The Mexico real estate industry is faced with many twists and turns that are not normally experienced in property transfers within our own home countriesFor example, it is common in some operations in the Yucatan real estate market the need to rectify property measurements If this occurs, this means most likely, that there is going to be a delay in the Mexico real estate purchasing process. Essentially, the escrituras on file with the Catastro and the seller's copy of escrituras have a (usually small, often infinitesimal) difference in the meets and bounds measurements stated in the documentation.
If the property is to be held in a Fideicomiso, the bank requires that the escrituras of the seller and the escrituras filed with the Catastro be absolutely the same. If they are not, the Catastro will need to send an engineer to the Mexico property to re-measure the property and record it properly. After the engineer re-measures and issues the new measurements, the owners of all the properties that bound the re-measured property must literally “sign off” on the new measurements. This can be a long and arduous process, especially if the property has numerous neighbors adjoining it.
Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. www.TOPmexicorealestate.com 512-879-6546
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