Which Office Handles the Title Verification Process?
The office that handles the title verification process for Mexico real estate is called the Registro Publico de la Propiedad which records transfers of title, liens, claims etc on the property.
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Title Insurance
Title insurance has been available in Mexico since 1993 and its purchase is optional. However, especially for foreigners, it is a very important contract. Similar to a U.S. contract of indemnity it guarantees that the property in question is free and clear of any claims, judgements, liens, or other legal problems and assures the ownership rights held by way of Fideocomiso.
The process of obtaining a title insurance requires three steps: First, a Title Company reviews the legal state of the Mexico homes for sale. Second, the seller signs over the title with a notary (Notario Publico) and third, the recording office investigates the accurancy of the seller’s claim. If the office verifies the title to be legally sellable, the Notario receives the certified assurance that there are no encumbrances on the property and the purchaser officially becomes holder of the title. This procedure is taken very seriously in Mexico in that the Notario could be held civilly and criminally liable.
Who Oversees the Title Insurance Work?
In Mexico real estate, a Notario Publico, who must be involved in all real estate business, handles these transactions.
Difference between the recording offices report and Title Insurance?
With regard to Mexico real estate, the recording offices report will substantiate that there are in fact no liens against the property, who is truly the legal owner of the property and do they have the legal right to sell, date of purchase, basically the entire history of the property.
Is Title Insurance important?
Absolutely, title hazards are common and with your Mexico home being one of your most important investments, it is critical to have the financial protection that title insurance provides.
Who do we use for Title Insurance?
We at Investment Properties Mexico collaborate with both First American Title Company and Stewart Title to handle all of our title work.
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