CRM Real Estate Law
Steps to follow once you decide to buy the property
To review all the legal documentation of the property and the seller, to speed up the closing, but above all, with the intention of avoiding unpleasant surprises.
The Due Diligence process allows us to carry out a proper evaluation of the tax situation of the property and verify if the seller has all the necessary documents and requirements to exempt capital gains tax and sales tax. Also to verify that there are no debts for water, electricity, property, maintenance, etc.
The property title search involves an exhaustive search of public records in the Public Property Registry of the city where the real estate transaction is carried out to determine that there are no claims adverse to the interests of our client (bank or labor embargoes, etc. ).
If we find that there are adverse claims or other defects in title, we will seek to remove them prior to closing.
At the end of the process we will issue a document stating that everything is in order and that the property is in perfect condition… Or not, in which case we advise against the operation, indicating the problems that the property presents. or the property presents, at the end of the day CRM REAL ESTATE LAW is on your side and will try to provide you with as much information as possible to help you make an informed decision.
Have complete peace of mind that CRM REAL ESTATE LAW will always keep you informed and tell you things and situations exactly as they are, for your peace of mind and to be able to make the best real estate decisions.
A poorly executed contract is the biggest cause of civil litigation and/or loss of investment in Mexico. The best advice we give to our clients is to ensure that your agreement takes into account the legal aspects of the business in question.
We support and can carry out all the necessary contracts, also supported in most cases by Notaries we trust:
We will guide the client through their due diligence and contractual responsibilities regarding the purchase and/or sale of real estate.
We will also prepare and/or review all closing documents and other matters necessary to ensure a successful real estate closing.
Our in-house legal counsel will collect and verify all documents necessary for the transaction. We accompany, assist and review the work of the Notary Public before closing. Once all documentation and title research is completed, the seller and buyer will execute a Deed of Sale by which title is transferred.
This deed is called “Public Instrument”, which is the final document that attests to your acquisition of the rights related to the property and which will be registered in the Public Property Registry.
At this point, the remaining closing costs must be paid.
This includes real estate transfer tax, personal property and value added tax, final appraiser fees, final closing notary fees, bank fees (if applicable), prorated taxes and assessments. for the remaining portion of the calendar year, working capital (if necessary), and other costs that are identified for you in the Estimated Closing Costs that we will provide to you.
These amounts will be confirmed before closing the Deed of Sale.
All public documents must be prepared in Spanish; However, we will provide an English translation for your information if necessary (translated by an expert translator).
We work closely with notary public services. Bilingual notaries if necessary.
We have established specific alliances with notaries in the state of Quintana Roo to provide complete and efficient legal services that require the services of a notary public.
Another way to acquire property in Quintana Roo is through the Constitution of a company.
This structure works best if you plan to start a business in Quintana Roo, but can also be used to acquire property.
The reason is that the corporation is a legal entity (a Mexican person) and therefore is allowed to acquire property in all parts of the country.
What you, as the buyer, will own is a portion of the corporation’s stock. Information Required to establish a Mexican Public Limited Company.
Trusts in Mexico are mainly used by foreigners to acquire property rights in the restricted zone of Mexico (50 kilometers of beach and 100 kilometers of borders) for residential use and loan contracts. Information Required to Establish a Trust (restricted zone trust)
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