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This page contains many of the answers to questions asked by prospective
clients intending to sell their property. If you have a question that is not answered on
this page, please e-mail me at
.
- Where is the office of Océano Realty Rocky Point located?
- What areas does Océano Realty Rocky Point serve?
- What types of property does Océano Realty Rocky Point sell?
- Is there a Multiple Listing Service (MLS)?
- Does Océano Realty co-broke with other companies?
- Is a listing agreement required?
- How do I choose an agent?
- How is the sales price determined?
- What kind of marketing will be provided?
- How are offers presented?
- What is the closing process?
- How is the closing date decided?
- Besides the commission, what other closing costs are there?
- What is IVA and why do I have to pay it for the commissions?
- As the seller, how am I affected when the buyer uses a finance company?
- Should I perform repairs to the property or let the new owner do it?
Océano Realty is located in the Océano Plaza, at 22 Fremont Blvd. Puerto Peñasco, Sonora.
For your convenience, an overview and detailed map with directions to our office are provided below. Just click on the respective links.
Click here for contact information.
View an overview map.
View a detailed map.
Océano Realty Rocky Point serves areas ranging from as far north as Santa Clara/El Gulfo to Kino Bay in the south.
This range includes, Santa Clara, El Gulfo, Cholla Bay, Puerto Peñasco, Desemboque, Puerto Lobos, Caborca, and Kino Bay.
We sell all classes of real estate including homes, town homes, condominiums, lots, and very large parcels.
Yes. The Puerto Peñasco Association of Real Estate Agents (PPAREA) regulates our multiple listing service.
As an association, we use third-party software specifically designed to manage multiple listing systems.
As such, the software has all the tools an agent would need to effectively service his/her clients. A noteworthy
feature is the ability to integrate the sales data into each real estate company's website. This greatly increases
the exposure of each listing.
Yes. Co-broke sales are a significant portion of our sales. Co-broking inherently increases
the chance of selling your property. Except for a few situations, our co-broke policy is to split commissions 50/50
with members of PPAREA.
Yes. In order to place a property in the multiple listing service and take advantage of co-broking,
the PPAREA regulations require a signed listing agreement.
If you don't already have a working relationship with one of our agents, one of the brokers
or the sales manager will assist you in choosing one.
Establishing a sales price is primarily based on comparitive sales but can be difficult for custom homes.
In these cases, we apply the following factors to help arrive at a sales price; comparative sales, construction
square footage, lot square footage, beach access, and views. The ultimate decision is made by the owner.
The basic marketing package for each property includes:
Sign on property. - Flyers distributed to property and office.
- Pictures taken and loaded into the multiple listing service.
- Property information loaded into the multiple listing service.
- Property loaded into www.Oceano-Sales.com.
- Published in PPAREA sales magazine.
When a listing agent receives an offer, the agent will present the offer in its entirety to the
seller/property owner. At this point in time, the seller has three options:
Accept the offer as written. - Reject the offer if it is totally unacceptable.
- Counteroffer, changing any unacceptable conditions. (When the counteroffer goes back to the buyer, the buyer has the option of withdrawing, accepting, or countering the counteroffer.)
When both buyer and seller agree to all terms (including changes made in any counteroffer),
and indicate agreement by their signatures, the contract becomes"firm.
"With signatures and notification to all parties, a sales contract now exists.
After both buyer and seller have entered into the sales contract, we now start the closing process. Since most sales
are between foreigners, a bank trust is typically involved. This is the main difference to
real estate sales in the United States. The bank trust process can be very slow and take up to a year or more to
complete but usually average about four months. Most sellers would find this delay in receiving their funds unacceptable
so a more expeditious closing process is now being used. Unlike most closings in the United States, both the buyers and sellers
are present in front of the Notario. In front of the Notario, the buyer will dispurse the funds to the seller and Notario at which time, the
seller will sign over all rights to the buyer by means of a 'Power of Attorney', as well as signing a receipt of payment consummating the sale. The
Notario will then start the bank trust process, with no further requirements of the seller.
The closing date is usually decided during the offer and acceptace stage. The PPAREA approved Purchase Agreement
has a line addressing this date. Usually, the date is based upon a time that the buyer will have the funds
available. Since the Notario must be present at the closing, the closing date may need to be adjusted to
accommodate the Notario's schedule.
As is the case in the United States, Mexico also has a capital gains tax. This tax is calculated
by the Notario. It is important that you have this calculation from the Notario prior to
getting into a purchase contract. Without this calculation, as the seller, it will be impossible
to calculate the net from the sale. Sometimes during the negotiations stage, the buyer requests
that the seller have the property surveyed prior to close at the sellers expense. Another fee that
is arising more and more is the cost to cancel the existing trust.
IVA is a Mexican sales tax and is 10% in this area of Mexico. Mexican tax law requires that all deductible expenses must
have a 'factura' (official receipt) attached. As a strategy to reduce your capital gains, the Notario will deduct the
commissions from the gross sale. In order to do this, a 'factura' is issued at a cost of 10%. Remember that
the capital gains on the net profit is 35%. As the seller, you pay 10% to save 35%, with a net reduction of taxes of 25%.
When the buyer finances the purchase using a lending institution, don't be surprised if the lender
requests that the closing date gets pushed back. To protect themselves, the lenders have extra procedures that must
be satisfied prior to disbursing any money. Secondly, the lender may deduct the cost of
cancelling the existing trust because they will be issuing a new trust versus transferring the trust. This
expese should be addressed during the negotiations stage. Historically, the buyer typically pays for this fee
despite the lenders request.
As you get ready to sell your home, there are usually some simple improvements that can help
you get the most for your house and sell it quickly. One of our qualified agents will be able to help you.
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