RRS Service 3

Closing Procedures

By clicking the link above, it will give you a very good idea as to how Real Estate Property is Purchased in Mexico.

Out if the restricted zone, the transaction is handled by a Notario Publico,.

A Notario Publico is not the same as a Notary in the U. S. A.

The principal difference between the Mexican Notario Publico and a US Notary Public,

is that the Mexican Notario Publico is responsible for the legality of the content of the document,

while the US Notary Public only certifies the identity of the signer.

Notaries in Mexico are very elite attorneys who have taken additional training, passed rigorous examinations,

and obtained appointment to one of a limited number of positions in any particular city or municipality.

The number of notary positions is related to population, much like the US apportionment of congressmen.

Obtaining an appointment is thus very desirable and also very competitive.

In Mexico, the incorporation of every company, the buying and selling of all types of real estate, the establishment of deeds

and wills, the creation of mortgages, among other transactions, must be protocolized by a Notario Publico.

Additionally, in certain cases, failure by a Notario Publico to properly calculate and withhold taxes can result in personal liability.

It is the Notario Publico’s responsibility to labor over the document and make sure it is in conformance with the law.

In many respects, the Mexican Notario Publico serves not only as a lawyer but also as a judge in his role as protector of the law.

Mexican Notario's duties also go far beyond merely certifying the identity of the parties.

They are the official recorders of land transfers

Finally, besides carrying out these functions, the Notario also calculates the amount of capital gains tax,

(for which he is solidarity responsible), and the transfer tax and any other taxes due,

collects the funds, and pays the funds to the government.

And the Notario, in the process of carrying out all these functions, certifies that the title transferred is as described

and is free and clear of liens and adverse claims.

The article above will give you more information about buying in the restricted zone,

More information about owning property in Mexico

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