Frequently Asked Questions On Purchasing Property in Mexico

Por Liliana Elena González

@mexatua

Can foreigners purchase a property in Mexico?

Yes, Absolutely! There are some restrictions along the borders or coast, but not in Morelia, Patzcuaro or surrounding area.

What are the procedures for buying a piece of property?

Once your Offer to Purchase has been accepted, a down payment (usually 10% to 30% of the purchase price) is required. Agreement to sell/buy, with detailed costs, inclusions and exclusions, as well as deadlines, cancellations penalties and other pertinent information is set out in an initial purchase-sale agreement (promissory contract). The balance is payable upon the signing of the Trust Deed. The entire closing process takes between 30 and 60 days.

Who issues a trust deed?

The Notario Publico or notary public who is a government appointed lawyer who processes and certifies all real estate transactions.

Do I need to hire an attorney?

A Mexican attorney should be involved to draw up contracts and to review the conditions and terms of sale. Legally, only a licensed Mexican attorney should provide advice on the law.

Can I build on my property?

Yes, a building permit must be obtained and plans must be drawn and engineered by a licensed Mexican architect or engineer.

What a Condominio is in Mexico?

A condominio in México means there was a big property and it was divided in pieces. Every piece is sold to different person and there is a remaining land that is own for everybody (common areas), usually access drive way or gardens. Every owner has their own title and rights over their property and a percentaje on the common areas.

Do you have an estimating figure for construction costs?

About $5500.00 mexican pesos per square meter of construction medium quality materials.

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