When purchasing property in Mexico you will need to know who is involved in the safe transaction of your investment as the process will differ from your home country. With a little background knowledge it's easy to buy safely in Mexico.
Choosing an established realtor is always the first step, In Mexico there are no obligatory license laws regulating real estate brokerage and sales, however to protect your interests .he Mexican Association of Real Estate Professionals (AMPI) has developed a Code of Ethics that must be followed by all members of the organization.
If you are buying in the restricted zone there will be four parties involved in the real estate transaction to buy safely in Mexico, these are the Real Estate Company, Buyer's Attorney, The Bank and Public Notary.
Once you have chosen your perfect home in Mexico your realtor will write to the seller with the offer, once the seller has accepted this in writing a promissory contract or purchase sale agreement - Contrato de Promesa - is signed by both parties.
A deposit is paid to the seller but your agent will not handle the money, it goes through an attorney. The next step will be the second part of the contract the purchase sales agreement - Contrato de Compraventa - this is a formal contract and both buyer and seller will complete this before a notario publico which must be filed in the Public Registry of Property to be binding on both parties.
Finally in stage three, the notario publico will ensure the terms of the formal sales contract have been fulfilled then proceed to draft the property’s deed - escritura - and schedule a closing meeting for both parties.
American attorneys are not licensed to practice law in Mexico and should not give advice on Mexican Law; however any Mexican attorney can normally handle a real estate transaction from Baja to Cancun.
At Investment Properties Mexico we work with established and experienced Mexican real estate attorneys that offer the most competitive fees and ensure your transaction is in skilled safe hands. We can help you with your real estate transaction and be sure that you buy safely in Mexico.
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