|View single post by Bullshipper|
|Posted: Sun Jan 13th, 2019 07:37 pm||
Another consideration is your visa status. Are you a permanent resident? If you are a tourist, things can get dicey. You can buy property on a tourist card but according to a realtor that had such a situation, if you are a tourist and there is a problem, you are not allowed to hire a lawyer to represent you before the law. That means if you buy a property and someone decides to cause a problem, you are pretty much out of luck and will likely lose your investment
This realtor gave you completely false information. Anyone can hire a lawyer in Mexico and seek relief under Mexican law in Mexico.
The op is looking for a list of things to do when considering buying property.
The first is to deal with a relator, preferably your own instead of going to the sellers lawyer that is listing the property, so that you are actually represented by someone that is not trying to push a deal through representing both in order to make the full comision. It is my understanding that real estate agents are not required to be licenced, nor do they pay a bond, but someone can correct me if I am wrong. My point is that the transaction laws and liabilities are not as strict or standardized in Mexico as they are in the states even though the commission % are.
Then you should also choose the notary that will represent you as he will make sure that the previous trust can and will be cancelled or transferred. This is a sticking point as the banks are trying to get themselves out of this business due to low fees and will drag their feet from 3-6 months or more. Many times the actual trust will not be in the current sellers name, causing you even more delays or expense.
He will also check to see that there are no liens, past taxes, or lawsuits pending with neighbors. Property lines are often a problem that take years to resolve in the courts.
He will also write the contract and deed, notarize and register it with the governments registar, pay all fees and taxes including commissions, collect keys to the property, and hand you all paperwork when you pay him. As there is no title insurance in Mexico, having this notarized by your bonded lawyer is the proper way to do this.
This is a short run down, as he performs other duties, and that's why I suggested that you get one in Guaymas that is reputable, and is also known to push on the banks on a daily basis.
I am not trying to offend any realtors on the board, but the Notary is the key element and they are not expensive, so do not short circuit a process that protects you while saving you time and headache.