Ensuring Compliance with Digital Signature Requirements for Purchasing in Mexico

How to eSign a document: digital signature lawfulness for Purchasing in Mexico

yes team the closing process in Mexico is a little bit different than the United States and that closing here coordinated by what's called a notario that's a federally pointed position that's like a title company and a closing company all rolled into one entity we'll talk about it in a minute hello viewers welcome back to another video I am M your interview host for Brookshire heway Home Services here in San Miguel leende in central Mexico today we'll be discussing the legal process for buying property in Mexico and who better to guide us than Greg Gunter broker and co-owner of the Soul birgire haway Home Services office here in San Miguel leende how are you today Greg good morning Maya good to see you boy it's a gorgeous morning out here it feels like spring time already it's only the fourth week third week it's third week of January here and it feels like springtime I'm loving it yeah I'm loving it too and I'm also delighted to be having this conversation with you today viewers as Greg has explained in in Prior videos Mexico in general and San Miguel leende in particular has seen an influx of buyers in especially the last decade our other videos have covered the appeal of Mexico but on this video we'll focus a bit more on the legal aspects of real estate in Mexico so Greg let's give our viewers a just a quick overview of Mexican property laws and how they are different in San Miguel leende yeah it's an interesting point you know the Mexican constitution has restrictions on foreign property ownership for um a good chunk of the country what that means is people that live along the coast anywhere along the coast or along the border with the United States have restrictions on ownership so if you're looking at buying a condo in Cabo or PTO viarta or maadan or medida or you know Rivera Cancun any of those areas in Sonata Tijuana up near San Diego those markets do not allow you to buy a home and Own It fee simple they you you are required to buy it through what's called a Fed kamisa which is like a Bank Trust so it's a different form of ownership because of the uh restricted Zone restrictions along the coast and the Border areas again that process is called the fiso now you don't have to worry about that in s Miguel Dandy the wonderful thing about us in central Mexico away from those so-called protected zones is that you own property here out right so you have a deed in your name it's called fee simple ownership just like in the United States so it's a it's a very simple owner ownership program here in San Miguel you don't even need to worry about the restricted zones or any of that because it doesn't affect the San Miguel day and day Market we're all fee simple ownership here good good news for buyers great news uh for buyers Greg and can you share with with our viewers the legal process of buying property in San Miguel lende not sure if we were going to do a step by step explanation the legal process of course you know one of the first things to do is find a good real estate agent do your research online you know that's very important to do your research online work with a very reputable firm preferably a franchise that's a name that you recognize uh and then from there you're going to want to work with a licensed real estate agent because believe it or not there's a lot of agents in our community that are not they call themselves an agent but they're not actually a licensed realtor so that's important to do your research work with someone preferably that has a lot of research in the industry because we don't have an MLs here so you can't research properties on your own you can't learn about the history or find out about the last sale price or how long it's been on the market you really need a a a re really experienced and reputable realtor to provide that information for you of course from there you're going to want to uh find and view properties and most of our clients do that online from the United States well before they come down we often work with clients for many months in advance of them coming down to San Miguel de ende so our s it for instance is very very exhaustively informative for clients because they need to learn all about properties here and the market before they come down so on our Brookshire hathway home services website here you'll find every listing in town we have a full MLS search we also have a lot of informative pages that tell people about the city the neighborhoods and town every article that's ever published about San Miguel de Yi in the Press from The New York Times to the Wall Street Journal to con Nas traveler is all on our website you can find all that information in one place you don't have to do a lot of Google research so that's important to take a look at those properties and learn about the city in advance once you come down and work with one of our Realtors and look at homes and you narrow it down to maybe the top two or three and you go back and see them a second time maybe at Sunset get a nice little uh glass of wine at Sunset and go this is the wine we're ready let's make an offer so from there you make an offer pretty much like in the United States you're making an offer and then signing what's called a promis contract or a pra de comenta in espanol in Spanish so we will often do a normal sort of American style the difference being that it's bilingual it's in two languages so it's side by side English and Spanish because it has to be in Spanish for for it to be legal in in Mexico you'll do a normal offer that's very much like one in the United States the only difference being that it's in in Spanish a couple of rules have changed to make it uh legal ing to Mexican law you'll submit that you might go back back and forth one or two times to negotiate with the seller once you have a dual signed offer then we go to a Mexican contract called a per at comenta it's just a more formal version of that offer contract because it includes a legal description of the property that that we would not have had when we put in first put in the offer it'll also include everybody's passport numbers and so it's just a much more legal version of the exact same offer that we've already done the first one is legal completely legal and binding in the first place we just go on to the second one so that it's got a full legal description ironically because sometimes we have two Street numbers on the same street after that you know we don't need to set up a feed commo here because as I said you're going to own it fee simple so it's a much simpler process here when you buy along the coast it's a much longer process it can sometimes be a 90-day closing process because you have to set up the feedo and there's a lot more paperwork involved and a lot more waiting here our typical closing period is about 30 days because the fedu commo process is not necessary here it's a much simpler paperwork just like in the United States oftentimes we have no loan involved so there's no pwork required from the bank or a lending institution or an appraisal or anything like that so it's a much simpler process here and then finally 30 days later uh typically our typical time frame is about 30 days we're going to closing now the closing here is organized by that gentleman that I was talking about we'll talk a little bit more about him in a minute called the notario they'll coordinate the closing process with our with our legal team that we work with and and US of course organizing us being the realtor Team Hope from Brook TR haway Home Services coordinating that whole process for you simple closing process generally here we all meet at the closing table buyers and sellers together unlike in the United States where you never see each other here they're typically together although in many cases one of the parties will have a power of attorney and they don't show up so a very simp simplified process yeah it's easy easy to do just like in the United States thank you Greg for going over this process so thoroughly Now Greg I think it's important to help our viewers understand the role of of a notario like you just mentioned and how they manage the process of of closing on a home purchase yeah so that notario that I talked about is completely different a lot of people go oh is that like a public notary in the United States everybody in the world's a public notary I'm like no nothing at all that word comes from the Latin derivative of course and that's why the word naral comes from but down here a notarial is a federally appointed position just like a judge is for life it's a life appointment it can be revoked if you break the law if you sell if you if you manage a sale process that's not free and clear of incumbrances that sort of thing the notario can lose that position so it's something that's federally appointed subject to him not breaking a law basically the notario is is he's a real estate attorney that goes to a special notario school and then gets that Federal appointment so it's very they're not very many notarios they're kind of rare but they have to have a real estate attorney background in the first place to do do that now remember I said a little earlier in the video they're a lot like a title company and a closing company all rolled into one entity so the notario office does the full title search when you work with a birk hathway Home Services agent will let you know after you put an offer in within the first 24 hours if that property is free and clear of any kind of Lan and incumbrances that's an actual formal piece of paperwork that you'll get back from us many other Realtors do not do that that's an important part of the process you need to know very early on before you put money into escrow if you're buying a property it's free and clear of encumbrances that notario is the one that and his legal team is the one that does that research for you and tells you that so that's how the nario works a little differently than closing company and a title company here they're all kind of rolled into one entity like I said the uh notario will ensure that all the paperwork is completely legal and that it protects the buyer's interests as I say he's like a real estate attorney and so because you're paying his fees he's legally obligated he has a fiduciary responsibility to you as the buyer to make sure that what you're buying is free and clear of incumbrances to make sure that your all of your property ta your acquisition taxes are paid you know you know down here in San migueli we have a 4% acquisition tax we have another 1.1% of the purchase price that pays for the notario fee so that would be like paying for the closing company and for the title search all rolled in to one that also pays for the City Recreation fees the city appraisal that's done all of those City fees and the notarial fees all rolled into that 1.1% well thank you Greg so much I'm sure sure our viewers will find this information extremely extremely valuable we discussed Mexican property laws the legal process of buying property in Mexico as well as the role of an notario in the process of of closing a home purchase which is very different from the one in the United States so thank you for explaining this and thank you so much for your time being with us today um viewers we want to hear from you so comment below with your experiences um or thoughts or questions about the legal process of buying property in Mexico and also don't forget to like and share um this video And subscribe for more valuable uh content like this thank you again Greg for for your time thanks so much Maya was great chatting with you again and viewers make sure you check out the rest of my YouTube channel subscribe of course and you'll see the rest of the videos but I just put a new listing on so you'll see a lot of other good videos you know I do a lot of good lifestyle videos as well and new listing videos so make sure you check out the YouTube channel for a lot of other better fun exciting videos of great homes exactly please do check that out and also our website you'll find a lot of information there uh thank you for watching viewers and until next time take care