How to buy Real Estate in Mexico

Mexico offers a broad range of prices and real estate values vary in different parts of the country. However, comparable properties in the U.S. are less expensive in Mexico. Here's how to take advantage of the great real estate deals you can find in Mexico. With its tropical climate, the country makes a great retirement site.

Step 1 - Choose a Notary Public to ensure the purchase process abides by the laws. A Notary Public is a respected office appointed by the governor.
Candidates are licensed attorneys and must pass a rigorous test.

Step 2 - Engage the services of an attorney to act as an intermediary between you and the Notary Public. Ask to see the "cedula professional" a license to practice law in Mexico that includes a photo and signature.

Step 3 - Find a desirable property and verbally agree to a price. Your attorney works with the Notary Public to draw up an agreement of sale. Buying a new property from a developer, the Notary makes sure the developer's permits are in order.

Step 4 - Apply for permission from the Foreign Secretary's office to purchase the property. Signing a document stating that you will not seek foreign jurisdiction in dealings that concern the property is generally a formality.

Step 5 - Get a copy of the land and property deeds from the seller for the Notary to examine. The Notary arranges an appraisal at this point.

Step 6 - Provide your personal documentation as requested. This includes a passport, birth certificates, marriage certificates and a visa. The seller presents the original property deed, paid utility bills and up-to-date invoices for land-service fees.

Step 7 - The owner signs over the deed and only then make payment at the Notary's office. Pay any fees for taxes and services by Notary and attorney at this time.

Tips & Warnings
Foreigners cannot own real estate in the "restricted zone" due to an old law to prevent foreign invasion. Property within 62 miles of a national border or within 31 miles of the coast is off-limits, though a property can be held in trust by a bank and afford the same benefits of ownership to the foreign occupant of the property. Properties in areas outside the restricted zone are bought and sold in much the same way, except that no bank is involved and no real estate trust is required.

Take out Title Insurance that will cover the property in the case of liens. In Mexico, liens are pass with the title.
Contact the U. S. Embassy to make sure the real estate company is reputable. Some real estate companies prefer that foreigners not be aware of the law governing the buying and selling of property.
Both parties must agree to sell a jointly owned property. Make sure the property and all buildings are on the tax register, and that permits and utilities are legal.
Decline the services of the attorney provided by the real estate company. Anyone can set up shop and sell real estate; no licenses or training are required.

Mexico has no governance regarding real estate companies, so there are no normal safeguards. Buying property in Mexico is very much an exercise in knowing the procedures that govern the market.

G (Notary Public)
A Mexican Notary Public Notario is an attorney who has passed various rigorous examinations…….