Buying a home in Mexico has a learning curve, but it’s feasible with good help

Potential Mexican homebuyers Sheri and Neil are writing a letter from New York:

We were looking to buy a home in Mexico and have seen the Puerto Vallarta region and Los Cabos. As we focus on due diligence, buying here in Mexico can be a variety of factors, from the notary process (which is very different from home) to bank trusts to the ability to see pretty titles. there is.

How best to navigate these highly confusing waters? What is the difference between a notary in Mexico and the United States? How do you gain the confidence to proceed with your purchase? Gracias!

Angel Marine Diaz: First of all, congratulations on becoming an educated buyer! Often, I see members of the guest community fall in love with real estate and lifestyle, leaving common sense at the border.

The biggest obstacle to buying in Mexico is overcoming the hump of not knowing what you don’t know. Your question is actually three questions in one, so let’s break down the answers.

Notary Take a vow of their office at the Notarial National University. They have more responsibilities in Mexico than US notaries.

First, you’re trying to buy in the beach area as a foreigner (I like to use the term “guest”). The beach area is a restricted area in Mexico, that is, within 100 km of the border. The coast. When you buy a house in the inland of Mexico, that is, a house that is not in the restricted coastal zone of the country, you can give it a title (escritura) In your name.

However, it is not permitted for beach properties and must be owned through a bank trust. fideicomiso..

This kind of trust ownership is like owning an asset through an LLC. Imagine you own a company and that company owns a vehicle or property. You are technically the owner of a vehicle or asset through the ownership of the underlying company.

The fideicomiso We give you all ownership of sales, rentals, donations, bequests and more.

Next, ask about the differences between American notaries and Mexicans. Notary (Notary).Mexico is under the jurisdiction of civil law under Roman civil law. Notary It plays a much larger role than a notary in the United States and has greater responsibilities. for example:

Requirements for practicing. Mexican Notary You must have a law degree specializing in notary law and have at least 3 years of experience. NotaryPass the office and rigorous final exams. Those who qualify and pass are usually Notary By the Governor’s office.

Mexican colonial house
Especially when buying a home that may have a long history, the title company can help you confirm ownership and make sure you don’t have ownership.

In the United States, on the other hand, a notary does not require a law degree, and becoming a notary is a much simpler process that involves submitting the required documents, paying the appropriate fees, and not having a criminal record.

responsibility.. As explained above, you don’t have to be a lawyer to be a notary in the United States. Notaries in the United States are prohibited from providing any kind of legal advice or drafting legal documents.

In Mexico Notary You can provide legal advice, issue judicial opinions, supervise the drafting of legal documents, prove their legal validity, intervene in judicial proceedings, and act as an arbitrator or mediator. .. Therefore, in Mexico, Notary You may be held liable for both civil and criminal issues.

As you can see, there are numerous differences in the role and scope of Mexican legal authority. Notary And a notary public in the United States.

Regarding your third question about earning the competencies you are looking for, there are three important tools to use with every purchase in Mexico: First you have experience buying and selling to Mexican guests, A title company with both experience beach areas (restricted areas) and interiors.

Title companies usually charge a small fee to provide all due diligence. That is, it proves that the property has no liens. Provides verification of the authenticity of the title. Search for unpaid taxes, overdue HOA fees, probate status, and more.

Second, a good full-service title company also has access to legal staff to help you navigate “buy / sell” contracts, deposits, penalties, terms, escrow contracts, and more.

Other services may include acting as an adult guardianship ( Notary) And the Ministry of Foreign Affairs (SRE) permits.

Third, very good title services also include staff experts to help plan and reduce future capital gains taxes and provide the immigration services needed to achieve residence in Mexico.

Finally, under federal law, it must be said that the purchaser has the exclusive right to choose a statutory agent, the “closing team.” Notary Working together will make the title of the certificate clear and will be recorded in the public registry.

Don’t bully yourself by using the seller’s closing team. Having your own legal representative is an important part of ensuring proper sales.

Ángel Marin Díaz is the CEO of Imtec Legal Services. Inmtec Title Services; Inmtec Insurance, Estate Planning, Asset Protection; AfterLife Medical Advisory by Inmtec.Email for more information [email protected] Or call + 52415-121-9005 or + 52415-121-8943.

  • This article was originally Attension San Miguel.. Reprinted with permission and with minor changes. Buying a home in Mexico has a learning curve, but it’s feasible with good help

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