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

Posted by MexLaw

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...

17 March

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Buying Mexican Real Estate – Some Common Real Estate Terms

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

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...

05 February

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An Important Update About Real Estate Acquisition Tax

Posted by Mexlaw

in MexLaw, Real Estate

Purchasing property in Mexico, like any other country, is associated with added expenses during closing. One of the added costs you should anticipate is the acquisition tax, also known as a transfer tax. Up until this year, the acquisition tax in Playa del Carmen was only 2%, but as of January 2020, the Impuesto Sobre Adquisiciones de Bienes Inmuebles (acquisition tax) has increased from 2% to 3%. The tax will be calculated at 3% of the assessed value of the property at the time of purchase and is the responsibility of the buyer. This increase affects real estate transactions in Playa del Carmen...

20 November

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Mexican Real Estate – Benefits of the Fideicomiso

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Obviously, it would be easier and less expensive if you could hold a direct title to your Mexican property. However, the Mexican Constitution states foreigners can not own property within the restricted zone; the fideicomiso is the safest workaround for purchasing this type of property. The primary purpose of a fideicomiso is to satisfy the Mexican Constitution by bestowing the legal title of the property in the name of the trustee. The trustee’s responsibility is to hold and transfer title deed under the direction of the beneficiary (buyer). The Benefits of a Fideicomiso It allows foreigners to purchase real estate within the...

26 March

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Top 8 Reasons Foreigners Purchasing Real Estate in Mexico Hire a Lawyer

Posted by Mexlaw

in Legal Services, MexLaw

Red Tape There are several procedures to complete, information to verify, and the process may be intimidating if you do not speak Spanish or have the proper representation. Your lawyer will deal with the various government agencies so you can avoid all the red tape, including, obtain the current cadastral (property survey) and submit the permit to the Mexican Ministry of Foreign Affairs. Coordinate the parties involved in the transaction, make arrangements with the banks, notary, and the seller. Only in Your Best Interest The notario is an experienced lawyer licensed by the Federal Government and the State, but the notario is...