MEXICAN LAND TRANSFER LAWS

Land transfer laws in Mexico are based on Napoleanic Law, where as in the USA it is based on Anglo-Saxon Law, so there are some differences. The Notario Publico who creates your deed is key to this process and the Notarios that our company contracts are excellent. A Notario Publico in Mexico is a very special type of lawyer that can create a deed, not to be confused with a USA Notary Public who is not a lawyer.

The major transfer costs are based around the appraisel. Until the appraisel is made the realtor can only make an estimate of closing costs.

Land that is 50 km beyond the sea and 100 km below the USA-Mexico border a foreigner can have a deed in their name. Land within this zone ( a beach house for example ) must be a bank trust or lease.

CAPITAL GAINS

If you are building a home on a lot we sell you, remodeling a home we sell you or selling a house through us, we will help you understand about Impuesto Sobre Renta (Capital Gains). Long term planning,  by keeping the proper documentation under the laws of Hacienda, can reduce your tax burden, when you decide to sell. Most foreigners ignore Mexican law and end up paying high capital gains.

CONTRACTS

Many realtors ignore Mexican contract law by having agreements in English, not providing each signer an original copy, not having the document witnessed or notarized, not having a translator-any of which can void a conract.

Ask us to email you a copy of our promise to buy sell agreement, which would further help you understand the process of title transfer. Email address: restauranteelafricano@yahoo.com.

POSSESSION AND TITLE

These are two different things in Mexico. You can have title, but not possession or vice versa. A wife may not appear on the deed, but she may have rights of possession and we must seek her signature to release the property.  Possession limits can be defined by the wall or fense around the property, which can be different from the legal description. The fense usually wins and for that reason. it is the first thing you put up, after purchase of a property. These are just a few of the difference in land laws in Mexico vs what you are used to in the USA-our expertise will help you to avoid the pit-falls so you end up with a clean title.

REAL ESTATE LICENSE

After Jan 1, 2008 all real estate agents in Sonora must have completed a 102 hour course and received a license under law Number 150.  "Ley Que Crea El Registro Estatal de Agentes Inmobiliarios". An agent conducting business after Jan 1st, without a license, can be fined and all real estate transactions can be subject to investigation.

TITLE SEARCH

Usually this is done at the Registro (similiar to the County Clerk in the USA) right in Alamos or the nearest County seat to the property. Sometimes we must go to the State capital or even Mexico City to get documents to protect your title.

TITLE INSURANCE

We offer title insurance through the following company:

Kimberly A. Braun
Latin American/Caribbean Div
First American Title Insurance
13450 W Sunrise Rd
Suite 300
Sunrise, FL 33323
phone 954-839-2900 ext 199
fax 954-838-9228
email kbraun@firstam.com

They charge $5usd for each $1000usd of value. Min. policy of $1000usd. You decide the value of the property it is not based on the purchase price or an appraisel. You can increase the policy later if for example you build a house on the property. An additional cost will be an independent and second title search by one of their real estate attorneys. This cost will vary as to the complexity of the search.