FAQ real estate

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Making the Closing

Retaining legal counsel

32. Do I always need to retain legal counsel?

33. Can I hire an Attorney from USA or I need to hire one from Mexico?

34. Who is a good Attorney to hire?

35. What are the fees of an Attorney?

Escrow account

36. What is an escrow account?

37. Can I use an Escrow Company?

38. Do I always need an escrow account?

39. Who can do this service for me in Mexico?

40. Do I need to tell the seller that I'm going to hire an Escrow account?

Purchase Contract

41. What is a Reservation Agreement?

42. What is a Purchase or Contract?

43. What are other names for a Purchase Contract?

44. Who reviews this document?

45. Who signs this document?

46. Do we need a Notary Public for the signing of the Purchase Contract?

47. What items should this document contain?

Property documentation

48. What are the steps/documents needed for a closing?

49. Who should be responsible in collecting these documents?

50. How do I know that all the documents are legally correct?

51. What happens if the owner doesn't have all the documents?

52. What's the appraised value of a property?

53. What's the assessed value of a property?

Private Title Search

54. Do I need title insurance?

55. What is a private title search?

56. Who can provide this service?

57. What is the cost of this service?

58. Should I need to tell the seller that I'm doing a private title search?

Bank Trust or Mexican Corporation

59. What is a Bank Trust?

60. Who can provide me with this service?

61. What is the cost of the Bank Trust?

62. Can I legally own property without a bank trust if I have an FM2?

63. What can the foreigner beneficiary expect from the Bank Trust Agreement?

64. Is the Trust Renewable?

65. Do I lose possession of property after 50 years have transpired?

66. What happens to my Fideicomiso if the bank fails?

67. How does the Trust function?

68. How much does the Bank Trust cost?

69. Are there additional fees for the Bank Trust?

70. Who is involved in a Bank Trust?

71. What is the First Beneficiary in the Bank Trust?

72. What is the Second Beneficiary in the Bank Trust?

73. What is this permission and why do I need it?

74. How can I get this permission?

75. What do I need to get this permission?

76. Can I purchase property with a Mexican Corporation?

Notary Public

77. What is a Notary Public?

78. What are the Notary Public's responsibility during the property transaction?

79. Does the Notary Public need to be from the city where I'm making my purchase?

80. Do all the Notary Publics provides the same service?

81. What are the fees of a Notary Public?

82. Which are the Taxes that the buyer needs to pay?


83. Which taxes are paid in a closing?

84. How much is the transfer tax?

85. What are the property taxes for Mexico area and that general region?

86. Who pays the Capital Gains Taxes?


87. How much cash can I bring with me from my original country?

88. Do I need to be present for the signing of the title transfer?

89. When buying or selling a property in Mexico, who pays the closing costs?

90. How should I pay the seller: wire transfer or cashier’s check?

Public Registry

91. What is the Public Registry?

92. When do I receive my Title?

93. Will I own title to the land?