How can I buy a residential property in México as a foreigner? Part two.

Do you remember my last email about the process of buying real estate in the Riviera Maya?
You can review part one of the buying process by clicking here
In part two I explain the closing process as well as which documents are required.

THE CLOSING PROCESS 

It normally takes 20 to 30 business days from the date that starts the paperwork until you are able to take title. It is very important that both the buyer and the seller supply all the necessary documents in a timely manner in order to close on time.

The ideal scenario is that, the following items or events, happen at the same time all together: 
1. You are purchasing residential property held in a private deed.

2.You are assigned with a certain delivery date in your sales agreement and the developer / seller honors such obligation strictly.

3.The developer / seller has a Condo Regime Deed, Property´s ID and Property Tax Payments fully processed and available at least 3 weeks before you are called to take formal possession of the unit.

If the above-mentioned items cannot match in time, you will be free to take physical possession of the unit first and to initiate the procedures to take title at a later stage and when point 2 is fully accomplished. 

The time frame that might elapse between taking possession and taking title, is a subject that must be always discussed with your sales agent / developer or seller and preferably to be consigned in your sales agreement so you can be fully aware and certain of your rights as a purchaser of property in México.

What documents do I need?     
Passport (front page)
Drivers’ license
Copy of a recent utility bill showing your home address (preferably showing your name also)

After closing

After closing (once your closing deed is signed by all parties, Seller, Buyer and Trustee Manager), the Public Notary will issue a notarized copy of the closing deed. This document will be your first proof of ownership. You can use this document to change your utility accounts. 

The final bank trust deed containing an electronic folio and copy of all certificates and exhibits, will be issued by the Public Registry within three months after your closing date. Please, consider that, this final step, will depend on the internal schedule of the government office known as Public Registry. 


 
Questions? Let’s chat.

 

Leave a Reply

Your email address will not be published. Required fields are marked *