Forums > General > Living, Working, Retiring

vilmamedina

Jul 13, 2009, 5:33 PM

Post #1 of 4 (4019 views)

Shortcut

HOW DO YOU HANDLE THE EXCHANGE OF MONEY WHEN SELLING A HOME

Can't Post | Private Reply

I am currently selling my home in Cuyutlan and would like to know if anyone knows how the exchange of money is handled. I would prefer to sell to an US citizen so that this can take place in the states , but that is just an idea and I don't know if it is feasible. Can someone who has sold or purchased a home tell me how they handled the payment of funds. I want a way in which both the buyer and seller will feel secure with.
Thanks...

gpkgto

Jul 14, 2009, 1:15 PM

Post #2 of 4 (3947 views)

Shortcut

Re: [vilmamedina] HOW DO YOU HANDLE THE EXCHANGE OF MONEY WHEN SELLING A HOME

Can't Post | Private Reply

Unless you are buying another Mexican property--and soon--don´t sell for pesos. The exchange rate can go either way very quickly and sending pesos to a US bank usually results in a very bad exchange rate for you. A Mexican buyer can send money to the US for the purchase--let the buyer take the loss. All this assumes you are able to wait for the right buyer.

jerezano

Jul 20, 2009, 11:35 AM

Post #3 of 4 (3797 views)

Shortcut

Re: [gpkisner] HOW DO YOU HANDLE THE EXCHANGE OF MONEY WHEN SELLING A HOME

Can't Post | Private Reply

Hello,

I can't help you on the exchange. But remember that any contract to be legal and enforceable in Mexican Courts MUST specify all monies in PESOS or Moneda Nacional. God forbid that you should be forced to go that route. But if your contract is handled by a NOTARIO he/she will be well aware of that fact and will so advise you.

Perhaps fidieocomisos are exempt from that rule. I don't know. Jennifer Rose would probably know but she may decide to pass this problem area by.

Good luck on your sale.

jerezano.

morgaine7

Jul 20, 2009, 12:31 PM

Post #4 of 4 (3773 views)

Shortcut

Re: [vilmamedina] HOW DO YOU HANDLE THE EXCHANGE OF MONEY WHEN SELLING A HOME

Can't Post | Private Reply

Maybe I'm reading your question wrong, but by "exchange of money" do you mean the actual handing over of funds from buyer to seller? When I bought my house (from Mexican owners), I paid by certified check at the closing, which took place in the notario's office. We all signed in the "Big Book" at the same time the money changed hands. Payment was in pesos, and my fideicomiso states the sale price in pesos. Everyone, including me, was comfortable with the way it was done.

No idea about the feasibility of a transaction in dollars or outside México. In your place, I would consult with a notario before committing to any such arrangement. Like Jerezano, I suspect that the deed or fideicomiso has to state the price in pesos. For one thing, acquisition tax and capital gains tax (if any) are assessed on the basis of the selling price.

Kate