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Newbie! Arriving 4/5 for house hunt!
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03-30-2019, 09:44 AM,
(This post was last modified: 03-30-2019, 09:54 AM by jesm.)
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RE: Newbie! Arriving 4/5 for house hunt!
Welcome.
Victor has well covered most of your areas of interest. Let me expand on the property purchase issue. We have lived in Mexico for 13 years, last 8 in GTO, and purchased lots in two widely different parts. We subsequently built homes in both places. Once you and the seller have arrived at a purchase agreement you will select a Notario, who is a State appointed attorney charged to ensure all necessary taxes,fees are duly collected at time of closing. The Notario is a neutral party in the transaction working on behalf of the government. They are not “ your” counsel looking to protect your interests. The Notario will give you an estimate of their fees along with your portion of any taxes and fees in a closing statement provided a few days before any funds are paid. Upon closing you will revive an escritura, a deed, just as in USA. While the Notario is an experienced attorney fully conversant in property law and taxes, they do not do extensive research or vetting of the seller and their clear legal right to actually sell the subject property. Many of the heartbreak stories one hears about disastrous real estate experiences in Mexico can be traced to this critical situation. The seller, perhaps unknowingly, or not, is later found to have sold without being legally able to do so. After closing, an unknown party steps forth to dispute the sale then the legal costs and hassle begins. Title insurance as known in USA, to protect against such incidents, is only just starting to become available, as the risk to the underwriter is magnified by the lack of confirmed records and multi-party ownerships. This is where an investment in time and money with a reputable real estate attorney, before the closing, can be money well spent. They can undertake a sequential identification of prior owners and offer you great peace of mind as you look to enjoy your new home. A typical fee for such service is around $500 US depending on the complexity of the ownership trail. Our experiences, all positive, says devoting time, resources and attention before you buy to knowing the history of the property is as important as your plans for its future enjoyment. PS We too can highly recommend Notario #19 María Carmen Nieto. A wonderful person with long standing connections in the GTO legal community, her English and professionalism are outstanding. |
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| Messages In This Thread |
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Newbie! Arriving 4/5 for house hunt! - by AlisaC - 03-28-2019, 05:02 PM
RE: Newbie! Arriving 4/5 for house hunt! - by Victor David - 03-29-2019, 10:39 PM
RE: Newbie! Arriving 4/5 for house hunt! - by jesm - 03-30-2019, 09:44 AM
RE: Newbie! Arriving 4/5 for house hunt! - by DonJuane - 03-30-2019, 11:58 AM
RE: Newbie! Arriving 4/5 for house hunt! - by DonJuane - 03-30-2019, 12:32 PM
RE: Newbie! Arriving 4/5 for house hunt! - by doncoulter - 03-30-2019, 02:12 PM
RE: Newbie! Arriving 4/5 for house hunt! - by DonJuane - 03-30-2019, 02:28 PM
RE: Newbie! Arriving 4/5 for house hunt! - by AlisaC - 04-01-2019, 10:48 AM
RE: Newbie! Arriving 4/5 for house hunt! - by DonJuane - 04-01-2019, 12:01 PM
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