BUYING REAL ESTATE IN MEXICO:
As you may already know, ownership of coastal and border properties in Mexico is restricted to Mexican nationals. When dealing with this type of properties,
you must retain a competent Mexican Attorney.
Section I, of article 27 of the Mexican Constitution states that only citizens born in Mexico or Mexicans by
process of naturalization and Mexican entities, may acquire title to lands and obtain
the concession to exploit and explore mines and waters in Mexican soil. The State may grant to foreigners the same right as long as they
agree before the Ministry of Foreign Affairs to be considered as Mexican nationals and resign to invoque the protection of their government, under penalty,
in case of breach of such agreement of losing to the Nation all the properties acquired.
5 tips to minimize risk when buying property in Mexico.
Your "Agent" should only help you find the right property. Your lawyer should assist you in the negotiation and
review of all the legal documents.
Learn who is your agent representing, you or the seller?
There is no licensing requirement for "Agents" in Mexico. The fact that your agent is wearing the t-shirt of an
American brokerage brand, does not mean that there are any agency laws regulating him/her.
Do not sign a contract in spanish until your lawyer has read it. The fact that you have in front of you a
"translation" of that contract does not make it the correct and acurate translation.
Do not wire any monies until you have had your lawyer review contracts and legal documents from the developer
/seller.
We provide our clients with advice in all matters relating to Mexican Real Property law such as: structuring, negotiating and executing all types
of real estate transactions, including the purchase, sale, mortgaging, financing and leasing of industrial, commercial, and residential, properties;
development, construction, financing, sale and acquisition of housing developments, hotels, and condominiums; subdivision and annexation of land;
zoning; foreclosures; and the obtaining of all kinds of real property permits and licenses from the Mexican government.
We also help our clients to set up their trusts (if necesary) to comply with Mexican Law. In some cases a trust will
not be necesary, however in all cases we recommend talking to your lawyer.
We can coordinate every aspect of your transaction to assure a smooth process and minimize risk exposure.
Email Us: carlos@hernandezojeda.com
Licensed only to practice law in Mexico
|
