//buying tips

Six Steps to help buyers avoid risks*

• Determine if the seller has legal ownership of the property and if it can be transferred legally.
• Hire Mexican counsel or a title insurance company to search the ownership status back to the sovereign.
• Have your legal counsel review the buy/sell agreement, which usually determines the transaction's terms and conditions. If financing, be sure to make provisions to allow for the loan application process.
• Arrange for a title company to handle the escrow of funds.
• Obtain a property ownership insurance policy to protect agains recording errors, liens, encroachments, taxes, fraud, misrepresentation, and other ownership issues.
• If the property is a condominium, examine the documents creating the condominium regime (regimen de condomínio and the like), which defines the owner's rights, obligations and restrictions. (The condomimiun regime must be established before Collateral International can close on loans for condos.)

*"Six Steps to Buying Mexico Real Estate" Courtesy of Stewart Title Guaranty