There are a series of taxes and duties that must be paid that depend on the purchase price, and legal fees are based on an official tariff.
Purchase-and-sale
How long does the whole process take?
If all the requirements are met, it takes between 4 to 5 weeks. If seting up a trust, it may take an additional 4 weeks.
Who should pay for the deed?
The State Civil Code states that the payment of the deed is the buyer’s responsibility; Income Tax, if applicable, must be paid by the seller.
Can a property that is to be paid in installments be publicly deeded?
Yes, there are different ways to guarantee payments.
When can Income Tax be exempted?
The exemption may be applicable if, in the three years prior to the date of deed, the seller has not sold another property using the right of exemption, declaring so under oath.
How can Income Tax be exempted?
The seller must present either a Mexican voter identification card, telephone bill, electricity bill or bank account statement with the address of the property being sold and in the name of the seller, his or her spouse, or their ascendants or descendants. Tax exemption is capped.
Mortgage cancelations
What documents are needed for a mortgage cancelation?
- A letter of instruction addressed to the Notary.
- The deed by which the mrotgage was loan was granted with registration data, and in case of any modification, the respective deed.
Corporations
What is required to incorporate a corporation?
Providing the Notary with:
- Object (purpose) of the corporation.
- Names of the associates.
- Three names for the corporation.
Powers of attorney
What documents are needed to grant a power of attorney?
- General information of the person(s) who will grant the power of attorney.
- Legal entities must bring their incorporation instrument and the reforms that have been made to it; attorneys-in-fact must bring their deed stating the powers they can exercise.
- The name of the person(s) receiving the power of attorney.
- Powers to be granted (for lawsuits and collections, acts of administration, acts of ownership, subscription of titles of credit, or special).
What is the duration of the power of attorney?
If a duration period is not indicated, it will be valid for 3 years from the signing of the power of attorney.
Wills
What is needed to grant a will?
- Copy of an identification, which must be presented in original at the time of granting the will.
- Appearing personally at the notary, in perfect mental state.
When is a guardian required?
When a minor or an incapable adult is involved.
Must the deeds of the assets to be willed be presented?
No, even assets that are not yet owned may be included.
What is a legatee?
The person to whom specific goods or assets are left to.
Certified copies
What is needed to certify a document?
Show the original to the notary for comparison.