Yes, there a mulitple listing service. However the service is new within the last several years and it is growing every year with more and more benefits by the association. However, the sharing of data is still lacking and comparable sales information used to establish market values for properties is still a little lacking. Over the last couple of years we have also seen the licensing of real estate agents, so we see the future as only getting better.
Click here to display the Seller's Checklist
BEFORE YOU BUY, CHECK THIS LIST OUT! Some people before you probably wished that they had a check list like this or other, before they had entered into a purchase agreement. Buying real estate in Mexico is much different than that of the United States. Even if you have purchased real estate in Mexico before, the process is developing beyond yesterday. As a Designated Broker of real estate in Arizona, our process has grown over the years also.
Click here to display the Buyer's Checklist
In Mexico, the incorporation of every company, the buying and selling of all types of real estate, the establishment of deeds and wills, the creation of mortgages, among other transactions, must be protocolized by a Notario Publico. Additionally, in certain cases, failure by a Notario Publico to properly calculate and withhold taxes can result in personal liability. Franciso Visoso, Notario Publico number 145 for Mexico City notes, "It is the Notario Publico’s responsibility to labor over the document and make sure it is in conformance with the law."
In many respects, the Mexican Notario Publico serves not only as a lawyer but also as a judge in his role
as protector of the law." For example, next to the Notario Publico’s signature on a document is the phrase "I Give Faith" (Doy Fe).
The principal difference between the Mexican Notario Publico and a Arizona Notary Public is that the Mexican Notario Publico is
responsible for the legality of the content of the document while the Arizona Notary Public only certifies the identity of the signer.
As Notario Publico Visoso notes, "That is a substantial difference.
The Mexican Notary Publico has little relationship to our U.S. notaries. The Mexican Notary Publico is a highly specialized attorney
authorized by the Mexican Government. The duties include handling all real estate transactions, wills, legal documents, commercial
transactions. Their authority exceeds that of an attorney and many times are the independent 3rd party in the transaction to intervene
where necessary.
A candidate to be a Notario Publico in the Federal District of Mexico must:
· be Mexican by birth
· be older than 25 but younger than 60
· be in good health
· have a good reputation
· not be the leader of a church
· not have a criminal record
· have studied under a notary for at least 6 months prior
· take a written exam
· be a legal professional with the title of lawyer
The root of "notary" is from the Latin "notarius" for clerk and can be traced back to the time of Cicero. Cicero was often longwinded and his secretary, M. Tullius Tiro, was said to have invented a new form of shorthand. This shorthand, named after his secretary, was called Notae Tironinae. In the 13th Century, the Notary emerged as a Papal appointee. These Roman appointees were given ecclesiastical jurisdiction. Under the imprimatur of the church, the Notary was an official whose acts and records were revered and acknowledged internationally.
At the same time in England, a region geographically distant from the Roman seat of power, a unique system based on customary law, rather than Roman law, emerged. Today’s Mexican Notario Publico is heir to the Roman system while the Arizona Notary Public is a descendant of its English cousin.
No, but should you purchase real estate without one? Once again that answer is no. Notary Publico's provide a very essential service in Mexico. One example of have a Notario Publico can mean the difference is: Capital gains taxes on real estate pass with the property. It is the job of the Notario to calculate the taxes, collect them and pay them. If you were to purchase property without their assistance, this may not get done properly and you will face to costs that your seller may not have paid. Another example, a Notario authenticate the documents and clear title on a proprty. These are just two of many necessary services provided by a Notario Publico, without their services, you are asking for trouble!
Manifesting is the processes of recording your expenditures of your construction & remodeling, for the purposes of adding these expenses to your tax basis. This is similar to the U.S., by raising your basis, you lower your capital gains upon selling thus lowering your taxes. If you do not manifest your construction costs, Mexican tax law will not allow those expenses unless you have manifested your project. Cancelled checks, receipts and statements are not enough, thus proper handling of you construction is important. Manifesting should begin before you start your construction project. The process of manifesting includes the recording and payments of social security taxes on the wages of the construction workers. These must be declared and paid, whether by you or your builder.
When your construction is complete, you will then need to proceed through a multitude of letters and requirements to complete your manifest. See your builder, real estate agent & accountants to handle your process properly.
For more information about manifests (click here).
It all depends on how you contracted with your builder. There are 2 different choices, these are:
If you have
agreed to a cost of materials plus a percentage to the contractor. You will need to keep very clear records in your manifest. You are responsible for paying the social
security on all workers on your property. When you pay the contractor, you should receive in return a "Factura", stating your name & address and the amount of wages. This
amount should include a 10% sales taxes on wages called an IVA Tax. You will need a factura in order to make the expense deductible.
The other approach of payment with your contractor is an all in one price or fixed bid. In this form of payment, the price is all inclusive of wages, taxes, materials etc. Each payment made to your contractor should come with a factura back. These facturas will not reflect that tax, as the payment of taxes is now the burden of the builder. These all in one price contracts puts much of the bookkeeping responsibility on the contractors and off you.
For more information about IVA & other taxes (click here).
In general, Mexico has no formal licensing procedure. However, the State of Sonora has recently changed its position on licensing. The State of Sonora has now required agents to take eductional classes and register and become licensed. If you are to purchase or sell real estate in Sonora, you can check on their status. The real estate process is different from that of the U.S. It becomes important in the real estate transaction to use a professional, experienced and licensed agent.
Asociacion Mexicana de Profesionales Inmobiliarios is the Mexican Association of Real Estate professionals formed
in 1956 and is affiliated with the National Association of Realtors (USA) and the Canada Real Estate Association. AMPI works together with Federal, State and
Municipal authorities, proposing new laws & admendments to existing laws & regulations.
AMPI members are dedicated to the highest level of ethics and professionalism. Each year AMPI members must sign a pledge agreeing to operate by the AMPI code of
Ethics.
No! Associations are merely the rules, regulations and personalities of their membership. Some of the associations in Rocky Point are run by dictorships while others are run by the membership with the groups best interest in heart. We have encountered many where the powers to be (their Boards), run their association for their own best interest. We suggest that you investigate their policies and financial information as they can dictate your ability to build, assess annual dues etc. In many associations, there are few members who participate in its governing policies. As like in the U.S., you may have little control in their ruuning of the association and they may attempt to hold you to their dictates. As you can tell by our attitude, we have experienced several of these before. We suggest that you investigate your development prior to purchasing. Ask exisiting members about their experiences. We have found that many times these problems can destroy your enjoyment in your property. On the other hand, associations can also help maintain so consistency within a development. You should check on the soundness of their financial situation, as you maybe liable for their short comings as a new member. Remember that most of these associations are run by part-timers who have little or no experience in association management.
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