LAWYERS VERSUS CLOSING COMPANIES

Posted by Mexlaw

Although they have been around for some time, closing companies are now becoming more and more prevalent. Essentially, these closing companies or “settlement” companies, are operated by ex-patriots that believe that, because they have experienced firsthand the process of purchasing real estate in Mexico, they can advise and consult others on the process. For a fixed fee, they will read the offer provided by a realtor, make some comments, and then introduce you to a preselected notary and bank to finalize the process. They will, essentially, transfer the most critical part of the process to the notary and the bank...

24 October

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The Law of Hidden Defects in Mexico

Posted by Mexlaw

in Legal Services, MexLaw, Real Estate

Hidden defects are an important point in the process of purchasing a property in Mexico. The definition of hidden defects is those possible defects that a property may have, which could not be known to the buyer at the time of purchase. A defect is classified as a "hidden defect" if: It is not obvious and cannot be recognized by a simple inspection. The buyer is unaware of the defect. The property was defective at the time of the sale. The seller is responsible for a hidden defect even if they were unaware of the defect. The seller will be obliged to repair...

24 October

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Making a Mark for Yourself in Mexico

Posted by Mexlaw

in Legal Services, MexLaw

Trademarks are those symbols or signs used to distinguish products or services in the market; they must be registered to identify them from the competition and to avoid confusion with other companies. By registering the trademark, businesses obtain multiple benefits such as exclusive use, which provides the certainty that the trademark may not be used legally by a third party without authorization. The registration of a trademark has a validity of 10 years from the moment of its application and may be renewed before or after the term expires. Trademarks registered in Mexico are only in effect within the Mexican Republic. However,...

06 September

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September is Will Month in Mexico, Is Your Estate in Order?

Posted by Mexlaw

in Legal Services, Mexican Will, MexLaw

Each year, Mexicans are encouraged to have a Will completed in September. If you are a foreigner who owns property in Mexico, you also need to have a Will created in Mexico. Death is not a subject we enjoy discussing, however, you need to be prepared. Mexicans, as a culture, have a unique relationship with death. They celebrate and venerate their ancestors on los días de los muertos, which is celebrated from October 31 to November 2. As a prelude to the celebrations, every September in Mexico is considered Will month. Mexicans are encouraged to prepare a Will, and notaries...

18 August

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The Ejido, a Mexican Concept Misunderstood by Foreigners

Posted by Mexlaw

in Legal Services, MexLaw

Plots of land located near the beach, specifically in Playa del Carmen, Cancún, Puerto Vallarta, Oaxaca, and the Riviera Nayarit are most likely part of an Ejido. Foreigners frequently ask, “What is the significance of an Ejido property and why am I prohibited from buying land there?” An Ejido or ‘propiedad comunal’ is an area of communal land mainly used for agriculture, on which community members farm designated plots and collectively maintain communal holdings. While this was the original intention and was once an accurate description of Ejido activity, today many Ejido properties are abandoned, with no farming activity taking place. Why...