How to Find Homes for Sale in Loreto, Mexico
If you’re in the U.S., Canada, or another country outside of Mexico, finding a home for sale in Loreto, Mexico might seem like a daunting task. But this little fishing village is well worth it! So much of the lifestyle here revolves around the outdoors and Loreto fishing. Fishing, snorkeling tours and whale watching tours are famous here, as well as an 18-hole golf course. This burgeoning small town is now home many U.S. and Canadian nationals, who now proudly call Loreto their “second home.”
Loreto Homes for Sale
If you’re looking for a home for sale in Loreto, Outpost Realty has many listings at every price point. From beachfront properties for under $1 million, to smaller homes in Loreto town, to extravagant waterfront villas, call us today to find your new Loreto dream home. Once you’ve found your home, the real work begins. All of the Baja coastline adopts a trust called a fideicomiso, which acts exactly like a trust, with the bank acting as trustee. All trusts have a 50-year renewable term and the property can be transferred, willed, built on, mortgaged and sold without significant limitation. Several American title insurance companies insure these ownerships.
Closing a purchase in Mexico is more complex than is typical in the United States. Once buyer and seller have agreed to the sale by signing a purchase and sale agreement, the escrow agreement is signed by both the buyer and the seller, and the escrow is funded by the buyer with 10% of the purchase price, plus the escrow fee of $500 USD.
Closing costs will run from a minimum of about 3% of the purchase price for a very expensive property, to as much as 10% for the least expensive one. However, these costs vary as some of the costs are fixed, and others based on the price. The costliest item is often the acquisition tax, “ISABI,” which is 2% of the price stated in pesos as of the date of closing, charged to the buyer. Other fees include notary fees, appraisal fee, and various registration fees at the tax office (called Catastro), and public registry.
Ready to make Loreto your second home? Check out all our Loreto listings to see what’s available. We not only sell beachfront estates, but also family villas, land and commercial properties to fit every style and budget. Have questions? Call us at Outpost Realty at 949-836-0073 / 613-113-8218 or email me, Jay, at [email protected]