Details of a Bank Trust for Property Purchased in the Restricted Zone (Fideicomiso en Zona Restringida)

Posted by Mexlaw

As a foreigner purchasing property in the restricted zone, you will be required to purchase through a bank trust called a fideicomiso. The bank trust was created in order to comply with the provisions of Article 27 of the Mexican Constitution in which foreigners are limited from acquiring direct title of lands or waters within a range of 100 kilometers from any national border and within 50 kilometers from any coast, these areas are called restricted zones. The bank is the owner of the property. However, the beneficiary has all rights over the property, and the rights allow you to: sell,...

15 November

0 Comments

Sticky

Understanding the Process of Being Accused of a Crime in Mexico

Posted by Mexlaw

in Legal Services, MexLaw

As a traveler or an expat living in a foreign country, you need to be aware of the laws and the legal procedures of that state. Being accused of a crime in a foreign country can be a frightening and costly experience, and it becomes even more worrisome when you do not know the process or the rights that are available to you. If you are arrested, the state will assign a public defender if you can not afford a lawyer. However, having a private defense lawyer is of great importance, since you may face criminal charges in which your...

15 November

0 Comments

Sticky

ONGOING TRAINING AND DEVELOPMENT AT MEXLAW AND MEXTAX

Posted by Mexlaw

in MexLaw

To be reliable and competent, professionals must continue to enhance their education and not rely exclusively on personal experiences. Everywhere else in North America, professionals such as lawyers and accountants must maintain current knowledge of the law and accounting rules to better advise and serve their clients. MexLaw and MexTax observe this international principle by requiring that lawyers and accountants on their team must complete a minimum of 30 hours per year of advanced training or refresh their knowledge to better serve our clients. We would like to congratulate those members of our team, pictured above, that recently dedicated 15 hours...

09 November

0 Comments

Sticky

5 Most Important Points to Review in a Promissory Agreement

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Once an offer to purchase has been accepted, the next step is to complete a promissory agreement. The promissory agreement in Mexico is a formal and legally binding document that outlines the details and terms of the real estate transaction once all negotiations are final. It outlines details such as the legal description of the property, the final price, any penalties and other clauses agreed on by both parties. This agreement is the foundation of the transaction as the details of this contract will be used later to complete the sale and transfer the Title Deed. In the process of purchasing...

06 November

0 Comments

Sticky

LAWYERS VERSUS CLOSING COMPANIES

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Although they have been around for some time, closing companies are now becoming more and more prevalent. Essentially, these closing companies or “settlement” companies, are operated by ex-patriots that believe that, because they have experienced firsthand the process of purchasing real estate in Mexico, they can advise and consult others on the process. For a fixed fee, they will read the offer provided by a realtor, make some comments, and then introduce you to a preselected notary and bank to finalize the process. They will, essentially, transfer the most critical part of the process to the notary and the bank...