Once you make the deposit, the promissory agreement (contrato
de promesa) will be drawn up. This binds both buyer and
seller into a timeframe to execute the buying contract.
Having this in place locks in the basic terms. Meanwhile,
you and the seller should track down all the paperwork
needed. To complete the purchase it usually takes some time.
It also allows time for both parties to work out the details
for the final purchase contract.
Under Mexican law, both parties are bound by the terms of the
promissory agreement. If all the terms and conditions are
met to execute the purchase contract, neither party can back
out of the sale.
Once signed the promissory agreement, the seller contacts
your bank (from your fideicomiso). This starts the trust
application. Your attorney then orders a trust permit from
the Ministry of Foreign Affairs.
Your journey in buying a property in Mexico is half-way
During this time, your lawyer should also be verifying the
legal status of the property. Above all, review the title,
right of transfer, and terms of the purchase contract. He’ll
also need to request documentation from the seller.
Moreover, certificate of no encumbrances, a certificate of
no tax liability, and a property appraisal.
The documentation required by the buyer is minimal. All you
need is a copy of your passport and driver’s license. Plus,
a recent utility bill showing your name and home address.
Corporation documentation if applicable, too. Present these
to a notary and file them at the public registry.
If everything is in order, the notary and your attorney will
work with the bank. They will have the trust documents
drafted and finalized.