MULTIPLE OFFERS:

Mexican law is different, it is better in my opinion, regarding multiple offers.  The first receive written offer must be answered by the seller in writing. Seller should see all offers, but the first offer must be addressed first. Seller in writing can accept, counter, or reject the first offer. And only when this process has been followed, can all other offers be reviewed, and seller can respond to any he chooses. Note, do not let any agent tell you to sign more than one offer at a time. You can put a short term for the seller to answer, but do not sign more than one at a time.

AS IS:

Property is being sold ¨as is. ¨ An inspection is good to understand the mechanical and physical property conditions. You can ask for repairs, but seller is not obligated to do any repairs.  Another value for buyer to have an inspection, is to know the condition of what he is buying, and if for example, the. propane tank is about to expire, you know you will have to replace it soon. Homes have their own tanks; condos may share a common propane tank.

ESCROW: 

Escrow is common for North Americans from the USA or Canada, but not Mexico.  So, the laws of how to handle escrow are not many.  Check with the escrow title company you are being recommended to use.  Find out what the jurisdiction can be for any issues or diss-agreements between buyers and sellers.  Jurisdiction can be the USA, where there are more escrow laws.

PRECONSTRUCTION PROJECTS: 

Are an opportunity for price, terms to buy, and new products.  Risk is higher than resale. Risk is always higher if you do not proper due diligence.   The notary will not do this for you, and your agent is not qualified decide legal matters.  Legal documents need to review by your own advocate. If you think you can skip this step, or not pay for the attorney yourself (so they are your advocate) you are misinformed.   Please remember you need to be aware and ask questions to learn how different the buying and selling process is in Mexico. And it will be different if you buy in any country other than your home country or state.

This article is based upon legal opinions, current practices and my personal experiences.  I recommend that each potential buyer or seller of real estate conduct his own due diligence and review.

Harriet Murray

Owner / Agent • Cochran Real Estate

Mobile: +52 (322) 205-7550

usa/canada:  (504) 298-6730 

Email: harriet@casasandvillas.com