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3: BUYING PROCESS

When making your initial offer, this should be done using a written Offer to Purchase contract, ensuring no confusion on terms and conditions., Your offer should detail the main terms of the sale, including price, payment plans, details on an earnest money deposit, and a deadline for the seller to accept the offer. The Seller may Counteroffer, until an agreement is reached.

Once the offer is accepted, this will be formalized as a promissory agreement, whose terms are binding, for both parties, under Mexican Law– If all the terms and conditions are met to execute the purchase contract, neither party can back out of the sale and are subject to any agreed penalties.

Once the promissory agreement has been signed, the seller contacts the bank you chose to set up your Fideicomiso to initiate the trust application, which begins with applying for a trust permit from the Ministry of Foreign Affairs. You will be asked to select three possible names for the government to choose between.

During this time, your lawyer should also be checking Public Registry for the legal status of the property, including review of title, confirming that the seller has the right to transfer the title, and reviewing the terms and conditions of the purchase contract. He’ll also need to request documentation from the seller, such as the certificate of no liens and a certificate of no Tax Liability.

The Notary will require the Buyer to pass a copy of his Passport, Driver’s License, a recent utility Bill showing his Name and Home Address and Corporation Documentation (if applicable). The Notary will file these at the Public Registry.