One key thing that has been booming in the past 15-20 years in the Yucatán Peninsula (which includes Yucatán, Campeche and Quintana Roo), is the Mexican real estate market and the need for good Mexican real estate law. Properties have increases in value in record time, and is trending upward, making it a really good investment for Mexican real estate buyers from around the world. For people looking for a place to retire, vacation or simply have a “home away from home”, the culture, activities, landscapes and beautiful weather remains intact. No matter what you’re looking for, the Yucatan peninsula has it all: beautiful beaches, peaceful cities, low crime rates, colonial towns, modern cities…it is really up to you to decide where you want live.
Now, as lovely and exciting as the idea of living in the Peninsula sounds, it presents its own challenges, particularly at the moment of choosing the right piece of property in the right place at the right price. The phrase “location, location, location” continues to being the mantra at the moment of buying property BUT the reality is that only a professional of the real estate that LIVES in the peninsula and know his/her way around it can give you the expert advice that you require.
In EASY LEGAL MEXICO, we are experts in Mexican real estate law. We work hand in hand with your real estate agent, to take care of all legal aspects and check all the documents. This helps us make the purchase process as smooth as possible and ensures that your Mexican real estate transaction(s) proceed as easily as possible for you.
DUE DILIGENCE PROCESS
In all Mexican real estate closings, there is a due diligence process dedicated to check the legal background of the property and the owner, to make sure everything is in order and that you don’t encounter problems such as an unclear title or other legal problems, which can be different when buying in a country different than yours. EASY LEGAL MEXICO can help you be 100% sure that what you are buying is what you have being offered:
- That the owner is in fact the one selling you the property.
- That the property has a validated deed instead of an agrarian title.
- That the property you saw and are planning to purchase physically matches the one that appears on the deed, in location and measurements.
- That the property tax record is updated and not in default.
- That the property is free of any liens or encumbrances that could make your property purchase more problematic.
- That the property is viable to be built on according to the currently applicable Environmental Regulations. We can help you with environmental assessments to make absolutely sure that your plans can come to fruition without legal headaches or disturbing environmentally sensitive areas.
Title search is an essential part of buying property nearly anywhere, and is an important part of Mexican real estate law. A Mexican title search involves an extensive search of the public records to determine that there are no adverse claims to our client’s interests. If we find there are adverse claims or other defects in title, we will seek to resolve or eliminate them prior to closing.
At the end of the process we will issue a document stating that every single one of those things are in order and that the property is in perfect shape… Or if the problems found can not be rectified to meet your needs, we will advise against the operation, stating the problems that the property or the ownership presents. At the end of the day EASY LEGAL is on your side and will attempt to give you as much information as possible to help you make an educated decision, and not waste your time or money wherever possible.
MEXICAN REAL ESTATE CONTRACTS:
An improperly executed agreement is the biggest cause of civil litigation and/or loss of investment in Mexico. The best advice we give our clients is to make sure their agreement takes into consideration all the necessary legal aspects of the business at hand.
-Negotiation and Preparation of Real Estate Sales Contracts
-Negotiation and Preparation of Real Estate Purchase Contracts
-Negotiation and Preparation of Real Estate Leasing Documents
MEXICAN REAL ESTATE CLOSING:
We will guide the client through their due diligence and contractual responsibilities concerning the purchase and/or sale of real property. We will also prepare and/or review all the closing documents and other matters necessary to secure a successful closing.
Mexican real estate law can be different in many ways from the laws of your home country. One example is restrictions on how a foreigner can purchase real estate property in certain areas. A Fideicomiso is similar to a land trust, and is one of two ways for foreigners to acquire rights to property in Mexico’s restricted zone (50 kilometers from beach and 100 kilometers from borders) for residential use and lending agreements. Follow the link below for more information about what is needed to set up a Fideicomiso to legally purchase Mexican real estate in a restricted zone.
CORPORATION SET UP:
Another way to acquire real estate property in México is through a corporation. This structure works better if you are planning to start a business in México but it can also be used to just acquire the real property. The reason is that the corporation is considered under Mexican law to be a moral person (a Mexican person) and therefore is allowed to acquire real property in all the parts of the country. What you, as the buyer, will own, is shares of stock in the corporation. Read more through the link below to find out about using a corporation to buy Mexican Real Estate:
NOTARY PUBLIC SERVICES:
Mexican real estate law also requires certain documents to be notarized properly. We at Easy Legal Mexico offer full and bilingual Notary Public Services with our in-house Notary. We also have established specific alliances with all the major Notaries in the States of Campeche and Quintana Roo in order to provide full legal services that require any services of a Notary Public. So whether you’re seeking to buy real estate in mainland Yucatan, along the Gulf coast or the Mayan Riviera, we can help you.