Real estate procedures in Mexico

Real estate procedures are very different in Mexico, than in USA or another country. There is no “escrow procedure” or “Title” companies, neither “house inspections” before you buy.Whether you buy directly from owners or through a realtor company, you need to have a good understanding of the Spanish and Mexican law.Most of the closing costs will fall to the buyer. Deposits usually are made directly to the owner, not to an escrow account. Buying property in Mexico is a process unfamiliar to most and there are risks involved. That is why you need good representation.Procedure – applies to most purchases

  1. Make an agreement on price.
  2. Purchase agreement stating the parties, property, price, deadlines, etc.
  3. Downpayment: usually 10% of the total cost.
  4. Title search
  5. Free liens certificate.
  6. Paperwork to the notario`s office.
  7. Paperwork to get the SRE (Secretary of Foreign Relations) permit.
  8. Reviewing title at notario´s office to make sure is written correctly.
  9. Apointment to sign the deed.
  10. Payment of the total amount.
  11. Buyer and seller sign the deed at notario´s office.

Closing Costs

It will depend on property and particular deal, but this is a common list of expenses:
  • Property price.
  • Buyer´s agent (preferably an Attorney).
  • SRE permit.
  • Free liens certificate.
  • Notario fee.
  • Buyers taxes.
  • Seller taxes.



 

2 Responses to Real estate procedures in Mexico

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  2. […] (promissory contract). The balance is payable upon the signing of the Trust Deed. The entire closing process takes between 30 and 60 […]

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