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• Mexico Real Estate Steps
• 1 Finding the Right Property
• 2 Making an Offer
• 3 Due Diligence and Documentation
• 4 Payment
• 5 Closing
• Contact a Mexico Realtor

A purchase of real estate in Mexico involves the following familiar steps:

• Locating a property to purchase
• Making and negotiating and offer (ofrecimiento)
• Do your homework and obtaining the proper Mexico real estate documentation
• Making the payment
• Closing the transaction

Translations

The deed will be written in Spanish, as it is Mexico’s official language.  Translations of documents should be made and you should be fully knowledgeable of all the content within each document that is related to the transaction.  Translations may serve as references, although they are not enforceable in a legal or court action.  It is advisable to obtain the services of a bilingual attorney or a closing company who is also a neutral third party.

 

Notario

To purchase real estate in Mexico the services of a Notario is required.  If a Notario is not involved in the closing, the transaction is not legal.  He is a public official, selected by the buyer, who drafts the deed and ensures that the transaction is done in conformance with Mexican law.  He may also order certificates, appraisals, and other documents.  The law prohibits him from handling purchase funds.  Do not mistake a Notario for a notary public, a person that authenticates documents and signatures.   It should be a red flag to any buyer if a seller or real estate agent asserts that a Notario is not needed.

To qualify, a Notario must complete a rigorous process of application and scrutiny as well as pass an exam.  He must be an attorney of good standing with at least five years of legal experience.

Duties of a Notario include:

• Establish that there are no prior claims or liens on the property by examining the title
• The Notario only examines the current deed and lien certificate and thus is not a substitute for title insurance or a proper search.  He is not responsible for defects.
• Validate a seller’s right to sell the property
• Make sure the transfer is legal
• Signing the documents to finalize the transaction
• Preparing, collecting, and making payment of the capital gains, acquisition, and impuestos sobre la renta taxes to the Hacienda
• Issue to the buyer the final deed, the escritua
• Register the transaction with the Public Registr