What you need to know after the closing.

Congratulations! You have signed and closed on your new home in Mexico. But now what Before purchasing your property, you found tons of information about the buying real estate in Mexico.

But what about after the closing Owning real estate in Mexico is very different from other countries. There are important issues that need to be taken care of. Here is a list of some important post closing issues:

1- Pick up the titleescrituras when it comes out of public registry.

After the closing you can request a certified copy of the titleescrituras and it can usually be obtained in a few days to a week depending on the notary office. Your original title may take several or many months to come back from the registry office so it is a good idea to at least have the certified copy.

2- Change of ownership in the assessor s office (catastro). When you purchase Cancun real estate, or even in most areas of Mexico, it is not automatically changed to your name.

3- Change of ownership with the federal beach tax office (if the property is beach front)

4- Change the utilities in your name (or contract these services in case of a new construction)

5- Homeowner s and hurricane insurance

There are also ongoing obligations that need attention:

1-Annual Mexico bank trust fee. This is the amount paid to the bank where your trust is established. It can usually be paid by wire transfer to make it easier.

2- Property taxes must also be paid annually. You will not receive a tax bill. This tax must be paid at the town halls tax office (predial) and you will need to take a copy of the last year s paid receipt so they may calculate the next year s payment. This tax can be paid in December for the next year. There are discounts for paying the year ahead in this month.

3- Federal Beach Tax is also an annual payment. Some condominiums complexes include this payment in the condo fees, but not all of them so do check.

4- Homeowner s and hurricane insurance is also paid annually. Usually the insurance company will advise of any payments due, but it is wise to be aware of when your payments are due so your policy does not lapse.

You can normally contract your attorney, Mexico real estate agent or property manager to assist you with these obligations.

Cyndi Ader, originally from the US, has been living in Cancun, Mexico for 17 years. She is a member of A.M.P.I. (The Mexican Association of Real Estate Professionals) and is currently a member of the International Relations Committee. She is also an international affiliate of NAR (National Association of Realtors). She is the owner/broker of Cancun Properties Real Estate and specializes as a buyer s broker.

THE TOPMexicoRealEstate NETWORK “Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely ! ” (512) 879-6546

Related posts:

1. The Mexico Real Estate Closing Process
2. What are Estimated Mexico Closing Costs
3. How to Buy Mexico Real Estate: The Purchasing Process

Mexico Condominium Regime; Investigate the Status

A word of caution for those who are considering the purchase of a Mexico condominium or a lot in a subdivision Just as in other countries, the unit, or lot must be legally described and an individual property tax number issued This individual property must be registered in both the Property Tax Office and in the Mexico Public Registry of Property

Often, a developer will spend time and energy on promoting the sales of Mexico real estate properties prior to completing the establishment of the Condominium Regime Until this is completed, legal title to an individual unit or lot cannot be granted since there is nothing to describe! Whether in the La Paz Real Estate market or any other region of Mexico, be sure to investigate the status of the condominium regime prior to completing the offer to purchase!

Mexico Registered Title; Insist Upon Its' Reception

The purchase / sale document signed by buyer and seller is generally legally valid between the parties to the transaction It most likely contains the description of the Mexico property, the price to be paid to the seller, and any other special terms and conditions It may be drawn up by the parties, their agent(s), or by a third party It should be considered as an interim contract, however Until the final deed is drafted by, and signed before a Mexican Notary Public and duly registered, the transfer WILL NOT provide valid notice to third parties This final deed must be recorded in the Mexico Public Registry Office of the municipality in which the property is located Mexico's land registry system functions in much the same manner as those in the United States or Canada Unless the deed for the rights of the beneficiary has been recorded, there may not be a remedy for the purchaser who neglected to obtain a registered deed…his interest, his investment, may be lost

When a foreigner is acquiring residential property for which a Mexico bank trust is required, the purchaser should receive a deed which has been signed by the bank trustee before a Mexican Notary Public This will name the beneficiaries and the substitute beneficiaries of the trust in accordance with the purchaser's instructions A full description of the property must be included, seller's capital gains taxes paid and buyer's acquisition tax paid These receipts should be included in the deed document which may consist of eight or ten pages, or more The final page of the document should bear the stamp of the Public Registry, together with Book and Page numbers and the date on which it was recorded If this stamp is not on the document, the transaction has not been completed, the buyer is not fully protected

Author Linda Neil has over 35 years of hands on experience in all aspects of Mexican real estate. She holds membership in AMPI, NAR, and FIABCI and PROFECO Certificate 00063/96. Current member of the national advisory board of AMPI she is the owner broker of LINDA NEIL PROPERTIES for more information (512)-879-6546 www.TOPmexicorealestate.com

“Where 11 TOP real estate experts from ALL regions of Mexico come together to share their Tips & Knowledge to help you buy safely !”

Related posts:

1. Purchasing Your Mexico Dream Home; Condo Regime Part 5
2. Purchasing Your Mexico Dream Home; Checking the Title-Part 3
3. Playa del Carmen Condo Regime

I have various articles written on the subject of How to Buy Your Mexico Home, if you wish to follow this series please click here to see the first post on PURCHASING YOUR MEXICO DREAM HOME Below I continue the series discussing the Mexico Condo regime.

INVESTIGATE THE STATUS OF THE MEXICO CONDO REGIME

A word of caution for those who are considering the purchase of a condominium or a lot in a subdivision In the La Paz Mexico real estate market, just as it is in the rest of Mexico and in other countries, the unit, or lot must be legally described and an individual property tax number issued This individual property must be registered in both the Property Tax Office and in the Mexico Public Registry of Property Often, a developer will spend time and energy on promoting the sale of the Mexico Real Estate properties prior to completing the establishment of the Condominium Regime Until this is completed, legal title to an individual unit or lot cannot be granted since there is nothing to describe! Be sure to investigate the status of the condominium regime prior to completing the offer to purchase!

INSIST UPON RECEIVING A REGISTERED TITLE

The Purchase/sale document signed by buyer and seller is generally legally valid between the parties to the transaction It most likely contains the description of the property, the price to be paid to the seller, and any other special terms and conditions It may be drawn up by the parties, their agent(s), or by a third party It should be considered as an interim contract, however Until the final deed is drafted by and signed before a Mexican Notary Public and duly registered, the transfer WILL NOT provide valid notice to third parties This final deed must be recorded in the Mexico Public Registry Office of the municipality in which the property is located Mexico's landregistry system functions in much the same manner as those in the United States or Canada Unless the deed for the rights of the beneficiary has been recorded, there may not be a remedy for the purchaser who neglected to obtain a registered deed… his interest, his investment, may be lost.

When a foreigner is acquiring residential property for which a Mexico bank trustis required, the purchaser should receive a deed which has been signed by the bank trustee before a Mexican Notary Public This will name the beneficiaries and substitute beneficiaries of the trust in accordance with the purchaser's instructions. A full description of the property must be included, seller's Mexico capital gains taxes paid and buyer's acquisition tax paid These receipts should be included in the deed document which may consist of eight or ten pages, or more The final page of the document should bear the stamp of the Public Registry, together with Book and Page numbers and the date on which it was recorded If this stamp is not on the document, the transaction has not been completed, the buyer is not fully protected

Author Linda Neil has over 35 years of hands on experience in all aspects of Mexican real estate. She holds membership in AMPI, NAR, and FIABCI and PROFECO Certificate 00063/96. Current member of the national advisory board of AMPI she is the owner broker of LINDA NEIL PROPERTIES for more information (512)-879-6546 www.TOPmexicorealestate.com

“Where 11 TOP real estate experts from ALL regions of Mexico come together to share their Tips & Knowledge to help you buy safely !”

Related posts:

1. Purchasing Your Mexico Dream Home; Condo Regime Part 6
2. Purchasing Your Mexico Dream Home; Checking the Title-Part 3
3. Purchasing Your Mexico Dream Home; The Bank Trust Part 4

A Mexico notary public is an attorney that specializes in real property law and is specifically licensed by the state to legally transfer Mexico real estate property from one party to another. In my previous post in our Mexico real estate blog, I talked about the how to buy real estate in YucatanOne of the most important roles during the transaction are that of the notaries The number of Mexico notary public licenses is limited by the state. An attorney who wishes to become a Mexico notary must first attend classes and then pass a board. It is a demanding process and many do not make the cut.

For those few attorneys that do pass the test and are eligible to become a practicing Mexico notary public, they enter a waiting list for the next available notary license from the state. The wait is usually many years. Frequently, a law firm will have one or two junior partners who have completed the notario board exam and can assume the position of notario for the firm. A Mexico notary public license is extremely valuable and dearly guarded by the firms that have them.

The notary public is ultimately responsible to ensure that a clean, merchantable title is passed from the Seller to the Buyer, that the property taxes, transfer fees/taxes and any Mexico capital gains taxes are paid at or prior to closing. They are also responsible to properly record the transaction in their personal books and with the office of the Catastro (Mexico Public Registry). Should a notary public fail to discharge their responsibilities in an honest, fair and transparent manner, they could lose their notary license.

Choosing a notary public is usually not difficult and your Mexico real estate agent will be able to suggest a good notary that is versed in transferring titles to foreign buyers. You may also choose to work with an attorney who is not actually a notary but is connected to a notary. Frequently, these attorneys have passed their board to become a notary and are waiting their turn. In the meantime, they are skilled at checking titles, ordering Fideicomisos and setting up corporations.

If you are setting up a corporation, it is a good idea to find an attorney/Mexico notary public that understands the mechanisms of the proper corporation to best execute your business plan and objectives. Having your corporation construed and worded properly the first time will save money, time and frustration.

Notary Public fees will vary from one firm to another. Many fees are based upon the amount of the operation (appraised value of the property). Taxes and transfer fees are based upon this appraised value.

Frequently, the appraised value of the property is much less than the actual purchase price. If you wish to record your deal at the actual purchase price, that is fine, but be prepared to pay higher closing costs and, perhaps, you will be expected to pay the additional capital gains tax that the Seller will incur due to the buyer's desire to close the deal at the actual purchase price instead of the appraised value.

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

Related posts:

1. What are Estimated Mexico Closing Costs
2. How Secure Is Your Mexico Real Estate Investment
3. Purchasing Your Mexico Dream Home; Condo Regime Part 5

In March and in our Mexico real estate blog, I posted the articles part 1 and part 2 You can read part 1, by clicking here; Purchasing your Mexico Dream Home Below is the continuation of these first two parts

In my experience in the La Paz real estate market as well as many parts of Mexico, I ask this singleimportantquestion to the buyers and agents, “Does your seller have a registered title to the Mexico real estate property” Many foreign buyers, in order to avoid the closing costs in Mexico, or through ignorance, have paid for their property, taken possession of it, and have never obtained a Mexico registered title! Ask for a copy of your Seller's title documents and reserve the right to examine them prior to the release of any part of your payment If they are in Spanish have them translated and, if in doubt consult with a neutral third party about their probable validity It should be added that if the seller has never acquired title to the property he is selling, it can often be remedied The buyer should be aware of this condition, however, and be certain that the person who accepts his offer is truly the holder of the title Additionally, he should make arrangements for the additional costs, if any, involved in this double transfer

Author Linda Neil has over 35 years of hands on experience in all aspects of Mexican real estate. She holds membership in AMPI, NAR, and FIABCI and PROFECO Certificate 00063/96. Current member of the national advisory board of AMPI she is the owner broker of LINDA NEIL PROPERTIES for more information (512)-879-6546 www.TOPmexicorealestate.com

“Where 11 TOP real estate experts from ALL regions of Mexico come together to share their Tips & Knowledge to help you buy safely !”

Related posts:

1. Purchasing Your Mexico Dream Home; Condo Regime Part 6
2. Purchasing Your Mexico Dream Home; Condo Regime Part 5
3. Purchasing Your Mexico Dream Home; Real Estate Closing Costs in Mexico -Part 2

Yucat n has been the attention of many international real estate investor in recent years With the many Haciendas, the old colonial architecture, and the increasing amounts of non-Mexican buyers, where can people begin their process into buying property here in paradise We asked Mitch Keenan, a Yucatan Real Estate broker, very well known throughout the entire Yucatan Peninsula, and with many years of on hand experience in Mexico Real Estate to help us out with this post and blog.

This post is about real estate in the states of Yucat n and Quintana Roo The author, Mitchell Jay Keenan,CRS is the general director and the operating broker for Mexico International Real Estate.

Keenan has been living and selling real estate in Yucat n for over 10 years. He has been a licensed broker in the USA since the 1980's. He holds a GRI (Graduate Realtor Institute) and a CRS (Certified Residential Specialist) certifications from The National Association of Realtors (NAR). He currently lives on his Quinta between M rida and Progreso with his partner and their four companions; Wazer, Lover, Lucky and Miri.

Yucatan Real Estate Brief History

Understanding the dynamics of the real estate market in Mexico requires a reflection on the socio-economic conditions that have developed in Mexico over the last several decades. The large middle class that has emerged in the last 30 years has provided for a more robust market. Additionally, with the growing foreign interest in living and investing in Mexico, the market is becoming more dynamic and secure for investment and ownership.

Historically, Mexico was a country of basically two large economic groups; the rich and the poor. The poor rarely owned real estate and the rich tended to subdivide what real estate they had and pass it on to their heirs.

The current real estate market (where two previously unknown parties come together to buy/sell real estate) is still a relatively new business in many regions of Mexico. This is the reason why, in most of Mexico, there is no MLS, no real estate licensing requirements for agents, no governmental oversight, limited institutional financing, and few large, organized real estate companies or real estate professional organizations.

The exceptions to this current scenario are Mexico City, Monterrey, Guadalajara, and many of the coastal resort areas, where there are limited MLS's, large brokerage firms, and functional professional organizations like AMPI.

It is important to remember that Yucat n has been like an “anonymous region” separated from Mexico for decades. Yucatecos tend to think of themselves as Yucatecans first and Mexicans second. Rules, regulations and new businesses practices have tended to evolve here more slowly than in other regions of Mexico.

Mexico Real Estate Purchasing Process

Historically, in Yucat n, when two individuals come together in an agreement to buy/sell real estate, the parties have utilized a “promise to buy/sell” real estate agreement. The agreement is typically drawn up by the Buyer's notario.

Note: the buyer is responsible for paying the notario and closing costs. The seller is responsible for paying their capital gains taxes.

Upon signing, the buyer gives the seller a deposit to hold as earnest money to seal the deal. In return, the seller provides the notario with current and notarized escrituras (title documents), cedulas (tax statements), planos (lot plan), personal data, and corresponding information.

This “promesa de compra/venta” is a vehicle still popularly used in Yucat n, and it is not unusual for a seller that is not represented by a real estate agent to require this contract with the understanding that the seller will hold the earnest money deposit.

Should the buyer fail to buy, at no fault of the seller, the buyer will forfeit the deposit. Should the seller for no fault of the buyer, refuse to sell, there is a penalty clause in the contract penalizing the seller to return the amount of the original deposit and pay a penalty equal to the amount of the deposit. If the seller does not return the deposit and pay the penalty, the buyer will have a very strong case for filing a lien against the property and pursuing legal action against the seller.

Mitch Keenanhas 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

Related posts:

1. Yucatan Real Estate; Rectifying the property measurements
2. The Mexico Real Estate Closing Process
3. Yucatan Real Estate Tips

All too often citizens of the United States, Canada and other countries ASSUME that property purchases are carried out automatically in Mexico in a manner similar to that of their native countries The first law of property purchase in Mexico is DON`T ASSUME anything! Purchasing property is NOT the same as in other parts of the world

Would You Purchase a Property in Your Hometown Which Is Not Registered in the Local Public Registry or Land Titles Office

Would you hand a complete stranger, without an office or an established business entity, a check for perhaps hundreds of thousands of dollars to pay for a property Why do so many foreigners do this when they purchase in Mexico Many do not realize that Mexico has a complex and complete legal system and a court system that is as well organized as any that exists in the United States, Canada or Europe It is essential that you have an idea of how the system works and what to expect when considering a purchase of property in Mexico

Don't Leave Your Brain at the Border!

Article 27 of the Mexican Constitution prohibits ownership by a foreign individual or business entity of real property (real estate) within the “restricted” zone which is an strip of approximately 30 miles from any coastline and 60 miles from any border Recognizing the demand by foreigners for ownership of property and recognizing the importance of making desirable properties available to foreigners for potential positive impact on the economy, the Mexican government implemented a series of Foreign Investment Laws beginning in 1973 The law was modified in 1989 and again in December 1993, to incorporate the provisions of the NAFTA treaty passed in late 1993

For those who are acquiring property for residential usage, the law requires that title to the property in the restricted zone be transferred to a Mexican bank, as trustee, in the establishment of a trust (fideicomiso) in which the foreigner is the beneficiary The bank is the titleholder of the real property and the foreigner is the owner of the rights of usage of the property The bank owns the real property rights and the beneficiary owns the personal rights of usage Ownership of these personal rights is evidenced through a deed prepared by a Mexican Notary Public and signed by a representative of the trustee bank

Currently the term for a trust is fifty years The Foreign Investment Law of 1989 provides for renewal by filing an application Multiple renewals are permitted under the law By requesting extensions every fifty years, a property may be controlled by a family or business entity for generations For those foreign individuals or companies buying property in the interior of the country, not in the restricted zone, no bank trust is required but authorization from the Secretary of Foreign Relations must be obtained and ownership must be registered in the National Foreign Investment Registry located in Mexico City, as well as in the municipality where the property is located

Avoid Mexico Taxes and Extra Costs. Leave the Mexico Deed in the Seller's Name: This is Wrong!

Until the buyer is formally named as the owner in fee simple or in the bank trust in a public document before a Mexican Notary Public, title to the rights in the property remain with the persons named in the previous property deed Their signatures are required to transfer title If the buyer fails to obtain his or her own deed he/she will be required to obtain the titleholder's signature before a sale and transfer to another buyer This can be costly, frustrating, dangerous and time consuming

The Importance of Mexico Registration of the Deed for Beneficial Rights.

The Mexico purchase/sale document signed by buyer and seller is generally legally valid between the parties to a transaction It most likely contains the description of the property, the price to be paid to the seller, and any other special terms and conditions It WILL NOT, however, provide valid notice to third parties unless it is recorded in the Public Registry Office of the municipality in which the property is located Mexico's land registry system functions in much the same manner as the Public Registry offices in Podunk, North Dakota, Los Angeles, California, Ottawa, Canada or places in between

many foreigners purchasing property in Mexico do not understand the importance of registration of their interest in property They believe that it should be left in the name of the property developer, in the Master Trust, or in the name of the previous holder of title What if the developer goes bankrupt What if the corporation and its principals, disappear Who can sign as the representative of the property Who then owns the property What happens if an unscrupulous seller sells the property to someone else While title is in the name of the seller, it is HIS/HER asset; she may mortgage it, he may sell it again, it may be attached in satisfaction of a judgment, she may die without a will

Unless the Deed for the rights of the Beneficiary has been Recorded, there may not be a remedy for the purchaser who neglected to obtain a registered deed…his or her interest and investment, may be lost

To obtain the deed an appraisal, a property tax certificate, and a no-liens certificate must be obtained Notarized bank instructions must also be obtained if property is in the “restricted” zone Seller's capital gains tax and Buyer's acquisition tax must be paid The deed transferring rights to the buyer must be registered and stamped by both the tax office and the public registry If this process is not complete, the buyer is not fully protected The buyer's ultimate protection is registration in the Public Registry office record, NOT the Notary Public or the trustee bank!

Financed Properties in Mexico

When property is sold with a down payment and the balance to be paid over a term of years, many sellers prefer to hold title to the rights in their name and transfer title to their rights only upon receipt of payment in full Meanwhile, however, the seller may die, may disappear, may bo bankrupt…again risky situations for the buyer the prudent buyer will insist upon a transfer of title and registration of a mortgage or pledge in which he gives his rights in the property as security for payment of the remaining purchase price

In the event of default by the buyer, the seller must conduct a proceeding similar to a judicial foreclosure in the United States and Canada It is as troublesome as a foreclosure in any country in the world but notably more problematical The registered title and recorded pledge or mortgage provides the buyer a greater comfort level in his investment The lender also enjoys protection in having his loan recorded and will have an established legal proceeding to follow in the event of default by the buyer

Author Linda Neil has over 35 years of hands on experience in all aspects of Mexican real estate. She holds membership in AMPI, NAR, and FIABCI and PROFECO Certificate 00063/96. Current member of the national advisory board of AMPI she is the owner broker of LINDA NEIL PROPERTIES for more information (512)-879-6546 www.TOPmexicorealestate.com

“Where TOP real estate experts from ALL regions of Mexico come together to share their Tips & Knowledge to help you buy safely !”

Related posts:

1. Purchasing Your Mexico Dream Home; Condo Regime Part 6
2. Purchasing Your Mexico Dream Home; Condo Regime Part 5
3. How to Buy Mexico Real Estate: The Purchasing Process

If you are selling your Property here in Mexico, the Mexican notary public will require several documents to be present for the closing process If you want a refresh on what all is involved during the Mexico Real Estate closing process click here to see a previous post that I wrote outlining these steps

If you are a buyer and new to the operations of purchasing property here in Mexico, it is also good to know and understand what documents are involved during the ownership transfer process There are many different properties that can be purchased here in this country, condos, single family homes, fractionals, oceanfront lots (If you want more information on properties in a particular city of Mexico, call up an expert or visit this web site to see some excellent options www.TOPmexicorealestate.com), all of these properties use the same basic documentation.

SELLING MEXICO REAL ESTATE AND THE DOCUMENTATION REQUIRED

The notary public has several key functions in the process of transferring the legal ownership from the selling party to the buying party Collecting taxes, witnessing the signatures are a few of these functions but today we will be talking about the documentation that is required to be delivered to the notary from the selling party of the property.

Identificacion Oficial – Official Identification

This would include for Mexicans IFE or passport For foreigners it basically includes only the passport.

Cedula Catastral – Cadastral Certificate

This document basically lists out the quantity of meters of the property, the government assesed value of the land and building for the basis of the anual property tax, and other information regarding the property.

Ultimo Pago Predial – Last Property Tax Receipt

Property taxes are paid on an annual basis These are due by April of each year. Most states in Mexico give incentives for early payments with discounts such as 25% if paid in December, 15% if paid in January, 10% if paid in February for example The Mexican notary public will require the copy of the last property tax receipt which should correspond to the present year of the sale of the property.

Certificado Libertad de Gravamen – Certificate Free From Liens and Encumbrances

TIME: approximately 3 days

COST: $169 pesos

REQUIRED DOCS: last property taxes paid and current, official id of land owner, copy of the cadastral certificate

Cerficiado de No Deudo Predial – Certificate of No Liability Property Taxes

TIME: approximately 7 days

COST: $285 pesos

REQUIRED DOCS:folio number of the property

Certificado de No Deudo Agua – Certificate of No Liability Water Services

TIME: approximately 3 days

COST: $72 pesos

REQUIRED DOCS: copy of your last water bill paid and current

Certificado de No Deudo Obra Estatal – Certificate of No Liability State Works

TIME: approximately 2 days

COST: $201 pesos

REQUIRED DOCS:last property taxes paid and current

Certificado de No Deudo Obra Municipal – Certificate of No Liability City Works

TIME: approximately 3 days

COST:sum of your last property tax paid plus $380 pesos

REQUIRED DOCS:copy of the cadastral certificate, copy of your last property tax paid and current

These are the main documents which the notary public will request in order to execute the legal transfer of the property from a seller to the acquiring buyer If you need help in realizing any of these procedures or have any questions regarding these themes, feel free to contact me or my offices

Thomas Lloyd

www.TOPmexicorealestate.com

(512)879-6546

Related posts:

1. Mexico Real Estate Purchase Real Life Example
2. How to Buy Property in Mexico; The Mexico Bank Trust Part II
3. What are Estimated Mexico Closing Costs

“Amazing, the closings on real estate that I normally purchase last about 4 hours….this one in Mexico only took 40 minutes!” – A Client from Lloyd`s Real Estate who purchased a Condo in Playa del Carmen, Mexico

There are various activites realized in a Mexico Real Estate Closing process (see definition of closing) The first step as we always remind our readers and our new clients who are just starting to look for property in Mexico is …”select a well qualified Realtor to help you through all of the new steps purchasing here in Mexico, they will guide you through the purchasing process activities (SEE POST ON THIS TOPIC)” A good realtor will help you identify Mexico Listings,AND, they will guide you through the legal process, and introduce you to experts in other fields (lawyers, banks, notary publics) to make your operation safe and efficient.

THE MEXICO REAL ESTATEACQUISTION PROCESS

The client arrived to the airport at 12:30 pmStaff from the Lloyd's Real Estate had already sent photos and videos of the Condo unit with a pre-closing walk through

We drove directly to the Notary Public arriving at 1:30 pm The buyer`s lawyer had already written up the purhcase sales contract which had been approved long distance via emails between buyer, seller and coordinating lawyers and realtor

The Notary Public read through the contract to ensure that the buyer and seller understood the clauses (which had already been reviewed through emails) The Notary also confirmed the identities of both the present buyer and seller

The buyer and seller proceeded on signing the purchase sales contract which is bounded and filed within the notary`s books

With the signatures formalized within the Notary books, the escrow agent began connecting and giving instructions electronicallyMonies were then released to all of the planned accounts as instructed in the instruction letter This includes the taxes to be paid by the notary, the notary fees, and of course the money to the seller

The seller, once he made a quick call to his bank officer, verified that his money had been received. He was happy and satisfied, and than gave the keys and other documents over to the buyerWe were in the car again at about 2:10 pm.

“OK, we have our Mexican property!! But we have no beds, no refridge, no tables!!” – Mexico Property Owner

We took a quick trip to Sam`s Club, and to City Club to pack up with the essential living items Refridge, Bed Mattresses, some towels, toilet paper, hey… there's a washer and dryer for sale…take it Throw in the Corona 6 pack!

“Hey, this stuff is not going to fit in your truck nor in my car rental” – Mexico Property Owner

Right outside of these outlets (Sam`s Club and City Club)… delivery services Nice They are private local companies, and have had a good professional service history For $800 pesos, approximately $80 usd They took all of these essential accesories that we purchased on a 20 km trip to the waterfront condo, carried all of these items upto the second floor, helped assemble, and cleaned up all the packaging materials Not bad.

Around 5:00 pm, we were sitting around the pool, catching our second breath, relaxing with the Mexican Caribbean breeze chatting about what type of television set would function best in the condo

What about furniture, where can we find furniture here in Playa del Carmen

WHERE TO BUY FURNITURE IN PLAYA DEL CARMEN.

One of the first important steps to realize when first searching for property here in Mexico, find a good realtor who is qualified and who will be with you every step to find solutions as you adapt to living in Mexico

Thomas Lloyd

www.TOPmexicorealestate.com

(512)879-6546

Related posts:

1. Selling Your Mexican Property These Are Some of the Documents Required
2. How to Buy Property in Mexico; The Mexico Bank Trust Part II
3. What are Estimated Mexico Closing Costs

I have been involved in hundreds of Mexico Real Estate transactions Hardly any of the Mexico Real Estate Purchases have had the same procedures, or the same situations to occur As in any real estate transfer, there are many factors and parties involved, and when dealing in Mexico, with Mexican foreign buyers or sellers, the variables only increase

Thus, there is a high probablity that when you go to buy Mexico Real Estate transaction, it will be unique in itself, have its unique obstacles but following a common and legally protected Mexico Real Estate processI have written an introductory guide from my many years of Mexico business experience outlining the steps involved in How to Buy Real Estate in Mexico which I have shared with many first time Mexico buyers and sellers.

MEXICO REAL ESTATE DEFINITION

Lets start with the definition of Mexico Real Estate Click here to see a generalDESCRIPTION OF MEXICO REAL ESTATE As outlined in this web page definition, Mexico's Purchasing Process has several EXTRA steps if the buyer or seller is a Mexican Foreigner There exists a Mexico Restricted Zone where the buyer will need to establish a bank trust Or, if you purchase outside of the restricted zone you can hold the property out right but just need to receive a simple permit from the Mexico Foreign Affairs department

MEXICO REAL ESTATE PURCHASING PROCESS

a) MEXICO REAL ESTATE AGENT

First tip,surrond yourself with a very well qualified Mexico Real Estate agent and broker When you are hundreds of miles away back in your home country, simple obstacles can easily become headaches if you have not taken the first intelligent step of surronding yourself with professional agents Ask for certificates, diplomas and credentials Are they members of any associations, if Mexican foreigners how long have they lived in Mexico and working in the real estate industry Do they speak spanish AMPI link

b) MEXICO REAL ESTATE FINANCING

Second, define the amount of money you plan to invest in your Mexico property investment If you plan to Mexico financing the purchase, begin to study and see if you qualify for such resources Do you plan to finance using the Mexican property or raise money from your home country Define these issues before investing time and money on your Mexico property search.

c) DEFINE THE MEXICO REAL ESTATE CLOSING COSTS

Third, understand all the costs that will be involved in the real estate acquisition Mexico closing costs include several extra items that most people are not accustomed or aware Although the entry costs may be a little higher, the carrying costs (property taxes, maintenance fees etc) are on average much less here in Mexico than in other parts of the world

With the above three items defined and understood, put your agent to work on collecting qualified properties that match your criteria search Review the options, have your agent prepare visits to the properties, do your comparison evaluations and ….have fun

There are various more steps involving preparing the offer to purchase, the contracts, notary publics and other issues for the Mexico property purchasing process which are outlined in several of my articles To see these articles and to learn more, please click here Mexico Real Estate Purchasing Process

Thomas Lloyd www.TOPmexicorealestate.com

Related posts:

1. What are Estimated Mexico Closing Costs
2. How to Buy Property in Mexico; The Mexico Bank Trust Part II
3. Mexico Real Estate ClosingDo I Pay the Seller With a Certified Check or With a Bank Draft