The short answer
When buying a home in Querétaro, closing costs usually include the municipal property acquisition tax, public registry fees, notary fees, the appraisal and, with a loan, lender fees and registration of the mortgage. The notary gives you a detailed estimate before signing, and that estimate is the figure to budget for.
Closing costs come on top of the price and are best planned from the start. This guide explains the items that usually appear, without giving percentages, because they depend on the municipality, the property's value and whether you use a loan. The notary always does the exact calculation.
Which items are usually included?
Every deal is different, but the notary's estimate normally breaks down these items.
- Property acquisition tax, collected by the municipality where the home is.
- Registration fees at the Public Property Registry.
- Notary fees and certificate costs.
- The property appraisal.
- With a loan: lender fees and registration of the mortgage.
Who pays what?
By custom, the buyer covers closing costs and the acquisition tax, while the seller handles any taxes due on the sale and hands over the home free of debts. This can be agreed differently in the contract, so read it carefully.
Why do amounts vary so much?
Each municipality sets its acquisition tax and the basis for calculating it. The sale and appraisal values matter too, as do whether the home is new or resale and whether one or two mortgages must be recorded. So two similarly priced homes in different municipalities can carry different costs.
More detail
The metro area spans several municipalities, including Querétaro, Corregidora and El Marqués. Ask which one the home is in before working out your total budget.
Which debts must the seller clear?
Before closing, the notary checks that property tax and water bills are paid and requests no-debt certificates. In a gated community, it is wise to ask for proof that HOA fees are paid. These arrears should not pass to the buyer.
Source: Wikipedia: Impuesto predial
How do you prepare?
Ask the notary for a cost estimate as soon as the purchase promise is signed. Set that amount aside from the down payment and do not commit it to furniture or the move. With a loan, ask which costs can be financed and which must be paid in cash.
Source: Wikipedia: Hipoteca, Profeco (gob.mx)
When are closing costs paid?
They are usually paid on signing day or in the days before, by transfer to the notary's account. The notary then remits the taxes and pays the registry fees on your behalf.
Keep the receipt and the fee invoice: you will need them for your records and, later, to calculate taxes if you sell the home.
