Congratulations on finding a dream property in Mexico!
MC Law MC Law Firm | Abogados is here to help you to protect your money and secure a deal without getting lost in translations nor having expensive legal bills.
Buying real estate in Mexico could be very rewarding and a great investment; however, at the same time it could be a challenging journey; differences of language, business culture and legal systems are some of the reasons why a transaction could be very confusing. We have designed a set of services to guide you, step-by-step to prevent any unnecessary risk and secure your transaction in a clear and straight forward fashion.
Why could MC Law Firm | Abogados help you when buying Real Estate in Mexico?
MC Law Firm | Abogados is the first law firm based in Toronto devoted to providing services in accordance with the laws of Mexico and Canada, in English and Spanish, led by Guillermo Cruz Rico, dually-qualified lawyer in Mexico and Ontario authorized to practice law In both ends of North America. With a combined experience of more than 21 years practicing law in Mexico and Canada Mr. Cruz Rico has an unique understanding and command of two different legal systems, cultures and languages; therefore, he could assist you to deal with your legal needs in both ends of North America without getting lost in translations nor wasting time or money.
How could MC Law Firm | Abogados help you when buying Real Estate in Mexico?
If you’re getting the idea buying Real Estate in Mexico may be complicated, you’re right. Having MC Law Firm | Abogados on your side will facilitate the whole process, from reviewing relevant documents, to act as your representative and spoke person with authorities and relevant parties when you are negotiating any agreement. Including your real estate agent and opposite parties; over role, we could be the linchpin to ensure that your money gets the best value without unnecessary headaches.
Please bear in mind that only a licensed lawyer can answer legal questions for you and close your real estate deal in Mexico. We explain your legal rights before you sign to prevent misunderstandings or potential conflicts of interest, such as having realtors represent both you and the seller. Once your offer is accepted, we help you to prepare all the documents for the closing. Also, If you get buyer’s remorse after closing we can advise on when to take a seller to court and we inform you of your legal options if you cancel a sale.
I am a buyer; do I need to hire a Real Estate Agent?
The straightforward answer is NO! but having one can be advantageous. Most Canadians have limited experience buying real estate in Mexico. Real estate agents find deals that suit your lifestyle and budget and negotiate with sellers, especially if multiple or counter-offers are made. Realtor’s commissions usually are paid by seller’s listing agents and there is no direct cost to you.
How do I make an Offer of Purchase or Sale?
The next step in buying real estate in Mexico is signing a preliminary agreement of purchase and sale. It is a common practice that realtors offer their clients to prepare a templated offer to purchase for you; for peace of mind, you should seek legal advice for the following reasons:
- An offer is a written contract that includes terms and conditions you and the seller must meet within very specific timelines.
- It will be irrevocable for an agreed-to period and, once accepted by the seller, is legally binding on you.
- Unless the seller agrees or your offer is subject to terms such as financing or inspection, you cannot cancel an accepted offer without legal consequences.
What is the role of a Notary Public in buying real estate of Mexico?
A notary public in Mexico is a lawyer with an official designation given by the Mexican government. A notary public is authorized to certify contracts, agreements, and other solemn acts, including last wills and testaments and affidavits. A notary public is an essential part to complete any closing; however, due to its official designation he or she is not acting as lawyer of the buyer nor the seller just as impartial party confirming that any transaction relate to buying real estate in Mexico was conducted in accordance the law and taxes and duties were properly covered. Therefore, a notary public is mot protecting your best interest.
What should I be mindful when I am buying real estate in Mexico?
- Down payments or deposits: any deposit or down payment should go toward the purchase price and should be held in trust until the transaction is complete; if the transaction is not completed without cause, you should get your deposit back.
- Before closing you should have the right of an independent inspection.
- You should have a cooling off period to ensure that you are buying real estate as result of an inform decision and not an emotional reaction that could be not in your best interest
- You should get a warranty coverage to protect you for certain defects and deficiencies. Warranties protect your purchase deposit and may compensate you if closing or move-in dates are delayed.
Do you offer a free consultation?
Due to the level of sophistication and complexity of transactions related to buying real estate in Mexico we cannot offer free consultations; however, we have designed a set of services with flat fees for your peace of mind; you pay just $440 plus HST and up to consult by real-time video call anywhere in Ontario or meet us at our office