MexLaw

Legal
Plaza Paseo Coba, #301, 2nd floor Playacar, Phase II, 77710 Playa del Carmen, Q.R.
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Description

Imagine having an experienced team of professionals accompany you through the entire process of purchasing real estate in Mexico. You can be assured that your interests as
the buyer are always protected.
Mexlaw has the skill and the competence to represent you throughout the entire process of acquiring real estate in Mexico. All you have to do is choose the property.
We are a well established Canadian law firm with extensive experience in Mexican Law. Mexlaw lawyers are knowledgeable in the particulars of Mexican law and culture and are accountable to Bar Association’s rules of Ethical Conduct. These standards makes Mexlaw one of the most respected international law firms in Mexico. We are proud of our personalized service and provide
transparent and open communication with our clients.

Our Services

BANK TRUST (FIDEICOMISO)

A foreigner can not acquire ownership of residential property within the restricted zones (100 km from the border, and 50 km from the coastline). They will need to purchase the property through a Bank Trust or a Mexican Corporation. A fideicomiso is a bank trust created in order to comply with the provisions of the Mexican Constitution which prevents foreigners from acquiring direct title to property within the restricted zones. The bank’s name appears on the title as the owner of the property. However, the beneficiary (the foreigner) has all the rights over the property, (sale, rent,
occupation etc.) and properties held in trust are not considered an asset of the bank.

BUYING THROUGH A CORPORATION

Foreigners can also acquire property within the restricted zones using a Mexican corporation, without the need of a bank trust. This may be more advantageous than owning through a trust. A buyer should, therefore, consult with our legal team before determining which option is the best suited for their
individual need

SELLER ASSISTANCE PACKAGE

Mexlaw can also assist sellers to obtain the necessary documents needed to sell property. Dealing with official agencies in Mexico can be frustrating and more complicated if you are not fluent in Spanish. We do all the work and you avoid dealing with the red tape of various service providers and government agencies. We can also provide expert legal advice and professional accounting
services to help you reduce or avoid capital gains tax

NOTARY PUBLIC (Notario Público)

An important figure involved in real estate transactions in Mexico is the Notary. Unlike a notary in other parts of North America, the Notary in Mexico is appointed by the State and is the only person authorized to certify the transfer of property at the public registry. They play an impartial role and represent the buyer and the seller. That is why Mexlaw has a strict selection process regarding which notaries we work
with, ensuring that they are competent and professional. After all, we guarantee the Title.

TRANSFER OF TITLE

Mexlaw will coordinate with all the individuals involved (real estate professionals, notary, government agencies) to assist in the timely completion of the conveyance. A notice will be registered by Mexlaw of the anticipated sale of the property and will be recorded at the public registry, and then a copy of the deed can be obtained.

CLOSING SERVICES

Our closing services are the most comprehensive in the market. We will coordinate all necessary procedures with the appropriate authorities and be responsible for acquiring all the required documentation. Our team of real estate lawyers and other professionals will deal with any legal issues that might arise during the real estate transaction.

CLOSING COSTS

Throughout Mexico, a buyer will typically pay between 5–7% of the purchase price in closing costs. This includes transfer tax, bank trust fees or incorporation fees, title search, notary fees, Foreign Ministry permit, taxes, lien certificates, registration, legal fees and filing of all legal documents as required by law. The seller will pay capital gains tax on the sale and any utility and property taxes
at or before the time of closing.

ESCROW

When purchasing property, an important consideration will be to determine under what conditions the funds will be held and distributed. In most markets, attorneys or brokers will hold the transaction funds on behalf of the buyer and the seller. This is not recommended in Mexico as neither Mexican lawyers, the Notario Público, nor real estate agents are certified by the government and cannot legally hold funds “In Trust.” Mexlaw offers Escrow Services by holding “In Trust” funds in a segregated bank account in a Canadian Chartered Bank. These funds are insured by our professional
organization for $1,000,000 per transaction.

TITLE GUARANTY

It is important for buyers, investors and mortgage lenders to secure a “good title” in order to have confidence about the property acquisition and a valid title when the time comes to sell the property. After a comprehensive title search has been carried out on the property, a clear chain of title has been established and the transaction is concluded, Mexlaw will issue a Title Guaranty. Foreigners risk losing their investment if they do not hire a reputable law firm to represent them and guarantee that they receive a clear title
deed on the property

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  • September 2, 2022

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