Any buyer today can get a title search done on a prospective property.
There are several companies, U.S. and Mexican, that provide title examinations or title reports.
These title investigations should include:
1) Lien search of the property.
2) Subdivision approvals and permitted development licenses for the land.
3) Extended search of the chain of title.
Other companies, like Stewart Title Guaranty, will issue Commitments for Title Insurance and subsequent Owner's and Lender title policies after an extensive title search of the deed records has been performed and the real estate has been conveyed AND recorded in the public registry of property.
A foreign buyer does not have to rely solely on the notario publico's title search which is customarily very short in the conveyance history of the property or merely the examination of the current escritura (deed).
Buyers should always ask the developer, or more often the sales agent/broker, if a bank trust can be obtained at the time of closing on the residential acquisition. Listen closely to the answer buying public! More times than not, the reply will be yes but not at closing.
Often, purchasers get possession of their respective condo, lot or house before legal beneficiary interest is conveyed. And why is that you ask? Because the developer has not obtained the necessary subdivision approvals, or the condominium regime has not been filed of record, or the land has not been properly regularized for bank trust entitlement.
Assorted Notes - Commercial -
Constitution - Ejido -
Federal Zone - Fideicomiso -
Foreign Investment law notes - Glossary -
History notes - Procede notes -
State notes - Title Insurance -
Contact Information - e-mail- sales @ costa alegre properties.com|
Telephone~ International ~ 52-315-35-15059 National ~ 01-315-35-15059 Local~ 35-15059
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