In 1984, we created our first real estate obtain in Puerto Vallarta; a condominium in Mismaloya, about seven miles south of town. Our next purchase, two years later, was the adjacent condo. A year later, we removed the wall between the two condos and remodeled them in to one really ample three room condo. For thirteen years, while still employed in Houston, we thoroughly enjoyed visiting Vallarta 2 or 3 situations a year Urban Treasures.
At time after the purchases of the two condos, we recognized which our original escrituras (legal property certification similar to a concept or deed that's used in a fidecomiso or bank trust) revealed the home prices to be about one next of what we actually paid for them. Whenever we inquired in regards to the discrepancy, we were told that the low prices were applied in order to reduce our annual property taxes.
It wasn't till a long time later, once we decided to market the condominium, that people learned that money increases taxes were due on the difference between the selling cost and the noted buy price. Ouch, we owed substantial taxes on a report obtain; when actually, there clearly was very little real get! We then learned that the condominium designer joined the extremely low sales rates on all the escrituras in the property complex in order to evade paying significant capital gains taxes.
Once we later realized, the builder would have entered the offering cost, the appraised price, his cost of construction, or anything imaginable in to the escritura, and we, being the naïve Americans that people were, were at his mercy!Upon the sale of the condo, we acquired a lovely new mountainside villa with a beautiful see of Banderas Bay, El Centro, and the Sierra Madres. We found the new villa marketed in one of many local publications and asked our realtor pal to show people the property.
