Buying Property in Mexico
A guide to the purchasing process in Mexico's Baja Sur
Purchasing a property in Mexico might seem like a complicated process, but the reality can be quite different. Our team at Baja Smart will help you navigate through the purchasing process every step of the way (no matter where you are in the world), ensuring an informed, secure and successful transaction.
There are five common steps in completing the process of real estate acquisition here in Baja Sur: the Offer, the Contract, Third Party Escrow, a Bank Trust (or 'Fideicomiso' in Spanish), and the Closing.
Here we make a professional written offer (in English and in Spanish) to the owner of the property. With our clients best interest first and foremost, the objective here is to begin the process toward a win-win situation for both the buyer and the seller. We are equipped with the resources, information and negotiation experience in order to achieve for you the best possible price.
When the offer is accepted our closing agent will compose a legal document, termed an Escrow Agreement, covering all the information agreed on by the buyer and seller (such as the final price, the property features, when a was house last painted, if it includes furnishings, etc.). This is done to make sure that everything will be agreed upon clearly before actually purchasing the property, and therefore our client's satisfaction is guaranteed.
3. Third Party Escrow.
By using third party escrow, your money remains safe until the property title is officially transferred to you. This is the best way to protect the purchaser until the Notario Publico, a Mexican attorney with special privileges acting as an agent of the state and federal government of Mexico, conducts the transfer of title. There are many companies in Baja Sur that provide a service to open and manage an escrow account, such as Stewart Title and First American Title.
4. Bank Trust / Fideicomiso.
In this part of the purchasing process, Baja Smart takes care of all of the documentation, ensuring that the Bank Trust is correctly processed with the corresponding bank in Mexico and the Foreign Affairs Permit. We are experts in this process, and make sure that there are no problems with your documents. Additionally, we are always in contact with our clients so that they are up-to-date on the status of their documents, every step of the way. The Fideicomiso is necessary to own coastal real estate as a foreigner in Mexico. If you are unclear on why foreigners need to open the Bank Trust in order to own property in Mexico, please contact us, as we are eager to explain.
When the closing agent has completed all details of the process, then the Notario Publico will transfer the title from owner to buyer. The Notario Publico is the most important person you will deal with when you purchase a property in Mexico.
At Baja Smart we take our business seriously. Buying property in a different country can be daunting, but our team will make sure that you're protected, informed and guided through every step of the process. If you're ready to take the plunge and live your dream in Baja Sur, we're ready to help make that a reality!