Posted on May 7, 2009 - by admin
How to Ensure A Free And Clear Title To Your Property In Mexico
When purchasing property in Mexico, it’s essential that you take the proper precautions to ensure that the title is free and clear. When all is said and done, the owner of any piece of land depends on name stated on the country’s official documents. While a thorough title search is mandatory when transferring property in Mexico, it’s essential that you take care to ensure that your investment property has a clear title.
This certainly doesn’t mean you should avoid purchasing a real estate investment in Mexico, it only means that you need to take precaution. The first step in ensuring a free and clear title is to choose your realtor wisely. Any Tom, Dick, or Harry can legally sell you property in Mexico without any sort of license, so don’t assume that a person is legit because they have a license.
Instead, check and double check references. See how long the real estate agency has been in business and visit the company’s website to see if they are a serious operation with multiple properties for sale or an individual trying to sell one piece of property. Instead of searching for a property online or in person and then contacting the real estate agency, choose a reputable real estate company and then find the ideal investment property in Mexico from their offerings.
In Mexico, it is mandatory that every property title be thoroughly researched by a Notario Publico before it is sold. Notario Publicos are very high-standing, government employed attorneys assigned to record any title’s transfer upon closing. When you go through the proper and legal process with a reputable realtor, title transfer isn’t a problem. However, if you’re transacting with a single individual for the purchase of your real estate investment in Mexico, you must be aware of this part of the process. Unless a Notario Publico documents the title, the transfer of your real estate investment in Mexico isn’t legal.
Even with all of safeguards in place, it’s still a wise idea to purchase title insurance for your new investment property to protect against any title mistakes. With title insurance, you’ll be certain that if for any reason the property is found to belong to someone else that you’ll be reimbursed for the amount you invested. Also, should anyone attempt to dispute your rightful ownership to your real estate investment in Mexico, you’ll have someone on your side to defend your ownership in court. Just like in the US, you’ll want to hire a title insurer before you purchase your real estate investment in Mexico. If the title insurance agent won’t insure the property, do not go through with the purchase.
The fact that buying a investment property in Mexico is a little different than what you may be accustom to at home is actually a benefit to the savvy real estate investor. Part of what has kept Caribbean coastal property prices low is that the process of buying investment real estate in Mexico is conducted differently that in the United States. As buying investment property in Mexico becomes more mainstream and better understood as it is currently, prices begin to rise. Those that make their property investment in Mexico during the early stages of a country’s realty boom are the ones that make the serious profit.
