How to buy a property in Mexico? (foreigners with trust)
Are you a foreigner and want to know which is the process of buying a property near the ocean here in Mexico? In this video we will explain the process in 8 steps.
How to buy a property in Mexico? (foreigners with trust)
Step 1
The process starts with an offer letter, it is a very brief document of one or two pages, where the price of the property and date of payment is stated, which property it is, the buyer’s information, and it must be signed by the buyer and seller and for how long the letter of offer is valid, normally it is valid for 15 days. Normally the seller will ask for a deposit of 5,000 USD or 10,000 USD, my recommendation is not to give more than 10% of the price of the property value as a deposit. Always make sure that your offer letter states that your deposit will be 100% refundable if you decide not to buy the property and how soon your deposit will be returned.
The second step is to do an investigation of the seller, in this step we can help you, we will do an investigation of the seller to see that he really is the owner of the property and we will do a search in the Public Registry to verify also the status of the property, if it has any mortgage, etc. We will provide you with a written report with our findings.
How to buy a property in Mexico? (foreigners with trust)
Step 2
How to buy a property in Mexico? (foreigners with trust)
Step 3
At the same time we will be doing step 3 which is to review the promise contract for the purchase of the property, it is called a “promise” contract (in Spanish “Contrato Promesa”) here in Mexico because the seller promises to do something, which is to sell you the property. We are going to review that the contract has the terms and conditions of the offer letter and that it is in accordance with Mexican law. In this step, normally once you sign the contract, the down payment for the property is requested. Do not pay the downpayment before signing the contract.
Once the contract is signed, if it is a pre-sale property we will wait for it to be built depending on what the contract says, it can be months or years, or if it is an already built property, we can move on to step 4. One or two months before they are going to deliver your property, if the seller already has the legal documents ready to sell the property, we can initiate the creation of the trust with the bank. The trust must be created with a Mexican bank and it is a special trust just to put the title of the property there, no money and you will not have a bank account with that bank. At this point we will ask you for some documents to open the trust such as passport, proof of address, among others, and we will take care of communicating with the bank. The trust will be signed with a Notary Public here in Mexico, then we will also ask you to pay the Notary. If you want to know more in detail about the things you must pay when buying a property, watch this video.
How to buy a property in Mexico? (foreigners with trust)
Step 4
How to buy a property in Mexico? (foreigners with trust)
Step 5
Once the documents with the Bank, the Notary and the seller are ready, we will let you know when you will have to come to Mexico for step 5 and 6, which is to inspect your property and sign your title deed, it can take approximately one to two months to go from step four to six, but you do not need to be here in Mexico while all the documents are being processed. The only step we suggest you be here in Mexico for is step 5, so that you can inspect your property and be satisfied with the delivery of your property. Even so, if you cannot come to inspect your property and sign your title deed, you can give a power of attorney to someone you trust who is here in Mexico, we can help you with the power of attorney.
In step 6, at the Notary’s office here in Playa del Carmen, you will sign your title deed. Remember that if you cannot come, you can give a power of attorney to someone you trust who is here in Mexico, we can help you with the power of attorney.
How to buy a property in Mexico? (foreigners with trust)
Step 6
How to buy a property in Mexico? (foreigners with trust)
Step 7
In step 7, the Notary will file your title deed to register you as the owner in the Public Registry, this may take 4 to 6 months, but in the meantime you can live in your property.
In step 8, once the Public Registry is ready, the Notary will give you your original title deed with the registration and you can put services such as electricity, water, among others, in your name. Migration visa investment.
How to buy a property in Mexico? (foreigners with trust)
Step 8
Ubicación
Av. 28 de Julio, esquina Calle Misión del Carmen (Plaza naváh), Local 7, 77710 Playa del Carmen, Q.R.
Horario
9:00 AM – 2.00 PM
3:00 PM – 5.00 PM
Lunes – Viernes
Contacto
Whatsapp: +52 984 232 1252
Correo: contact@lstmex.com
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