Is it safe to buy property in Mexico? This is one the most often asked questions from Americans and Canadians who are considering investing here. There is a lot of misinformation going around, but we can assure you that it is possible to own one or many properties in Mexico in a safe and legal manner. I put the question to Ivan Castillo, the Regional Manager of Stewart Title Latin America, located here in Playa del Carmen. As an expert in closing services, title insurance and escrow services he was able to give us this answer:
Ivan Castillo: Yes, it’s very safe. I always advise that any buyer conduct a due diligence on the property you are buying. That means prior to you committing yourself as a buyer you need to verify that the property is free and clear of any liens, encumbrances, that the seller is the rightful owner, that the property is up to date with taxes and any additional payment such as water and sewage, electricity, home owners association fees and so on.
So once you verify that everything is in order you will enter in to a private, promissory to purchase and sell agreement. That document will legal bind both buyer and seller, and that document will actually be the basis of that transaction. That document in particular will contain basic information: Who´s the buyer. Who´s the seller. The legal description of the property. The purchase price. The form of payment and schedule of payments. The jurisdiction. What are the penalty clauses in the event of any default from buyer and seller.
In addition once that document is reviewed, executed by all the parties then that document will mature in to a final document which is the deed. And the deed in particular will contain the purchase and sell agreement, or the trust agreement, through which foreigners acquire. And that document will be the title that the buyer will receive at the end of the transaction.
So is it safe to buy in Mexico? The answer is yes. However it is a lot of common sense. Before you commit yourself verify that everything is legally in order.
If you want to learn more about Real Estate in Mexico, the buying process and much more specialized contents please visit our website or download some of our exclusive e-books. Our company has a decade long experience, and has helped thousands of satisfied customers find the home of their dreams in Mexico.
And remember, here at Top Mexico Real Estate….
We Make It Happen!
