Rent to Own – A Transaction Agreement

Posted by Mexlaw

If you are selling your property in Mexico, you may get an excellent offer from a buyer looking for a rent to own situation. The potential buyer may want to live on the property while making substantial payments. How do you protect your investment and not waste time and money if the buyer defaults? You will need to take extra precautions to protect your interests. We recommend you hire a Mexican lawyer to draw up or at least review any legal agreement you make to ensure you and your investments are fully protected. What type of agreement will protect the potential buyer...

09 May

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5 Points to Consider Before Investing in a Mexican Development

Posted by Mexlaw

in MexLaw, Real Estate

Purchasing a condominium in Mexico is an exciting venture, and there are plenty of new buildings on the market. Before handing over your money consider these 5 points and as always we remind our readers to hire a lawyer licensed in Mexico to review the sales agreement and carry out due diligence on the property. Can you trust the developer? What is the business model and are their other projects successful? Check out the developer's reputation and experience before you invest. Does the property have a business model that guarantees long-term appreciation? Who is the administrator and what is their...

24 October

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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 June

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Hiring Legal Counsel For Your Homeowners Association

Posted by Mexlaw

in Legal Services, MexLaw

Serving on a Homeowners Association board can be time-consuming and at times stressful. There are many regulations and laws, including state and condo laws which the complex must abide by; it can be difficult to understand and comply with the various legal obligations. Moreover, since the condominium complex is made up of many different personalities, emotions can run high when you are addressing issues regarding people's homes and their investments. It is always best to have legal counsel on board before problems arise, be prepared and do not wait till there are serious issues before hiring an attorney. Competent legal...

07 September

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Signing a Rental Contract in Quintana Roo

Posted by Mexlaw

in Legal Services, MexLaw

Although there are laws in place to protect tenants and property owners, Mexican rental agreements have few regulations, allowing a rental contract to be somewhat open to negotiation between the landlord and the tenant. Once you have agreed on a price and duration of the rental agreement, you should have a contract drawn up with the owner or their representative. It is not necessary to have the agreement notarized as it is a legal document if the tenant and the landlord have signed the contract. A rental agreement is a private legal contract, and it will grant the temporary tenant use of...