If you are going to buy Mexican Real Estate, you should take a copy of the actual escritura or deed, to the local notary public to check the deed's validity before you commit to anything or make a down payment on a property. This should be given to you by the seller with no hesitation if all of the proceedings are legitimate. If you are buying Real Estate in Mexico from a real estate developer, you should still have the notary public check to make sure that the developer has all of his or her permits, not only for the development, but also for the construction before buying any type property. Remember that no matter how formal or attractive the document may look, that if it promises to give you a deed at some time in the future, it is not a deed, but is instead a sales contract.
When evaluating Mexican real estate, whether it is Cancun Real Estate or Playa del Carmen Real Estate, it is also essential that you have the notary public verify that the land is not ejido land, which is a term that means communal, agricultural land. Even though this type of land can be purchased, remember that it is always a very risky deal because it is not actually your property, but is communal, meaning that you are merely allowed to use it.
In short, you should always insist on making any Mexican Properties transfer agreements or transactions in front of a notary public, and do not allow yourself to be pressured by anyone who wants money up front first. You and any other party involved will need to supply proof of full name, marriage certificates, proof of place and date of birth, official photo identification, and your visa before any transactions can take place between you and the seller. This is for your own protection, so be sure to have these documents ready!
Author: Tom Budniak
Prior to the auction, you need to secure a copy or catalogue of the property lots that will be auctioned at any particular auction house. It may be worthwhile to obtain several catalogues from local auction houses so that you can compare property specifics. If there are any properties that you are interested in, it is important to remember that an offer can be made before the auction. The seller will consider the offer and get back to you if he wants to proceed on that basis. In the event of your offer being accepted, the property will be removed from the auction process and you will be obliged to complete on the purchase.
Once you have the auction catalogues to hand, you should scan them for properties that suit your preference both in terms of price range and the nature of the property. Organize and arrange the properties according to the preferred style and structure of the property. Investigate or scrutinize the description of the property. Check any legal paperwork the auction house may hold for any property you are interested in. If unsure, it may be advisable to seek the guidance of lawyers or experts.
Double check any terms and conditions of the contract governing the schedule of payment. It is extremely important to make sure that you have available funds to purchase any one property in accordance with the terms and conditions of that lot. If you feel that there maybe a need for a mortgage, you will need to arrange this before attending the auction. Otherwise, you will risk losing any deposit you put forward for a property that you are subsequently not able to raise finance for.
On the day of the auction, you need to acquaint yourself with the mechanics of that auction. Usually, there is a need for prior registration if you wish to participate in the bidding. Be sure to take in any identification documents with you. You will not be allowed to bid without proof of ID. You will also need to take in a cheque book or bankers draft for any deposits that may be required.
Never arrive late. This is very important because you will need time to familiarize with the auction room and the mannerisms of the auctioneer. On arrival, always check the list of properties for any changes or alterations. It is not uncommon for properties to be removed from auction proceedings prior to the auction.
If you are to bid, make your bid clear so as to prevent confusion on the part of the auctioneer. Whenever bidding at auction always have your maximum possible bid in mind and dont ever deter from this amount. Your maximum bid will take into account any works that you feel need doing to the property and also any profit levels you need to clear.
If a property fails to sell at auction due to the reservation price not being met, you should consider making a bid directly after the bidding has stopped.
Both Tom Budniak & Rupinder Singh are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Tom Budniak has sinced written about articles on various topics from Real Estate, Puerto Vallarta and Real Estate. offers investment oportunities like Beachfront Condos, Rental Villas, Apartments etc. If you have any questions or advise regarding Mexican Pr. Tom Budniak's top article generates over 49500 views. to your Favourites.
Rupinder Singh has sinced written about articles on various topics from Property Guide, E Books and How to Sell on Ebay. About the Author:-For more useful tips & hints, please browse for more information at our website:-