Expats 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 COLOMA Group is one of the Mexican-based real estate leading experts that are operated by a licensed bilingual Group of professionals. You will have the best of both worlds on your team.
Being a law firm in Mexico you will benefit from their business contacts such as health and home insurance providers, accountants, real estate agents, and developers, almost everything from decorators to landscapers.
Some foreigners wish to use their lawyer from their home country, but this may cause problems, foreign lawyers 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.
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 to complete the sale only to find out the property does not belong to them.
Perhaps it was not the seller’s property to sell in the first place or it is a nontransferable lot, such as Ejido property, which is intended to remain in a Mexican Nationals name.
We have all heard Mexican real estate horror stories, unfortunately, those deals were not done above board, with proper representation.
If you are seeking a brand new development, maybe a pre-construction sale, you should have a lawyer draw up your contract. During construction many things can change, some developments do not complete, some are not finished on time. Have you lawyer included all possibilities of not closing on the promised date. Is there compensation if you do not receive your new condo on time, or if it is never finished?
Having a lawyer in Mexico, will review the property appraisal, the survey, ensure the title is free and clear, and confirm that there is no hidden liens or encumbrances against the property. Your Mexican attorney will ensure the transfer taxes are paid and the most important step that the title is registered into the public record. The transfer of title must be registered otherwise it is as if it never took place and this will not be listed as your property.
Having a lawyer to confirm this step is complete and help you avoid paying extra capital gains or worse case never having 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 actually 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 put your mind at rest 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 COLOMA Group a natural choice to guarantee your new home is clear titled and legal before the deal is closed. COLOMA Group is available to provide assistance if you have already had issues with a real estate purchase as well.