You Have Purchased Property in Mexico, What’s Next?

Posted by Mexlaw

The most critical points that must be considered after purchasing a property in Mexico include: Getting Possession of the Original Title Deed Get that title deed in your hands; five to six months after both parties sign the title deed, your lawyer or the Notary must provide you with the original title deed. The original title deed includes the boleta de registro with the folio number; this document guarantees the title deed has been registered in the Public Registry of Properties. In their files the last information will be the transfer of rights in favor of the purchaser. Annual Payment on the...

29 November

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The Most Desired Property in Mexico can be Found in the Restricted Zone.

Posted by Mexlaw

in Immigration, MexLaw, Real Estate

Beachfront property is the most desired land in Mexico; this type of property is considered the restricted zone. Owning the most valuable property in Mexico is not out of reach for foreigners, but there are some extra procedures to complete in order to obtain it. The restricted zones are defined as the strip of land located 100 kilometers along the borders and 50 kilometers from the coast of the national territory, within which foreigners and foreign companies are impeded in absolute terms from acquiring direct control over land, waters and their entry points, for reasons of security and conservation of...

15 November

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Details of a Bank Trust for Property Purchased in the Restricted Zone (Fideicomiso en Zona Restringida)

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

As a foreigner purchasing property in the restricted zone, you will be required to purchase through a bank trust called a fideicomiso. The bank trust was created in order to comply with the provisions of Article 27 of the Mexican Constitution in which foreigners are limited from acquiring direct title of lands or waters within a range of 100 kilometers from any national border and within 50 kilometers from any coast, these areas are called restricted zones. The bank is the owner of the property. However, the beneficiary has all rights over the property, and the rights allow you to: sell,...

09 November

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5 Most Important Points to Review in a Promissory Agreement

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

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

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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...