{"id":20074,"date":"2022-03-15T10:00:48","date_gmt":"2022-03-15T15:00:48","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/blog\/?p=20074"},"modified":"2022-03-25T01:05:33","modified_gmt":"2022-03-25T06:05:33","slug":"buying-your-house-long-distance-purchase-sales-agreement","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2022\/03\/buying-your-house-long-distance-purchase-sales-agreement\/","title":{"rendered":"Buying Your House Long Distance: Purchase Sales Agreement"},"content":{"rendered":"

Recap<\/h4>\n

When you buy a house in Mexico<\/a>, everything starts with three milestones. The first is the offer to purchase, in which the buyer\u2019s lawyer puts down the basics of the offer. That offer matures into a promissory contract. They take everything from the offered purchase, and then they add a lot more clauses and more details. They include the penalties if one of the parties doesn\u2019t fulfill any of the clauses.<\/span><\/p>\n

However, as its name reads, it\u2019s a promissory contract that states that we\u2019re going to execute a transfer of the legal rights, the legal delivery, and the physical delivery at a future date.\u00a0<\/span>That promissory contract gets to the notary public, and then it is worded as a purchase sales agreement.\u00a0<\/span><\/p>\n

\"Purchase<\/p>\n

What is a purchase sales agreement?<\/h4>\n

The purchase sales agreement is like a present execution. The contract states that the buyer has paid the entire amount of money to the seller. And he, the seller, has delivered the property.\u00a0<\/span><\/p>\n

It also states that both parties are in agreement with it, and both parties are willing, and their desire is to officially transfer the legal rights from the seller to the buyer.\u00a0<\/span>Therefore, on the date of the contract, the seller is transferring the legal rights on the property to the buyer, as he has paid the property to the seller.<\/span><\/p>\n

The notary seals the document, and that is the document that goes into the public registry. That document becomes the title deed. This action extinguishes the promissory contract. It\u2019s no longer necessary because it gets replaced by this purchase sales agreement.<\/span><\/p>\n

So, the real estate purchase sale agreements are documents that\u00a0<\/span>legalize\u00a0<\/span><\/strong>the process of purchasing a house safely in Mexico<\/a>, apartment, warehouse, or any other type of real estate, in exchange for a monetary amount or some different kind of property.<\/span><\/p>\n

The seller and the buyer sign these agreements. A seller assigns his property rights, and a buyer receives the rights of free use of such property.\u00a0<\/span><\/p>\n

It must be held in the presence of a\u00a0<\/span>legal authority<\/span><\/strong>\u00a0such as a\u00a0<\/span>notary public<\/span><\/strong>\u00a0and must contain specific clauses that do not give rise to confusion or fraud.<\/span><\/p>\n

Essential elements of the agreement\u00a0<\/span><\/h3>\n

Identity of the parties signing it\u00a0<\/span><\/strong><\/h4>\n

The agreement must have the full name of both parties, their current address, data of some official identification, and the personality they hold to participate in the contract.<\/span><\/p>\n

\"Purchase<\/p>\n

Address, number of deeds of the property, and the certificate that it is free of Liens\u00a0<\/span><\/strong><\/h4>\n

It is necessary to determine the data that identifies and distinguishes the property.<\/span>\u00a0<\/span><\/strong>It should include the folio number of the house deeds, the name under which the property was registered, and the date of registration of the property.\u00a0<\/span><\/p>\n

This data will be helpful to verify that the property exists and that it is not in litigation, that it is free of any liens, and that the buyer must only comply with the taxes derived from its purchase and the services corresponding to its use.<\/span><\/p>\n

The total price of the sale and form of payment\u00a0<\/span><\/strong><\/h4>\n

Another element in the real estate sales agreement between individuals is the total price that the buyer paid. This price should be broken down and perfectly explained.\u00a0<\/span><\/p>\n

Rights and obligations of the parties signing it\u00a0<\/span><\/strong><\/h4>\n

The rights and obligations of both parties are indispensable in any agreement, especially if it is a contract of sale of a house. <\/span><\/p>\n

The buyer must have made the payment.\u00a0In the case of the seller, he must have delivered a functional home without risks of hidden flaws. That is, without damages in the property structure that should have been known and repaired before closing the sale.<\/p>\n

You can find the rights and obligations of the parties who sign the contract in the\u00a0<\/span>Federal Civil Code<\/span><\/a>. However, the most important thing is that the two parties agree. That means they are perfectly aware of all the property characteristics, clauses, and conditions that the sale entails.<\/span><\/p>\n

\"Civil<\/p>\n

Legal information and updated clauses<\/span><\/strong><\/h4>\n

Any contract of sale must respect the\u00a0<\/span>Civil Code<\/span><\/strong>\u00a0of each\u00a0<\/span>Mexican<\/span><\/strong> entity<\/strong>, so its legality will depend on the fact that any clause in it does not contravene any article within the code. By law, it is an abusive or simply an illegal clause if it does so. It is crucial to verify that no clause violates the rights of any party and that all information and taxes payable are up to date to the year in which the real estate process takes place.<\/span><\/p>\n

Date of delivery of the property<\/span><\/strong><\/h4>\n

The real estate purchase sales agreement must include the date of delivery of the\u00a0<\/span>property\u00a0for sale in Mexico<\/a><\/span><\/strong> as well as the conditions in which it is delivered.<\/p>\n

In addition to clarity, for those who buy properties that have not yet been built, having this date within the purchase contract will give them the power to hold sellers responsible in case it’s not fulfilled, and the situation generates losses or personal problems.<\/span><\/p>\n

I hope this article has clarified any doubts you may have had. However, you can always ask your Top Mexico Real Estate representative for any further information.<\/span><\/p>\n

Read the next chapter to find out when you become the legal owner of your new property.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Recap When you buy a house in Mexico, everything starts with three milestones. The first is the offer to purchase, in which the buyer\u2019s lawyer puts down the basics of the offer. That offer matures into a promissory contract. They take everything from the offered purchase, and then they add a lot more clauses and […]<\/p>\n","protected":false},"author":2,"featured_media":20097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1730],"tags":[2542,1390,97,2075,1439,1401],"class_list":{"0":"post-20074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate","8":"tag-house-deeds","9":"tag-mexican-notary-public","10":"tag-mexico-notary-public","11":"tag-purchase-property-in-mexico","12":"tag-purchase-sales-contract","13":"tag-sale-agreement","14":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/20074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=20074"}],"version-history":[{"count":5,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/20074\/revisions"}],"predecessor-version":[{"id":20103,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/20074\/revisions\/20103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/20097"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=20074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=20074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=20074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}