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. Perhaps someone on title is deceased and probate is required, or a special filing with the trustee bank is required. Possibly the ownership interest has not been registered in the public registry or foreign investment registry in Mexico City.
Sometimes a subdivision permit hasn’t been obtained, or property taxes are in arrears. Things like this can create delays that last, months or even years and can cost a great deal of money in lost time and penalties. Meanwhile buyer/seller money changes hands and the real estate agent may receive his/her commission without the transaction being completed and the new owner having a registered title.
Transfer of title in Mexico normally takes about ninety days. On occasion, it can be done more quickly if the real estate companies involved in the transaction do the necessary work before the sale is made. At a recent meeting of Multi List LosCabos, an agent reported a transaction where the title transfer had been accomplished in sixteen days. This was achieved, because all title documents were in order BEFORE the property was listed for sale with a real estate company.
The Settlement Company will review documents for people who want to offer their property for sale and will provide a report on what is required to be sure everything is in order at the time a buyer is found. There is no charge for this review. Sellers who are interested in this guidance should submit a copy of their deed, the latest property tax receipt and statement from their trustee bank. Documents will be received and reviewed, generally within two to three days after received, together with an estimate of costs to make the adjustments and corrections necessary to obtain a quick closing at the time of sale.
About the author:
LINDA NEIL is the founder of The Settlement Company, which specializes in real estate transfers and escrows. Licensed as a California real estate broker, she has pursued her profession in Mexico for over thirty years. Her skills in negotiating contracts between parties from three distinct cultures have placed her services in demand as a consultant and for speaking engagements on Mexican law and customs in Mexico, the United States and Canada. She has been widely published on the subject of real property in Mexico. Memberships; FIABCI, AMPI and NAR. Linda is a former member of the National Advisory Council of AMPI and has served as AMPI Coordinator for the state of Baja California Sur.
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:
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.
.
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.
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.
Warning: mysql_fetch_array(): supplied argument is not a valid MySQL result resource in /home/emexpert/public_html/modules/mod_advertise.php on line 46
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. Perhaps someone on title is deceased and probate is required, or a special filing with the trustee bank is required. Possibly the ownership interest has not been registered in the public registry or foreign investment registry in Mexico City. 
