Thursday, January 13, 2011

When buying Mexico real estate, what is the first step you would take?  Looking for a property?  Finding financing?
Let’s try this question another way; if you were to invest $150,000 in the stock market, what is the first step you would take?  Finding an experienced, reliable broker, of course; this is a large amount of money we’re talking about.
Most of the time, when buying a Mexico property for vacations or retirement, you’ll be spending similar amounts of funds, sometimes considerably more.  Even you are on a smaller budget, looking for a less expensive property, it’s still a good chunk of your savings or income you’re considering.
So, why not apply the same logic as with the stock market?  Buying real estate, especially in a different country with different laws and business culture, is an investment and a risk; it’s very advisable to minimize unnecessary risks as much as possible, and ensure that you are buying safely.
Your Mexico real estate team is the key to this.  Considering this point, your very first step should be to build your team of professionals who will guide you through the process.  The central figure in this team will be your agent.
Your Mexico agent.   Together with the broker of his office, the agent will act as your “point guard,” helping not only to identify properties that fit your criteria, but also to qualify property options, and recruit the remainder of your team.  Take your time in selecting your broker, ask for credentials (degrees, certificates, membership in Mexico’s professional real estate association [AMPI]) and references from past clients.
Notary Public. There distinct differences between a notary public in the U.S. and a notary public in Mexico. In the U.S., a notary public might be a bank clerk, secretary at the office, or practice any other occupation.  In Mexico, the notary public must have a law degree, verifiable experience, and pass a rigorous exam. They are appointed for a lifetime term by the governor of each state.
The notary public is the only authority able to transfer the domain from one person to another. No one else can assure that you own a piece of real estate.  Your agent will be able to refer you to the notary public office, and help you ensure that all your documentation is properly notarized.
While these two are the key figures in your team, others include:
§ Escrow officer
§ Trusted Mexican attorney
§ Mortgage officer from a bank (if a loan is needed)
§ Attorney
Not all are necessary in every case (except the agent and notary public) but your agent will advise you on which professionals you will need to work with, and recommend reliable professionals with whom previous clients have worked.
Once you’ve started forming this team through your agent, you are ready to begin searching for the property you will buy – safely!
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546 or through the company’s web site www.TOPmexicorealestate.com NETWORK

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!” 
By