When selling or buying a house, you need to find someone with experience in real estate law & closing services, who is capable of manage the legal aspects of a property transaction in the shortest time possible. Choosing the right lawyer when you sell or buy a house is not an easy task.
Before hiring a real estate lawyer, you need to make sure that he is expert in real estate matters. You have to make sure that he/she is experienced in real estate legislative topics and has done many successful real estate transactions before.
Many people living outside Mexico have stayed away from investing on the real estate in Mexico due to the lack of information about how to buy a property in Mexico.
First, you have to know that buying a house in Mexico as a foreigner is different from it is for a Mexican.
Recently, Mexico has made several revisions to its real estate laws to expand the market for foreign investment. Mexico now allows foreigners to purchase real estate throughout the country, rather than just in the country's border cities.
While the law is not something that changes overnight, the current trends and court decisions have a bearing on your legal practice.
To help you better understand the latest legal developments, De Hoyos Aviles, with more than 50 years of experience, is the best Law Firm to give you Legal Advice regarding any Real Estate & Closing Services business concern in Los Cabos, Mexico.
About Los Cabos, México
Los Cabos is located at the tip of Baja California Sur in Mexico. The city has a population of approximately 180,000. It is the second-largest city in Baja California Sur. Los Cabos is a popular vacation location for both Mexicans and foreigners.
What is a real estate purchase transaction?
A legal real estate transaction (Closing Services) is a transaction that involves the sale or purchase of real property. It is governed by the laws of the State in which the property is located.
A Real Estate Purchase Agreement is a legally binding agreement that details the conditions of the sale of a property. The document is typically between the buyer and seller.
Closing Services Definition.
Closing services means services performed in connection with the providing of financing assistance. Closing services includes, but is not limited to, appraising property and preparing credit reports. Closing services does not include a service performed after the providing of financing assistance.
Can an American citizen inherit property in Mexico?
Yes, any property owned by a foreigner (using a FIDEICOMISO) can be transferred to their beneficiaries after death.
The best way to protect your property is to have a will, which can either be a foreign will or a Mexican will.
The Restricted Zone
To begin with, according to the article 27 of the Mexican Constitution, a foreigner can't directly acquire a property within 50 km from the water and 100 km from the border.
This area is recognized as the restricted zone. However, Mexican's law allows foreigners to acquire a property in the restricted zone through a Fideicomiso (trust).
If you need more information, contact De Hoyos y Avilés, and we'll advise you legally.
Can the Mexican government take your property?
If the property has was bought legally, The Mexican government has no legal right to take the property, nor do they want to discourage tourism or foreign investments.
Under the North American Free Trade Agreement, NAFTA, Mexico may not directly, or indirectly, expropriate property except for a public purpose
Real Estate Legal Advises:
Perform due diligence on the chain of title before buying. Our firm has extensive experience in this type of due diligence.
Buy title insurance. We have relationships with the two main companies offering this service in Mexico.
Beware of scammers. Scammers proliferate and contact property buyers by email, offering wonderful deals. Our advice, if it sounds too good, it may be a scam. It is best to consult your lawyer.
Only a Mexican Lawyer can give you support on Mexican Law.
Set up the contract and check up on the terms of the transaction.
Submit the legal documents to the Ministry of foreign Affairs.
Verify the seller documentation.
Review the plans of the property.
Confirm that the property may be titled.
Obtain an active cadastral (property survey)
Confirm that the property Taxes are already paid.
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