If you are going to buy a property located within 50 km from the beach line, please be aware of the following:
1.- In Mexico there are not “title insurance” services.
2.- The “notario” (notary public) will perform a due diligence and draft all legal papers in order for you to enjoy your property.
A notary in México is a lawyer, but not all lawyers have the same credentials. 99% of them don’t have any further studies like masters or PhD’s.
Look for the best notario to protect your investment.
3.- Don’t trust the notario because your real estate agent (that you don’t also know his/her backgrounds).
Most notarios don’t speak English and some of them have not specialized on the complex world of trusts for foreigners to acquire a property.
4.- The buyer will pay for the property and all expenses, taxes and fees, since that’s a general costume in Mazatlan.
Estimate a 7% of the transaction price for all those other charges. A little difference on your benefit or otherwise could apply.
5.- If your future home is located in a Condominium, your notary will also review if it is properly designed, considering basic rights for peaceful enjoyment and for the healthy relationships between co-owners.
6.- Please have a translator of your own trust at your side and make sure your notary is bilingual.
If not, walk away!
7.- Don’t forget to appoint substitute beneficiaries in case you suffer a serious decease or death occurs. You can modify this any time.
8.- If you want to sell the property get your notario to advice on capital gains and on LEGAL exemptions you may be entitled of.
Again, tax issues are not understood by all notarios at the same level. Don’t put your self on legal risks, authority won’t hesitate to use all power to collect any due taxes and to punish any ilegal strategy to avoid them.
If you should have any questions, I notario and Ph.D Fernando García Sais, will gladly assist you.
My office is comfortable and well located on the golden zone. My team is highly professional and bilingual also.
Welcome to Mazatlan!
Fernando
Excelentes información tan detallada!