Buying Real Estate in Mexico: Fideicomisos, Titles, Escrow and Closing…liario
Investing in Mexico
For its climate, geographic situation, culture, economic growth, the high appreciation of property values and for many other reasons, Mexico has become a world class destination for real estate investors of all types, from those looking for the perfect retirement hide-away looking over the crystal clear waters of the Caribbean to those who are looking to invest in a cosmopolitan area for economic reasons.
From the moment you take interest in a certain property until the deal is closed, there are certain subtleties that you should keep in mind when acquiring property in Mexico, including the language, real estate closing costs and even the restrictions on foreign investment in certain areas of real estate.
Vender, Real Estate Agent, Notary
One important aspect to consider is the role of the parties that will be involved in a real estate transaction, who will be looking out for your interests and making sure that you are being protected? In a normal transaction the vender has the goal in mind of receiving the sale price; the real estate agent has the objective of finishing the deal to get his commission; the “Notario Publico”, or notary, only has the obligation to make sure that the transaction follows all applicable laws, without necessarily having your best interests in mind. Your attorney is the only person who will be looking out for your interests.
Selecting an attorney
When selecting an attorney, it is advisable that he or she be completely independent from the other parties involved in the transaction and, if possible, that he or she be found via the recommendations of a third party who is not involved in the transaction. Before hiring a lawyer it is important to consider their experience in the area, his resume and whether or not the attorney speaks your language.
If you are interested in acquiring property in Mexico, our attorneys are experts in the real estate field and can be a great help to you before, during and after the acquisition process.