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Buying in Mexico

The Outline

1. Decide on a property you want, make an offer and agree to a price.

2. Secure the services of a reputable lawyer, specializing in Mexican real estate law; they will guide you through all the intricacies of the process.A detailed 'Agreement to Sell & Buy' is drawn up; this is the 'Sales Purchase Agreement'.

3. A deposit is made to the seller, this can be anything from 10%-50% of the agreed purchase price.
4. If the property is in the restricted zone, a trust will need to be set up for you.
5. Obtain permission to purchase from the Foreign Affairs Ministry in the form of a 'Trust Permit". Personal information, proof of title and explanation of intended use is needed.
6. Obtain permission to purchase from the Foreign Affairs Ministry in the form of a 'Trust Permit". Personal information, proof of title and explanation of intended use is needed.
7. When permits are obtained, the Trust Agreement is drawn up and taken to The Notary Public
8. The Notary Public requires certain documents to record the Trust Agreement, these will include, ID, property deeds, tax and water bills, topographical reports etc. Some of these are required by the seller, your lawyer will best advise you.
9. If purchasing from a developer, it is wise to advise the Notary so they can check the developer's permits are valid, and to have them check the land is not Ejido.
10. Most fees are paid by the buyer, except the capital gains tax owed by the seller.
11. At this point, payment is due and whether paying by cash or financing, the money must be available for full payment at the Notary office before the deeds can be signed over to the buyer.
12. Fees and taxes are also paid at this point.