Bienvenido! Agave Sotheby’s International Real Estate is the leading Brokerage in San Miguel, helping clients like you realize their dreams of owning a home in our idyllic colonial paradise for more than 10 years.
A small boutique agency comprised of the most experienced and select agents with a dedicated corps of professional support staff, we are a dynamic team engaged with you, our clients, throughout the buying process and beyond.
Almost three quarters of buyers in San Miguel come from the United States and Canada and our market has evolved to reflect standards and practices familiar our foreign clients and consequential to our Mexican clients. The following is a brief outline of the steps we take to ensure your satisfaction and protect your interests.
Above all, at Agave Sotheby’s International Realty, we strive to educate you; sharing relevant and reliable data about current market conditions, offering every option available for your consideration in cooperation with other certified local brokerages and agents, and providing the professional guidance necessary for you to make your own, well informed decision.
Once you decide to purchase a home, the first step is an astute valuation to negotiate honest terms. We facilitate this by sharing reports of comparable recent sales, monitoring construction costs and calculating current metrics.
With a clear understanding of value, you may then proceed to a formal written offer, the Proposal to Purchase. No earnest money is exchanged with the Proposal to Purchase. Rather, it is a means to demonstrate the seriousness of your intent and to clearly outline your terms. Upon mutual acceptance of those terms, validated with a fully executed Proposal to Purchase, we draft a binding Purchase Contract or Buy/Sell Agreement.
The Buy/Sell Agreement delineates the legal rights and responsibilities of both Parties, Buyer and Seller. While some details may be unique with each transaction, the essence of our Purchase Contract is standard. Drafted by our Agave Sotheby’s International Realty legal team with input from the most highly regarded local real estate attorneys, the Buy/Sell Agreement is also regularly updated to reflect new laws which may impact either Party.
The Buy/Sell Agreement is ratified with a 10% earnest money deposit held in Escrow and includes a contingency for you to conduct an inspection of the property. This inspection includes a thorough examination of the home itself as well a meticulous review of all pertinent documents necessary for the legal transfer of title.
In Mexico, all real estate transactions are regulated and authorized by a “Notario Público.” Unlike a United States Notary Public, the Office of the Notario Púbico in Mexico is more akin to an American Judgeship or a European Ombudsman. Only the most qualified and reputable attorneys who complete years of post-graduate study are granted the title of Notario Público. They are legally and morally bound to adjudicate each transaction objectively and ensure compliance with Mexican law.
Agave Sotheby’s International Realty, being the most productive brokerage in San Miguel and owing to our seasoned legal department is fortunate to have cultivated and maintained close partnerships with the most prestigious and respected Notarios. Along with their qualified associates, these Notarios are easily accessible, highly informative and a tremendous resource to consult with you and offer objective, independent counsel throughout the purchase process.
After signing the Buy/Sell Agreement and releasing the inspection contingency, most transactions in San Miguel close escrow within 90 days, the majority within 60 days. Because we are primarily a vacation destination, our homes sell quickly, with an average spread of less than 5% between asking and sales price, and virtually all transactions are paid in full through Escrow.
Titles are transferred directly to you, the Buyer, regardless of your nationality. Even if you only possess a tourist visa obtained the moment you enter the country, the Mexican government recognizes you as if you were a full citizen, granting the full breadth of due process pertaining to home ownership without need of a trust or third party “fidecomiso”.
Closing costs in San Miguel de Allende Real Estate is approximate 6% of the total purchase price, in keeping with standard fees throughout the Mexican Republic. This amount is inclusive of virtually all the transactional expenditures associated with the acquisition of property. Namely: Legal consultation with attorneys in the Office of the Notario Público, Title Research and issuance of the Legal Certificate of No Liens, a survey of the property as conducted by a city certified engineer to ensure the actual meets and bounds coincide with measurements on record, a Court Certified Translator at closing (if necessary), processing the Permit to Purchase Real Estate for Foreign Buyers through the federal office of the Mexican Secretary of State, and the delivery of the Certified Deed in your name as registered with the Municipal Public Registry.
The only expenses you may incur outside these standard closing costs are for the inspection (generally between $300-$500 USD), the Permit to Purchase for Foreign Buyers ($2,500 MNX or approximately $140 USD), and your half of the cost of the Escrow account ($300 USD).
Now having briefly summarized the technical process, you can begin to focus on the fun …the joy of dreaming, the excitement of knowing those dreams are soon to be real, and the comfort of feeling secure that you are in the best of hands, not only with the premier local brokerage but also with the oldest and most prestigious name in international real estate. On behalf of our Agave Sotheby’s International Realty family, we welcome you home.