What you pay when you buy

The price of the property is not the only thing you pay: on top of it come the closing costs, which you should budget for from the start so they do not take you by surprise. As a rough rule, allow an extra 4 to 8 percent of the price, depending on the type of transaction and the municipality. The notary gives you the exact figure for your case before signing; never sign without that breakdown.

These are the main items:

• Tax for acquiring the property. In Jalisco (Puerto Vallarta) it is called the Property Transfer Tax (Impuesto sobre Transmisiones Patrimoniales, or traslado de dominio); in Nayarit (Bucerías, Nuevo Vallarta) it is called the Real Estate Acquisition Tax (Impuesto sobre Adquisición de Inmuebles). In both it is around 2 percent of the value, but the figure is set by each municipality every year, so it is confirmed with the notary.
• Notary's fees, for their work and their responsibility. They are calculated on the value of the transaction.
• Public Property Registry fees, for registering the deed.
• Appraisal, carried out by an authorized expert.
• If you buy on the coast with a fideicomiso: the permit from the Ministry of Foreign Affairs and the fiduciary bank's setup fees.
• These costs are almost always paid by the buyer. The seller pays theirs, which are different (see the next section).

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