Hello, I’m Thomas Lloyd and this is the Top Tip in a Minute…
Today we are talking about:
- Promissory Contract
- Property Title
- Public Registry
When does a buyer get legal possession of their property?
Many people believe that the promissory contract is the final step on receiving ownership of real estate here in Mexico. Just about…but you still need to formalize your transaction. Remember in Mexico real estate, the Promissory Contract is a private contract obligation to transfer legal ownership at a future agreed upon date. Upon the agreed deadline date the Promissory Contract matures into a Purchase Sales Contract which is formalized…or in other words is authorized by a Mexican Notary Public, this is the title. But you still need to get this document registered In the Mexican Public Registry to complete the final Step.
I’m Thomas Lloyd and this has been Top Mexico Real Estate’s Top Tip in a Minute. Feel free to check out all the other informative Top Tip’s on the Top Mexico Channel.
And remember, here at Top Mexico Real Estate…
We make it happen!
