Pursuant to the civil codes of each of the states of the Mexican Republic, in order for a lease agreement to be valid, it must be executed in writing. Although the civil codes of the states generally establish the obligations of the landlord, it is advisable that the following obligations be included in the lease agreement that is executed:
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a) The obligation to deliver to the tenant the leased property with all its appurtenances and in a condition to serve for the use agreed to. In this case we recommend signing a delivery-reception document at the time of the delivery of the property in which the conditions under which it is received are described in detail;
b) The obligation to preserve the leased property in the same condition during the lease and make all the necessary repairs in order for the leased property to always be in good condition;
c) Liability for any damages and losses suffered by the tenant as a result of hidden defects in the leased property.
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If the tenant must carry out works and adjustments to the property, we recommend that such works be authorized in writing by the owner before the lease agreement is executed.
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In this case it is important that the designs and other documents describing the works to be carried out be attached to the letter authorizing the works.
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It is also important that the duration of the lease be sufficient to allow the tenant to recuperate the investment made in the property. Furthermore, the obligation of the landlord to pay liquid damages if the contract is terminated or rescinded before its expiration date for causes attributable to the landlord should be included.
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As in the case of an acquisition, it is very important before leasing any property to verify the following:
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a) That the property has the zoning required to be able to install the business or engage in the desired activities;
b) That the property has the services that the tenant requires to operate its business, such as water and power;
c) That the person who claims to be the owner of the property is in fact the owner. In this case it is important to obtain a liens certificate on the property and to review the property title deed;
d) If the property is subject to a condominium property system, it is important to review the rules that apply to the building, as well as the rules for the payment of maintenance fees;
e) If the property to be leased is an industrial plant, it is important to have a soil test done by an EMA-accredited laboratory in order to verify that the soil and subsoil of the building is not contaminated.
As was indicated, the restrictions on the acquisition of real estate by foreign individuals, foreign companies, and Mexican companies with foreign investment must be taken into account.
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Along with the above, it is equally important to determine the best location to acquire property in Mexico before making the purchase. In order to make that determination, the following should be taken into account:
Acquisition of real estate by foreign individuals or entities: The right of foreigners, whether individuals or entities, to acquire real estate in Mexican territory depends on the location of such real estate:
The city booms and has been registered as the fastest growing community in all Latin America. What's bringing people and the growth to this specific region of the Mayan Riviera? The main factor is coming from the increase in tourism, the increase in hotel rooms being constructed and therefore increases in employment.
For those brave souls who are building their home in Mexico, an important part of the process is the Manifestation. This is a notification made before the local property tax department. It signals the termination of the construction and tells the world that the houseis ready to be occupied.
Buying and selling property can be stressful. Here in Mexico it can be both stressful and challenging, As in any country, if you do your homework and use the service of a professional title service company, life will be easier for you. Unfortunately some sellers don’t have all their title documents in order.
In Mexico, the ONLY authority permitted to draft a deed transferring real property or an interest in real property (such as the fideicomiso) is the Mexican Notary Public. This person is different from a Notary Public in the United States where a simple exam, bond, and a rubber stamp can make a Notary Public out of most people.
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