Step 2: Making an Offer
Presenting an Offer (Ofrecimiento)
The ofrecimiento is an initial document that outlines the general terms of the transaction and the offering price. Subsequently, the Notario drafts the formal deed in Spanish. If the property is located near the borders or on the coast, a restricted zone, a trust (fideicomiso) must be formed resulting in a Contrato de fideicomiso. If the property is located in the interior, a non-restricted zone, a purchase/sale fee simple deed (contrato de compraventa) will be executed.
Promissory Contract (Promesa de compraventa)
Considering there is likely to be a delay, it is highly advisable to adopt a promissory contract (Promesa de compraventa) outlining all the terms of the sale including possession dates. It should accurately reflect all the deals of the transaction.
Escrow
An offer to the seller is expected to include an earnest money deposit of five to ten percent. Because the deposit is not legally required to be placed in an escrow account, one is not always used. In the worst scenario, be prepared to loose your entire deposit. Customarily, the deposit check is immediately cashed. Stewart Title offers escrow services.
Real Estate Buyers
If you are considering purchasing land in Mexico it’s very important to get proper representation.
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