I would like to know how much the Notary fees for a Fideicomiso change across Mexico (between popular expat communities, D.F. and other areas. Let's see if there is a common thread, or if there are discrepancies.
Hi Stacy! How are you?
Here in Los Cabos the Notarios charge based on the value of the transaction; the higher the sales price the higher the Notario fee. That said, there seems to be a base rate of about $1,000 USD plus 11% IVA.
THERE ARE DISCREPANCIES, EVEN WITH IN THE TOWNS.
I understand they have peramiters that they can work in for charges, so I presume based on how much time, energy is needed on a file, such as having to deal with HSBC, requires the patience of Job???.
I always quoe approx. 5% of the agreed purchase price as the estimated closing costs.
This is a generic type answer, but has worked for me with my clients.
Here in Los Cabos, I have quotes, today, on Closing Costs for a $260K purchase.
Notary Fees are $2600, from two differnet Notarios. IVA included.
Be careful of using a 5% x Purchase Price rule of thumb, particularly when a Fideicomiso is involved.
I have had Closing Costs of 25% x a $30K purchase price.
Notarios are governed by a range of prices that is established in each individual state. They can charge anywhere in that range. Typically in tourist zones, they charge at the top of the range. Try a Corredor for any transction involving a loan or fideicomiso. They are governed by a FEDERAL allowable price range. See attached article.
They charge what they please. I co-sign cheques at our company. Several years ago, I signed a cheque for
$ 10,000. ( Yes U.S. dollars)
About 2004, we were offered closings from a development n B.C.S. A notary in Morelia offered a flat fee of
$ 500.A local notary fund out about the proposal and raised hell with the developer. So buyers paid I seem to recall $ 1,200
As you know the awarding of notary duties is based on population. When I arrived in San Joe del Cabo in 1991 I believe there were 14 in B.C.S. Several years later, the law changed relative to the population requirement. Realtors thought maybe fees would be normalized. Did not happen. So they charge what they want to without any government control of fees.