Escrow Services

Posted by MexLaw

[vc_row triangle_shape="no"][vc_column offset="vc_col-lg-12 vc_col-md-12"][vc_empty_space][vc_column_text] As an investor, it is vital to consider how your payment or deposit will be held during the completion of mutual obligations in any contract. Escrow services provide a neutral third party which holds the funds in compliance with the instructions of all the parties to an agreement. Neither party may access the funds until all of the obligations of the parties are satisfied. Mexican lawyers, Notaries and real estate agents cannot legally hold funds “In Trust.” Mexico does not have the Escrow Services which are available in Canada or the US. In Mexico, funds are customarily held...

02 March

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Advice From the Accountants at MexTax About Capital Gains

Posted by Mexlaw

in Accounting, MexLaw

Real estate transactions in Mexico typically involve a profit for the seller, and on that profit, the seller is expected to pay capital gains tax. The tax is classified as ISR (Impuesto Sobre la Renta) and applies as an income tax. Whether you are a foreigner or Mexican national, you will be subject to this tax. However, an experienced Mexican accountant can assess your situation and find the best way to reduce or avoid the capital gains tax. Before you complete the sale of your property, you are advised to seek the advice of an accountant in Mexico. The assessment...

02 March

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Generate Income From Seller Financing

Posted by Mexlaw

in MexLaw, Real Estate

Most people would agree that selling your home is one of the most stressful events in one's life. It is time consuming, emotional, and a lot of work with repairs and touch-ups. Also, the endless housekeeping to make sure it is presentable for viewing at all times and leaving the property each time a realtor calls. It feels as though your life is literally on hold, just waiting for the big sale so you can walk away and begin a new chapter in your life. It is no wonder most of us just want it over and done with it....

09 January

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Important Considerations of the Construction Contract

Posted by Mexlaw

in Legal Services, MexLaw

Whether you are hiring a contractor for new construction or a renovation project in Mexico, it is imperative to have a contract with your contractor. Construction contracts are designed to establish the obligations between a builder and an owner of a property concerning the execution of work. Its primary purpose is to determine the price, terms, and the manner in which work must be carried out according to the conditions agreed in the contract. The construction contract between individuals is regulated by the Federal Civil Code and the commercial code. Before proceeding with a construction contract, it is important to consider some...

13 December

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The Condominium Regime in Mexico

Posted by Mexlaw

in Legal Services, MexLaw

What is the condominium regime and why is it important? The condominium regime is a document granted by a Notario Publico and recorded in the Public Property Registry, and until the developer has received the regime, the new buyers do not have legal title to the property. In some instances this process can take up to six months. Once the state and local municipalities approve the project, the regime is the legal approval issued by the government. The regime contains the rules and regulations of the development. It also includes the legal documents of the property including location, description and measurements of...