What may seem like an eternity has passed, and everything is finally ready for you to sign your title deed! The construction is complete, the title search is clear, the corporation or bank trust has been completed, all the certificates have been received, the Notary Public (Notario Publico) will prepare your title deed document.
Notary Public in Mexico
The Notary Public is different from a Notary in your home country. They are attorneys that represent the government in legal matters. They are responsible for creating and recording your title deed, and establishing, collecting, and paying any taxes involved in your transaction.
Although the Notary will be preparing the document, your real estate attorney must review the document to ensure that all the information is correct. It is possible to make corrections after formalizing the document in front of the Notary Public; however, it can be time-consuming and costly.
Title Deed or “Escritura“
The title deed (escritura) will include the historic information of the property, all legal descriptions, a copy of the bank trust, a record of the sales and the payments, and a description of all parties involved in the transaction. If this is a resale property and has previously had foreign ownership, the document can be quite long.
In 2014, Mexico passed a comprehensive Anti-money Laundering Law. Regulations and clarifications passed in 2019 will reinforce and strengthen the process to help meet international standards. One area addressed and heavily regulated by this law is the transfer of property. Many of the steps involved to sign your title deed are to meet the requirements of this law.
KYC – Know Your Client
First, you will have to fill out a document called a KYC (Know Your Client). You may have seen something similar as each party involved in the transaction must have this document on file – the real estate agency, Lawyer, the bank creating your bank trust, the bank involved in financing, and the Notary Public. This document intends to provide proof that the individual signing is indeed the purchaser of the property. It also acts as a record that the funds used to purchase the property were legally obtained. You will have to provide evidence of the origination of funds.
You will need to bring your official identification (passport), and payment for the Notary Public if not previously paid by your attorney. The document will only be in Spanish as it is the official language in Mexico. It is important to have a trustworthy translator with you in case you have any questions. Once you checked the document and there are no questions, it is time to sign. Be sure that your signature is the same as the identification that you have provided. Once all parties sign the document, you will receive a certified copy that will act as proof of ownership until all the documents are recorded with the Municipality. In 3 to 6 months, you will receive your official document. Check with your legal counsel or directly with the Notary if you have not been notified of its completion.
Congratulations! You are a new property owner!
If you want to know more information about signing the title deed in Mexico, please contact us! We’ll be happy to provide you with further details.
Remember, at Top Mexico Real Estate… we make it happen!