MEXICO PROPERTY BUYER'S CHECKLIST
--A Guide for Foreigners Purchasing Property in Sonora--
Consult this Checklist, prior to committing to purchase, for the basics
on how to protect your investment in Sonoran real estate.
1. Understand and follow the Mexican law concerning real estate purchases.
2. Obtain the advice and services of a U.S or Mexican attorney, real
estate agent registered in Sonora, a title insurance company and/or
an appraiser.
3. Obtain a property disclosure statement from the seller, as available.
4. Obtain a copy of existing public deed (escritura pública)
complete with recording information.
5. 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.
6. When dealing with Mexican residential developments offered for sale
in Arizona, obtain a copy of the Arizona Public Report.
7. Obtain copy of applicable Mexican state/municipal development authorizations.
8. Obtain a copy of any Covenants, Conditions or Restrictions for the
property and any homeowners' association bylaws, budget and financial
statements.
9. Analyze all risks associated with purchasing property where any infrastructure,
building or other improvements have not been fully completed.
10. Analyze all risks associated with seller financing.
11. Estimate closing costs associated with your purchase.
12. Complete due diligence, including investigations of title and value,
prior to committing to purchase, or make purchase contract contingent
on those investigations.
13. Enter into a written purchase contract (in Spanish and English)
that defines the details and contingencies of the agreement with the
seller.
14. Place all deposits in a neutral, third party escrow account, pursuant
to a fully executed escrow agreement.
15. Obtain title through a Mexican Notary Public, and title insurance,
at the time of full payment.
16. Ensure the transfer of title is properly recorded 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.
LAST UPDATED: September 10, 2002
(For latest update see http://www.azmc.org)
