When buying 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. Choosing an established realtor is always the first step, in Mexico there are no licensing laws regulating real estate brokerage and sales, therefore it is important to work with professionals like Investment Properties Mexico.
If you are buying Mexico real estate in the Restricted Zone there will be four parties involved in the transaction. These are the real estate company, buyer’s attorney, the bank (if financing is involved) and the public notary.
Once you have chosen your perfect home for buying 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 and a deposit paid to the seller, your agent will not handle the money, the money will go 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 público and then it must be filed in the Public Registry of Property to be binding on both parties.
Moving forward to stage three of buying in Mexico, the notario público 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. Here at Investment Properties Mexico we work with established and experienced Mexican attorneys that offer the most competitive fees and ensure your real estate transaction is in skilled safe hands when buying in Mexico.
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