Legal Steps to Safely Buy Property at Lake Chapala Ajijic Mexico

Legal Steps to Safely Buy Property at Lake Chapala Ajijic Mexico

As long as you are legally in Mexico you can buy property here as a foreigner. I’ve sold homes to people here on a tourist visa they got on the airplane flying down.

Choice of Title:

You can own the property through a Mexican bank trust or in your own name. A bank trust (fideicomiso) is where a Mexican Bank holds he “legal title” and the buyer is the beneficiary of the bank trust.

Your interests in the trust are transferable. There are some advantages in certain circumstances, but most people want to own property in our area by direct deed in their name.

Should you decide to own property in you own name, a deed called an escritura, must be prepared by a Mexican notary public. In the Mexican state of Jalisco where we are located it’s possible to name beneficiaries in the deed as long as they are your spouse, your parents or your natural children.

If you want your property to pass to others you should then have a Mexican will prepared to save on probate and other fees at the time of death.  A US will will work, but much better to have a Mexican will done, if only to cover the property you own here in Mexico.

 The Notario Publico:

 There are great differences between the United States Notary Public and the ‘Notario Publico in Mexico. Yes, the name sounds similar, but the jobs and authority are vastly different .

In the United States the notary public may be the local butcher, the new accounts clerk at the bank, the secretary at the office, or practice any other occupation and still hold a Notary Public Certification.

In Mexico, the (notario público) is a public official appointed by the State Governor. He/she has the capacity to attest and certify documents  and the Notario Publico is  the only official who can legally transfer land.

Some of the requirements for becoming a Mexican notary public are as follows:

1.    must be a Mexican citizen;

2.    must by thirty-five years of age;

3.    must have a law degree;

4.    must serve an apprenticeship under a practicing Notario.

5.   must take and pass an examination and then must wait to be appointed by the State governor.

There is supposed to be one notario for each 30,000 people in the state.