Sustituto”.
  12. Have a licensed lawyer review your paperwork to make sure that everything is in order. This is the only way you will be 100% confidant and ready to sell your property once you get an offer from a potential buyer.

 

Sandra Gaytan is a bilingual licensed lawyer, with a master’s degree in tax law. She is currently a junior partner at Gaytan Legal Services in La Paz.

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