Do you need a Mexican Real Estate Attorney?

Mexican Real Estate Attorney

Buying a home is surely one of the most expensive investments a person makes and buying property in Mexico, for a foreigner, it’s not a simple process. There are a number of laws that have an impact on a real estate transaction, and just hiring a real estate agent isn’t going to cover all bases to deal with the sale, thus it is advisable to consider hiring a real estate lawyer to guide you through the legal process.

There are other laws that have an impact on real estate transactions, some of which vary from State to State but I will just mention the following:

• Mexican Constitution.
• Foreign Investment Law.
• Federal Public Administration Law.
• Federal Money Anti-Laundering Law.
• Law on the Prevention and Identification of Operations with Illicit Resources.
• Federal Maritime Zone Law, and its Regulations.
• Agrarian Law.
• Income Tax Law and its Regulations.
• Federal Tax Code.
• Immigration Law, and its Regulations.
• Notarial Law.
• Civil Code.
• Law that Regulates the Public Register of Property and Commerce.
• Municipal Public Administration Regulations.
• General Mercantile Law.
• Public Lands Law.
• State urban Development Laws.
• Etc.

Real Estate Lawyers are professionals who specialize in and apply their legal skills to matters related to property.

Although they are not required at every transaction, a buyer, be that for a condominium unit, a home, undeveloped land, commercial property, etc.  can benefit by hiring one to avoid any setbacks through the process. Sure, many balk at the idea of paying attorney fees, but after all, an attorney does not charge a commission, fees are paid upon performance.

Keep in mind that having someone who is experienced with the law on your side may help you avoid any legal problems that can cause delays to your closing, and save you money in the long run.

Many decide to rely on someone they trust to handle the closing, but, is that person skilled in all fields required to give you more than just a name on a deed or  a major headache?

I am talking about making sure that you are able to retain to your property, that tax and estate planning advice is provided and taken care of at the same time the notary delivers the property deed?

Responsibilities

A real estate attorney is equipped to provide title search, prepare and review documents relating to real estates such as purchase agreements, title documents, and transfer documents. Real estate attorneys also handle closings.

The real estate attorney provides legal guidance for individuals relating to the purchase or sale of real property. Not only do we make sure the agreements are fair to our clients, but we must also ensure the transfer is legal, binding, and in the best interest of our client.

During the purchase of a property, the real estate attorney prepares all closing documents, starting with title searches on the property, and handle the transfer of funds for the purchase, coordinating escrow is part of that job (when parties agree to the escrow).

The attorney, or his or her team, also prepares Know Your Client Forms for Mexican trust banks, process government anti money laundering forms and reports, applies of or coordinates the permit from the federal government to create a real estate trust or assign the rights of an existing one, coordinates with surveyors, appraisers, notaries government agencies (municipal estate and federal), and all that is related to the transfer of funds, etc.

I not only navigate you through the murky process, I provide the advice required to cover all phases in a real estate transaction to protect you, your investment and eventually, for you to qualify for tax deductions when the property sells, or protect your Estate at your passing, with a safer, simpler process for your beneficiaries to receive the property under trust compared to a Will.

Now, after reading about the complexities involved in purchasing property, are you sure your real estate agent or a jack of all trades attorney is qualified to cover all aspects involved in a transaction?

Don’t discount what I, as a real estate lawyer can do for you, even it if means paying a little more. After all, you get what you pay for.

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Rafael Solorzano
Attorney at Law / Licensed Exclusively in Mexico