Preparing To Sell Your Mexican Property

March 26, 2020 admin 0 Comments

Buying and selling property can be stressful. Here in Mexico it can be both stressful and challenging, As in any country, if you do your homework and use the service of an experienced agent and a  professional title service company, life will be easier for you.

Unfortunately some sellers don’t have all their title documents in order.  Perhaps someone on title is deceased and probate is required, or a special filing with the trustee bank is required.  Possibly the ownership interest has not been registered in the public registry or foreign investment registry in Mexico City.  Sometimes a subdivision permit hasn’t been obtained, or property taxes are in arrears.  Things like this can create delays that last, months or even years and can cost a great deal of money in lost time and penalties. Meanwhile buyer/seller money changes hands and the real estate agent may receive his/her commission without the transaction being completed and the new owner having a registered title.

Transfer of title in Mexico can take thirty to ninety days. On occasion, it can be done more quickly if the real estate companies involved in the transaction do the necessary work before the sale is made. In a recent meeting in Los Cabos, an agent reported a transaction where the title transfer had been accomplished in sixteen days. This was achieved, because all title documents were in order BEFORE the property was listed for sale with a real estate company.

The Settlement Company® will review documents for people who want to offer their property for sale and will provide a report on what is required to be sure everything is in order at the time a buyer is found.  There is no charge for this review.  Sellers who are interested in this guidance should submit a copy of their deed, the latest property tax receipt and statement from their trustee bank.  Documents will be received and reviewed, generally within two to three days after received, together with an estimate of costs to make the adjustments and corrections necessary to obtain a quick closing at the time of sale.

This article is written by The Settlement Company®. It is the first title and escrow company in Mexico, and is dedicated to processing the trusts and title transfers of Mexican real estate for foreign buyers and sellers for properties located ANYWHERE in Mexico.  The company frequently sponsors seminars on the various aspects of real estate ownership in Mexico and holds membership in AMPI, NAR and FIABCI and PROFECO Certificate 00063/96. For reprints and further information contact us.

Copyright, 2004-20 Consultores Phoenix, S.C., reproduction prohibited without permission.

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