Mexican Libertad
Posted in Uncategorized on 06/10/2003 05:03 am by admin
Mexican Libertad
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US $34.00
If you are interested in buying property in Mexico, then there are certain steps and procedures that you must do in order to successfully complete the transactions with the shortest amount of time possible, and with the lest amount of headache. Before starting, it is always a good idea to advise your legal counsel of your intentions, so that they can help you further speed up the process and spot any legal difficulties at the onset. A lawyer or firm that you yourself choose will work for your interests, rather than just selecting a company to serve as a go-between for you and the property vendor.
First, make sure that the seller of the property that you are interested in actually has the deed or the title to the land. Some properties in Mexico called ejidos are communal properties that are owned by a community, and can be difficult to process. Ensure that a deed is available before buying anything outright. Sellers should have the escritura publica, and the certificado de libertad de gravamen, which are the public deeds that state that they are indeed the owner of the land in question.
Once this has been provided, you can now offer to buy the property through a written contract known as the Contrato de Compraventa Definitiva. Usually, a 5-10% deposit payment is given seller accepts the contract. This is where the notary public, or the notario publico, comes in. This is a government-appointed official who validates and recognizes all legal transactions within the country. The notary public can also check and affirm the seller's deed, or determine if the property is ejido land, so it is important that all biding legal contracts made should be done in the presence of the notary public, to avoid as much fraud as possible. It is the seller who chooses which notary public to oversee the transaction.
This done, you should also provide all the needed legal information to the notary public, such as your birth certificate, marriage certificates, proof of dates of birth, your visa, and other means for legal identification. In turn, the seller should also provide the notary public with the deed of the land, and relevant property and utility receipts. The capital gains tax can be paid either by the seller or the purchaser, depending on their agreement.
When the contract is signed by both parties, all fees should now be paid over to the seller. It is important to know the final cost, including the breakdown of all the fees incurred, including the notary public's fees.
Finally, the notary public then registers the new transaction into the Public Registry of Properties, which can take around two weeks. It is advisable to have this registered as soon as possible, because the contract only becomes legal after it has been officially registered.
When buying property, it is always common sense to read up on and familiarize yourself with the laws to prevent as much trouble in acquiring the land you want as possible. Buying property in Mexico is not all that hard to do, but it is always good to be careful and know what you're getting yourself into first.
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