Monday, June 19, 2023
By Jessica Hernández
We know that in a sale-purchase process, in addition to paying the total amount of the property, there are taxes and other aspects to consider within the budget to purchase the property.
In the following article, we will tell you what taxes each of the parties involved in the said transaction must pay.
According to the Tax Administration Service (SAT) portal, when income related to housing is obtained, either by selling or leasing real estate, Income Tax (ISR) must be paid. It is essential to clarify that this amount is not fixed, and its value will depend on a specific characteristic, which is the location of the property, in this sense, it is a notary who will determine the total amount of ISR to be paid by the seller.
However, the payments that the buying party must make are the Public Registry of Property, the Transfer of Domain, also known as the ISAI (Real Estate Acquisition Tax), as well as the cadastral service, and finally, the notary’s taxes, since its function is to identify the parties that are celebrating the operation, provide certainty about the characteristics and state of the property, as well as recognize the form of payment (transfer, cash, etc.), and give the notification corresponding to the SAT in case the property has a cost greater than MXN 1,075,000.00.
Acquiring or selling a property can be a simple operation for the parties involved as long as professionals carry out the process. Remember to go to SILMÉXICO to receive advice on your real estate transaction.