If you are thinking of buying or selling property in Puerto Vallarta, Mexico here are the most important Spanish words you’ll need to know in real estate transactions.
Ejido: Farming land owned by a legal entity, or group called the Ejido. Collective land that can now be privatized. Foreigners cannot acquire rights to Ejido property. Through a proper process, the Ejido can sell to a Mexican individual. The Mexican can then sell to a foreigner.
Escritura Publica: The document issued by the notary to transfer ownership of property. The escritura is a public deed. If there is bank trust for foreign ownership it is described in the escritura. In the escritura the bank defines its authority and sets out its fees. The time to negotiate the terms of this agreement is at the beginning of the purchase process.CONTINUE READING