Mexico is a beautiful country with a rich cultural heritage and breathtaking landscapes. It’s no wonder that many people from all over the world choose to purchase property there.
However, the process of transferring property ownership in Mexico can be complicated, especially for non-citizens.
In this article, we will cover everything you need to know about transferring property in Mexico.
Property Ownership in Mexico
In Mexico, property ownership is governed by the Mexican Constitution and the Civil Code. Foreigners can own property in Mexico, but they must do so through a Mexican corporation or a trust called a fideicomiso.
A fideicomiso is a legal arrangement in which a Mexican bank holds the property in trust for the foreign buyer. The buyer is the beneficiary of the trust and has the right to use, rent, and sell the property.
The process of buying property in Mexico is similar to that in other countries.
First, you need to find a property that you want to buy. Then, you need to negotiate the price and terms of the sale with the seller. Once you have agreed to the terms, you will need to sign a purchase agreement and pay a deposit.
The deposit is usually around 10% of the purchase price when we are looking for a property with immediate delivery or 30% of the purchase price when it comes to a reconstruction project. You will also need to hire a notary public and a specialized real estate attorney in the area to oversee the transfer of the property.
Property Title Search in Mexico
Before you buy a property in Mexico, it’s important to conduct a property title search to ensure that the property has a clear title.
A clear title means that there are no liens, debts, or other claims on the property that could affect your ownership of it.
A notary public can help you with this process. They will search the public registry of property to make sure that the property is owned by the seller and that there are no outstanding debts or claims against it.
Abandoned Property in Mexico
Abandoned property is a common issue in Mexico.
If you come across a property that appears to be abandoned, you may be able to claim it under the doctrine of adverse possession.
Adverse possession is a legal principle that allows someone who has occupied a property for a certain amount of time to claim ownership of it. In Mexico, the time period is ten years.
To claim an abandoned property, you will need to prove that you have occupied it continuously for ten years and that the owner has not objected to your occupation. You will also need to pay any outstanding taxes on the property. Once you have met these requirements, you can file a claim for ownership with the public registry of property.
Mexico Inheritance Laws
If you inherit property in Mexico, you will need to go through a legal process to transfer ownership to your name. The process will depend on whether or not the deceased person had a will.
If there is a will, the property will be transferred according to the terms of the will. You will need to provide a copy of the will and a death certificate to the notary public who will oversee the transfer.
If there is no will, the property will be transferred according to Mexican inheritance laws. In general, the property will be divided among the heirs. If you are one of the heirs, you will need to provide a death certificate, proof of your relationship to the deceased, and proof of your identity to the notary public. The notary public will then oversee the transfer of ownership.
Selling Inherited Property in Mexico
If you inherit property in Mexico and want to sell it, you will need to go through the same process as if you were selling property that you had purchased.
You will need to find a buyer, negotiate the terms of the sale, sign a purchase agreement, and have a notary public oversee the transfer of ownership.
It’s important to note that if the property has multiple heirs, all of the heirs will need to agree to the sale before it can go through. If one or more of the heirs objects to the sale, it can create a legal dispute that will need to be resolved before the sale can proceed.
Claiming Property in Mexico
If you believe that you have a legal claim to a property in Mexico, you will need to provide evidence to support your claim. The evidence may include documents such as deeds, contracts, or court orders. You may also need to provide evidence that you have occupied the property continuously for a certain period of time, as required by Mexican law.
Once you have gathered your evidence, you will need to file a claim with the public registry of property. The registry will review your claim and determine whether or not you have a legal right to the property. If your claim is approved, the registry will issue a new title in your name.
How to Transfer Property in Mexico? Final Word
Transferring property ownership in Mexico can be a complex process, especially for non-citizens. It’s important to work with a qualified notary public who can help guide you through the process and ensure that everything is done according to Mexican law.
Whether you are buying, inheriting, or claiming property in Mexico, it’s essential to conduct a thorough property title search and gather all of the necessary documents to support your claim.
While the process may seem daunting, owning property in Mexico can be a rewarding experience, whether you are looking for a property in this wonderful destination to enjoy with your family or friends or you prefer to own a property to generate additional income through vacation, or short or long-term rentals.
With its rich culture, stunning landscapes, and warm climate, Mexico is a popular destination for people from all over the world. By following the proper legal procedures and working with a qualified professional, you can enjoy the benefits of property ownership in Mexico.