HOW TO PURCHASE PROPERTY IN MEXICO….WITHOUT SETTING FOOT IN THE COUNTRY
Yes, it is possible to find your piece of Baja paradise when you engage a real estate professional who will be with you every step of the way.
Many of our buyers are ready to invest in their dream property, however, with the appearance of COVID-19 a number of these transactions may be on hold for the time being.
Eventually things will get back to normal and you will be ready to return to paradise here in beautiful Baja Sur. We offer you a simple solution to help fulfill this dream.
SEVEN EASY STEPS after you have identified the property and have an accepted offer:
- The due diligence period – this time is used to research any questions or concerns so you are comfortable moving forward. The items included may be reviewing the ownership documents, engaging a surveyor for topographical and boundary studies and/or reviewing any home owner association documents. With an improved property you may want to engage a building inspector give you a building report and your real estate agent to do an inventory list. No questions are too small – your real estate agent is your eyes and ears, with technology video chats can be used to further explore the neighborhood, or revisit he property. Operational expenses and any ongoing expenses such as the yearly Fideicomiso trust fee and annual property taxes may also be defined.
2. POWER OF ATTORNEY (P.O.A.)
You grant a person you trust with a P.O.A. This “holder” will represent you and sign on your behalf during the formal closing with a certified Mexican “Notario”.
- Obtain a P.O.A. from your agent or closing coordinator complete with the legal description of the property which will be purchased and identifying the legal “holder”.
- Your signature on the P.O.A. will need to be notarized in your country, with this document then sent to the Secretary of State in your state or province of residence for an apostille. We recommend you send this document via courier (FedEx, or UPS) and include a pre-paid return envelope so you can track the document.
- Once the apostilled POA is returned to you, it must then be sent to Mexico and delivered to the Notario that will hold the closing.
3. OFFICIAL ID.
New buyers need to provide at least two official forms of identification. Passport and driver’s license are the most commonly used forms. A clearly scanned digital copy is acceptable.
4. LEGAL DOCUMENTATION (ONLY IF OWNERSHIP IS HELD THROUGH a third party entity such as a L.C.C.).
If you take ownership in a family trust or corporation you can still purchase remotely. Contact me for a detailed list of additional documents required for this step.
5. PROOF OF ADDRESS.
The only documents acceptable for proof of address are utility bills or bank statements, less than 3 months old, with the printed date on the document. Post office boxes, phone bills, driver’s licenses and similar documents are not acceptable.
6. CLOSING COORDINATOR.
We always recommend working with a Closing Coordinator. This person will guide you through the closing and everything for your POA holder to sign on your behalf. This results in a successful closing for your new home or piece of land.
7. A RENOWED REAL ESTATE COMPANY.
Choose your representation wisely by working with professionals who will guide you and protect you through the entire process. The state of Baja California Sur has licensed agents, most of whom are members of the Multiple Listing Service (MLS) and A.M.P.I. (Mexico’s equivalent of CREA or NAR). The Agency Los Cabos agents are members and take advantage of ongoing training and education The Agency, the MLS and A.M.P.I provide.
Some of these requirements can vary depending of each property purchase; however, this list provides the basic steps and guidelines. Canadian or other foreign purchasers have a few modifications to this process.
Luckily, most of the requested documents can be sent via e-mail and once the Notario has your P.O.A. the completion of the closing process will be quite easy.
More questions? Contact me at firstname.lastname@example.org. Our professional team will guide you through this new adventure