Mexico Checklist
All assignments conform to the Uniform Standards of Professional Appraisal Practice (USPAP), Appraisal Institute (MAI/SRA), American Society of Appraisers (ASA), International Valuation Standards standards.
The Arizona Mexico Commission
Consult this Checklist, prior to committing to purchase, for the basics on how to protect your investment in Mexican real estate.
- Understand and follow the Mexican law concerning real estate purchases.
- Obtain the advice and services of a U.S or Mexican attorney, a registered Mexican real estate agent, a title insurance company and/or an appraiser.
- Obtain a property disclosure statement from the seller, as available.
- Obtain a copy of existing public deed (escritura pública) complete with recording information
- Request a copy of any existing commitment for title insurance on the subject property. Obtain a current commitment for title insurance on your specific property.
- When dealing with residential developments advertised in Arizona, obtain an Arizona Public Report.
- Obtain copy of applicable Mexican state/municipal development authorizations.
- Obtain a copy of any Covenants, Conditions or Restrictions for the property and any homeowners’ association bylaws, budget and financial statements.
- Analyze all risks associated with purchasing property where any infrastructure, building or other improvements have not been fully completed.
- Analyze all risks associated with seller financing.
- Estimate closing costs associated with your purchase.
- Complete due diligence, including investigations of title and value, prior to committing to purchase, or make purchase contract contingent on those investigations.
- Enter into a written purchase contract (in Spanish and English) that defines the details and contingencies of the agreement with the seller
- Place all deposits in a neutral, third party escrow account, pursuant to a fully executed escrow agreement.
- Obtain title through a Mexican Notary Public, and title insurance, at the time of full payment.
- Ensure proper recordation of the title transfer with all applicable municipal and federal registries at time of title transfer.
Disclaimer: This checklist is intended for use by foreigners purchasing property in Mexico. This information and recommendations are intended to be used in conjunction with the BUYER’S ADVISORY and other private and/or governmental assistance obtained by buyer and is subject to change without notice. The Arizona Mexico Commission is not responsible for reliance on any of the information provided.
Present document updated on: November 20, 2002