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By Ángel Marín Díaz
After experiencing end of year celebrations that were quite different from those of the past for all of us, I am back at the computer and enthusiastic to begin this year’s first column.
We will begin with a six-part series on purchasing real property in Mexico, as there are many subtle, and not-so-subtle differences from a land or home purchase in other countries.
I will explain the role of the notario, how to begin a purchase with a proper purchase agreement, and the difference between a purchase in the “restricted zone” from an acquisition in the interior. I will also explain the differences between ejido property versus privatized land, as well as cover the very necessary use of escrow for the protection of all deposits and payments.
To begin the series, I am posting some of the questions most often asked of me:
Scott from Santa Fe, New Mexico:
Hello Ángel, I enjoyed learning the history of the notario and the differences between the notario and a US notary.
My question: I am purchasing a home in San Miguel de Allende and am being told which notario and attorneys to use by my real estate agent. Shouldn’t I have a choice? And do you and your firm handle real estate transactions?
AM
Hola Scott, you are in this case the buyer and as such have the legal and absolute right to choose your notario and closing team.
As for your other question, yes, we at Inmtec Legal Services have our in-house notario and specialized Closing Protocols. Our clients enjoy a full-service closing team that processes the purchase while contemplating future tax exposure, due diligence, and exemptions and retentions. They appreciate efficient understandable closings done by professionals.
Ricardo from Los Angeles, California:
Hi Ángel, Through a trust I own some property in Mazatlán. Can that be included in my will as I own the rights to the property but not the property itself?
AM
Hello Ricardo, absolutely. The bank trust, in Spanish fideicomiso, is in your name and you own it. It is transferable, rentable, and inheritable, as much as it is sellable. First, all trusts have an area to list a beneficiary(s) for line of succession bequeathments. A second layer of protection against the beneficiary clause being contested is to have a will. All passings in Mexico go through one form or another of probate so an additional layer of protection simply ensures that your wishes concerning distribution of your property and patrimony are carried out in a smooth and efficient fashion.
Thank you all for your questions this week, for more specific information on these matters, as well as all notarial services please contact the author:
Ángel Marín Díaz at info@inmtec.net or 415 121 9005
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