5 Most Important Points to Review in a Promissory Agreement

Posted by Mexlaw

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...

02 November

0 Comments

Sticky

Upcoming Live Webinar: U.S.-Mexican Tax and Estate Planning for Cross-Border Clients

Posted by MexLaw

in Conference, MexLaw, Real Estate

Important Information or US Citizens Investing in Mexico I am pleased to announce that I will be speaking in an upcoming Strafford Live Webinar, "U.S.-Mexican Tax and Estate Planning for Cross-Border Clients" scheduled for Tuesday, November 14, 1:00pm-2:30pm EST. The lengthy Mexico-U.S. border and extensive ties between the two countries result in significant economic migration. Many U.S. citizens and permanent residents have property interests in Mexico and vice-versa. Estate planning counsel and advisers must identify the tax and wealth transfer planning rules and opportunities specific to U.S. and Mexican citizens with assets and presence in both countries. Mexican law has neither an estate...

24 October

0 Comments

Sticky

The Law of Hidden Defects in Mexico

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Hidden defects are an important point in the process of purchasing a property in Mexico. The definition of hidden defects is those possible defects that a property may have, which could not be known to the buyer at the time of purchase. A defect is classified as a "hidden defect" if: It is not obvious and cannot be recognized by a simple inspection. The buyer is unaware of the defect. The property was defective at the time of the sale. The seller is responsible for a hidden defect even if they were unaware of the defect. The seller will be obliged to repair...

09 August

0 Comments

Sticky

Diversifying Tourism in The Riviera Maya with Dora The Explorer and Shrek

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Is the Riviera Maya ready for the Ninja Turtles and Spongebob Squarepants? They are coming soon. Nickelodeon plans to open a family themed all-inclusive resort in the Riviera Maya by December 2017 or early 2018. The construction of this complex has generated 1,800 jobs, so far. The beachfront resort will cater to children and their families and will feature swim up suites, slime machines, Nickelodeon characters, a child-friendly spa, zip lines, pools, and a theater. The Riviera Maya will be Nickelodeon's second theme park resort; the first is located in Punta Cana, Dominican Republic. The 440-room hotel offers cartoon themed suites...