Closing and Notary Attorney

Closing and Notary Attorney

The legal side of real estate transactions should take time to understand and have the best partners to assist you. When I think of any transaction to have recorded terms, conditions, and agreements being validated to due to, and what is the reason:   

If you are about to purchase real estate in any of these pointers.

  1. Buying a second home or retirement 
  2. Investment to amplify your real estate investment portfolio
  3. Flipping house 
  4. Land or commercial space

What Does the Closing Attorney’s Office Do?

The closing attorney represents the buyer in the buyer’s purchase of the real estate and will handle it efficiently. It will be to the buyer’s disposal to make sure this is sometimes or many times so confusing real estate purchase becoming crystal-clear and makes, and clears out concerns and doubts. Wondering about the need for this closing attorney if the Notary himself /herself are an attorney and down the purchase process they do the nitty gritty by closing and giving faith in this transaction.

I would like to break down his /her essential role as a closing attorney and along the process to shape this transaction essentially as a legal agreement. The closing process can be divided into three parts: Pre-closing, Closing, and Post-Closing. 

Pre-Closing

Before Closing, the closing attorney collects and gathers information regarding the property and the parties -seller and buyer, and documentation from them as well, drafts and reviews contracts, conducts due diligence ensuring a property’s clear title of liens and encumbrances, helps preempt potential legal issues, negotiates better terms, and provides peace of mind through their expert guidance. Legal knowledge and expertise in real estate minimize risks and streamline the transaction process. His/her expertise in understanding the law can effectively navigate complex transactions, prevent costly mistakes, and ultimately close deals more efficiently and effectively. 

 Closing 

All the preliminary activity heading to The Closing, which usually takes place at the Notary’s office. The closing attorney, buyer, of course, and usually their realtor and the seller attended. The closing attorney reviews all the documentation involved in the transaction with the buyers. Including, fideicomiso forms due to be signed at this given date of closing and loan documents if applicable, and any other documents associated with the purchase and, of course, the deed of title.

Post-Closing.

This phase is more on the Notarys office hands and will be explained further.

What is the Notary’s role and expertise to serve in the closing?

A Notary in Mexico is a law attorney with experience and sound standing. The Mexican government grants them “public faith,” meaning they can certify that an act, such as buying property, is out of interest now. He counsels the buyer and seller in an unbiased position, so you might think the buyer brings in this transaction his or her service for safety reasons to secure the deed of title is conveying to legally sign over ownership of the property to another. He or she requests a large list of documents from each party and of course of the property to certainly see, verify, and have proof of all original documentation of the deed of title and related, also holds responsibility for the management and secure storage of original legal records.

A Notary Public must be a Mexican citizen of at least 35 years of age, he or she must hold a law degree, have at least three years’ work experience at a Notary Public office, and pass a rigorous exam.  Meeting these conditions as public servants, who ultimately are appointed as Notary Public by the office of the state Governor.

What documents are basically needed by a Notary to the given faith in real estate transactions?

  • Government Issued IDS.
  • Official property appraisal
  • Property tax  (predial ) up-to-date 
  • Certified the deed of title of the property
  • The México Ministry of Foreign Affairs (SRE) permit
  • Migration form FMM
  • Non-debt certificates up-to-date from government city offices 
  • Obtain a cadastral certificate 
  • Proceeded mortgage cancelation 
  • Bank main page information to transfer and receive funds (buyer to seller)
  • Proof of address
  • Foreigner RFC (Federal Taxpayer Registry) – If the seller is a corporation will issue an invoice for real estate acquisition.

For Mexican Nationals:

  • Copy of CURP (Mexican identity card)
  • Copy of the RFC (Federal Taxpayer Registry)

Closing costs and fees items prepare you for owning your first, second, or more properties. 

Ask us for a quote from the most reputable Notaries across Riviera Maya and that specific town where property residency and location are.

  • Appraisal
  • Certificate of no liens *
  • Catastral certificate 
  • Legal rights for an expedition of public deeds *
  • Legal rights for the record of the deed *
  • Legal rights for pages *
  • Notary public protocol expenses *
  • Public record expenses *
  • Acquisition tax -ISABI 
  • First preventive notice *
  • Second preventive notice *
  • Notary Fees

Every real estate transaction may be unique to be shaped by your legal partners, and the notary might request more documents to make sure your property is saved and protected under Mexico’s laws. 

I don’t forget to give a post-closing explanation.

What is next after the deed of title is signed?

Notary office does execute to act and pay before government city offices listed previously, and predominantly to The Public Registry of Property * to record deed of title under your name.

In a 3-month average period time, you may be receiving the original deed title recorded and thorough directly from the Notary office, we keep you posted and assuring this happens you to receive it in your hands.

Legal expertise an invaluable in your transaction

The fast evolution of the Legal Landscape in Real Estate Industry should be seen every year in markets that are in constant development of new buildings’ condos, residential housing, and luxury properties. The real estate industry in Riviera Maya is a very dynamic neighborhood constantly growing and expanding so legal and related facts are involved in the purchase process, one of the most critical being the legal landscape. From state laws to federal applicable too, that dictate property rights and land use to regulations, financing loans are opening slowly to foreigners and property taxation, legal changes have molded — and will continue to mold. The process we transact real estate in Quinta Roo differs from any other Mexico National State. To stress, legal expertise emerged as a decisive element in successful real estate transactions.