Canadians buying property in Mexico are advised to hire a law firm in Mexico to represent them and protect their investment.
There are many attorneys in Mexico, but MexLaw is the only Mexican-based law firm that is owned and operated by licensed Canadian and American lawyers that have partnered with Mexican lawyers. Some foreigners wish to use their lawyer from their home country, but this may cause problems since they are not familiar with Mexican law or the processes. The foreign lawyer is not on location ready to deal with any issues that may arise.
Using MexLaw will allow you to benefit from their business contacts such as health and home insurance providers, accountants, real estate agents and developers and almost everything from decorators to landscapers.
We have all heard Mexican real estate horror stories. Unfortunately those deals were not done above board, with proper representation. The main thing to be aware of when you are looking for real estate in Mexico is to ensure you receive the title of the property you purchased. In the past, it has been a problem for foreign buyers completing a sale of their property only to find out it does not belong to them. Perhaps it was not the seller’s property to sell in the first place, or it is a non-transferable lot, such as Ejido property, which is intended to remain in a Mexican national´s name.
If you are purchasing in a new development, maybe a pre-construction sale, you should have a lawyer draw up your contract. During construction many things can change. Some developments are never finished, and some are not finished on time. Is there compensation if you do not receive your new condo on time, or if it is never finished? Have your lawyer include all possibilities of not closing on the promised date.
A lawyer in Mexico, such as MexLaw, will review the property appraisal, the survey, ensure the title is free and clear, and confirm that there are no hidden liens or encumbrances against the property. Your Mexican attorney will ensure the transfer taxes are paid and the most important step – the title is registered into the public record. The transfer of title must be registered otherwise it is as if the sale never took place and this will not be listed as your property. A lawyer can confirm this step is complete and help you avoid paying extra capital gains or worse case never having the title of the property.
Hundreds of buyers in the Riviera Maya have attempted to buy real estate without a reputable lawyer and wasted time and money trying to sort out the title; many have lost the property completely as it was never registered to them. A professional law firm in Mexico will be able to guide you through this scary process and ease your mind that all precautions are being taken, and each step is being completed legally to ensure your new investment will be secure.
Years of experience in Mexican law plus, a Canadian and American background make MexLaw a natural choice to guarantee your new home is clear titled and legal before the deal is closed. Additionally, MexLaw is available to provide assistance if you have already had issues with a real estate purchase.
