Buying Mexican Real Estate, Who is Looking Out for Your Best Interest?
If you are purchasing property in Mexico, your real estate agent may choose to hire a Closing Coordinator to collect all the documents required to close the deal.
The Closing Coordinator is typically an independent professional that is involved in many different real estate transactions and will communicate with the buyer, seller, real estate agents, appraiser, the Notario, bank of the Fideicomiso, and the government agencies. They are an impartial representative and organize the groundwork for the Notario.
Although the Closing Coordinator may be an attorney with experience in real estate transactions, he or she is not your Real Estate Attorney and will not solely represent your best interest. It is important to understand that a Closing Coordinator is a neutral representative for all parties involved, including the developer, seller, and real estate agents.
There are many differences between a Closing Coordinator and your own Real Estate Attorney, most importantly since the Real Estate Attorney is hired and paid by you the buyer, they will naturally be looking after your best interest.
By hiring an Attorney for your real estate transaction you will receive personalized assistance and protection, the Attorney will collect and verify all documents, deal with the appropriate authorities, do a comprehensive title search, and review the Notario Public’s work before closing.
An Attorney will finalize all requirements including transfer tax, value added tax, appraiser fees, the Notario closing fees, bank charges, prorated taxes and assessments for the remaining portion of the year, and working capital. The Attorney will discuss these amounts with you before closing the Deed of Sale.
Once all the documentation and title search is complete the seller and the buyer will execute a Deed of Sale by which title will be transferred. The deed, “Instrumento Público” will be recorded at the Public Registry. Your Real Estate Attorney will follow up to ensure the title was transferred and registered in the buyers name.
During your purchase you can rest assured that your interests as the buyer are protected at all times by using the real estate services of Mexlaw. The MEXLAW team has the necessary knowledge and experience to guide you through the intricacies of the Mexican Real Estate market, providing personalized attention, offering fully insured Escrow Services and a Title Guaranty.