Talking About Old Trusts
When the Mexican government grants a permit for a bank to create a fideicomiso on behalf of a foreign national, it instructs both the bank and the Notario to includes a number of obligations that are included within the clauses of the fideicomiso, while granting a 50 year term for the trust beneficiary owners (renewable) to use and enjoy the property held under trust.
Continue reading Why Do Mexican Real Estate Trusts Expire and What To Do About It – Baja Legal Advice
Mexico’s Beaches Are Known As “Federal Maritime Zone”
Thus if you are planning to buy property on the beach in Mexico then you must fully understand what the Federal Maritime Zone is.
The Federal Maritime Zone, per law, is described as a 20-meter wide strip of land that is transitable and next to the beach (playa mar)”. Let’s break this down to make sure we are clear on what we are talking about:
1.- The Federal Maritime Zone is 20 meters wide. There are several types of Federal Zone. This article is only making reference to the Federal MARITIME Zone.
2.- It must be “transitable” land, that I, it must be possible to cross. More on this below.
3.- It is measured from what the law considers a “beach”.
Continue reading Mexico’s Federal Maritime Zone – Baja Legal Advice
1. Signing a lease without asking the landlord for proof of ownership. 99 % of the time people lease property without making sure if the landlord is actually the owner of a record. After all, you do not want to sign a lease with a squatter posing as an owner, or do you?
2. Signing a lease without making sure if the property/condo/community has major issues. Don’t rush into a rental agreement if something doesn’t feel right. One example: does the fine print stipulate that you have to pay extra for utilities, water, parking, HOA fees? Or does the price of rent include such fees? Is there feuding among residents and the HOA?
3. Not having an attorney review the Lease plus signing a contract in a foreign language without the help of an interpreter. If you are not an attorney, or if you are one but are licensed in the US or Canada this means even attorneys are at risk, the meaning of terms in Spanish is not always the same in English thus the true meaning of clauses and efficacy of leases may be a problem. Do you think you might sublet at any time? Is subletting a clause included in the contract? Has the contract been translated to you, and has the attorney reviewed it even at the beginning of talks as well as prior to signing the final version of the lease?
Continue reading Some Common Issues/Mistakes in Leasing Mexican Property
I have been providing closing services since the mid-nineties thus have put together dozens of purchases, legally and seamlessly, thus identify and minimize delays. I provide the utmost degree of professionalism.
Real estate agents are trained to sell properties, and normally do not perform due diligence, they simply deliver all paperwork to a notary public who in turn recruits a surveyor to process no lien certificates, appraisals, layouts, etc. nothing else.
Continue reading Mexican Real Estate Closing Services – Baja Legal Advice
Oftentimes I hear things like, “Oh, you don’t need an attorney to handle due diligence nor closing, trust me, I’ve got your back, by the way, sign this purchase agreement and I also need that 10% deposit (none/refundable)”.
Purchasing property means so much more than just the buying process, it involves many steps, due diligence in my case, must include, zoning laws, see, many buy property and “feel” that they can do just about anything on their land, well no sir, you cannot, you must comply with zoning laws, among other things, the Federal Maritime Law, the National Law of Public Lands, etc.
Continue reading Legal Framework for Real Estate Transactions in Mexico Today – Baja Legal Advice
Anyone can buy property, but,
will you become the legal owner of it?
Make sure to secure legal assurance that the property that you wish to buy can become yours, yes, beforehand, don’t negotiate nor deposit until due diligence has been performed, if and when everything checks out alright.
You must also be assured, that the lot may be put to its intended use thus you SHOULD NOT TAKE THE SELLER’S WORD FOR IT!
Attorney at Law / Licensed Exclusively in Mexico
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Selling your Casa in Mexico
If you own a home here and you plan to sell it and you are not a resident then you will NOT be able to benefit from tax exemptions pursuant to article 93, fraction XIX, subparagraph (a) of the Act of the INCOME TAX LAW. Thus, public notaries will follow the provisions of article 26, section I of the Fiscal Code, and shall calculate and pay the corresponding tax in the terms of the provisions of article 160 of the Income Tax Law.
Continue reading Tax Exemptions and Deductions in the Sale of your Casa in Mexico – Baja Legal Advice