Purchasing land in Mexico works differently than acquiring land in the US or Canada. The laws for land ownership are unlike those you’ve probably experienced before. So, you should take cautious steps to make sure you are carrying out the deal correctly.
Owning land in Mexico is going to be different than what you’ve been used to. You’ll want to choose a well-established, quality real estate agent to guide you through the process. Once they’ve helped you find the property you’re interested in, follow these 5 steps to be sure your sale is safe and secure.
Step 1 – Hire an Attorney
The initial thing you must carry out is take on a lawyer. Ensure that the lawyer is certified to do law in Mexico. Having a lawyer with you can assist in the diverse legal procedures that go on in Mexico once it comes to acquiring property.
Step 2 – Check the Legality of the Land
After you get land in Mexico that you want, you should ensure that the seller lawfully possesses the land and can lawfully trade the land. If all is okay with the land the seller ought to be capable of providing you with a duplicate of the title deed stating possession and a lien record with an account of the land. Have your lawyer check to ensure that the paperwork is okay.
Step 3 – Bid
Next is the bid. The offer ought to be completed in written agreement, which should be both in Spanish and English. The offer generally goes together with a deposit of around 5% and 10% of the bid cost. The agreement is accepted as a “promise to purchase” and the purchasing process starts once the seller acknowledges the offer. When the seller acknowledges the offer, the purchaser is usually anticipated to leave half of the final value as indicated in the offer to purchase.
Step 4 – Register Ownership
With any kind of property purchase, foreigners at all times require to record the rights of ownership at the Foreign Affairs Ministry. The rights to possession are awarded after you consent to obey Mexican laws and to relinquish your rights to foreign administration interference. In doing so, you are regarded a Mexican citizen with the matching rights. When acquiring land in restricted regions like Oaxaca coast in Mexico, it is the depository that asks for the purchase of the land at the Foreign Affairs Ministry.
Step 5 – Seal the Deal
The moment everything is ready you are now geared up to seal the deal. The marking of all agreements should take place before an attorney or Notary Public. Prior to all the papers being signed you will be expected to deposit the outstanding cash required to finish the deal. Once the agreements are signed the finances are transmitted to the trader and the land is moved to the purchaser. Transfer of the land is usually completed in 45 days.