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The importance of having legal counseling for real estate transaction in Mexico

As a legal firm specializing in Mexican real estate, we have witnessed countless cases where clients, in the absence of good legal counsel when drawing up a contract, are affected by situations related mainly to breach of contract or clauses of little benefit to one of the parties. On this occasion we will analyze a particular case where the plaintiff has made a promissory purchase in which use of arbitrations was included, with rules agreed upon by both parties, but without the right to request legal intervention. The controversy is very “square” since in this type of obligation, such as a promissory...

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Mexlaw, the experts in real estate law in Merida, the city with infinite possibilities

Merida is one of the few cities in Mexico experiencing growth during these difficult times, and is gaining a well-earned reputation for being a forward thinking, innovative and technologically advanced city which offers opportunities for growth to many businesses and industries. Strategically located in close proximity to the major markets of Mexico itself, the USA and Latin America, with excellent connectivity by road, sea and air, Merida, and the state of Yucatan in general, have become attractive propositions in the business sector, especially since the city is considered to be one of the best places to live in Mexico. It is...

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Buying Property in Mexico: Fideicomiso or Corporation?

If you are considering buying a property in Mexico, there is more to think about than just the price and location. You need to consider how you will be using the property. Will you be using it for vacations for you, your family and friends? Or will you be purchasing it as an investment with the plan of renting it out. Why does it matter? Because knowing how you will use the property will help you determine what legal process you should use to obtain the property - A fideicomiso (bank trust) or a Mexican Corporation. Fideicomiso (Bank Trust) All foreign individuals...

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Closing Costs in Mexico: What to Expect

Congratulations! You found your dream home in Mexico, and you are ready to put in an offer. But, your lawyer just gave you the breakdown of the estimated closing costs, and you are feeling a bit shocked! Why are the closing costs much higher than you are used to in the United States and Canada? Closing Costs: What to Expect? You should expect to pay the following fees when closing on a property in Mexico: Notary Fees In Mexico, any legal acquisition of property must be administered through a Notary. A Notary (Notario Publico) in Mexico is an experienced lawyer, selected and appointed by...

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Buying Mexican Real Estate – Some Common Real Estate Terms

Closing Date The closing date or completion date is the day the property is transfer to the buyer, and the title deed is signed. Condominium Regime This document granted by a Notario Publico and recorded in the Public Property Registry. It contains all the rules and regulations for the development as well as legal matters regarding the complex. The buyers will not receive the title until the regime is registered. Notario Publico A Notario Publico is a licensed attorney, certified, and appointed by the government. The notario acts as an official representative of all parties of the transaction. They do not represent only you; you...

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