We continually observe that people involved in a sale of real estate, run into countless questions about whether their assets are protected, how long they will invest and sometimes they come to question whether they should do the operation.
If buying real estate brings risks in terms of the physical situation of the construction, state of the land, possible development of the area, among others, the legal aspect takes great relevance, so we have prepared a list of the six main aspects that are important to control in a real estate transaction.
Legal or patrimonial status of the property.
It is undoubtedly one of the most important points to consider when you are in a process of sale either the buyer or the seller being the simplest way to verify it with a Certificate of freedom and encumbrance, a document that we can get in the public registry of the property of the address where the property is located, and which gives the legal certainty that the property is susceptible to sale. This simple, not expensive but important document will show you who is the owner of the property if the property is linked to a mortgage, guarantee, or limitation either of an individual or an authority concerning its owner and once you get this document you can take a step forward in the purchase or sale of a property.
Payment of property tax.
Although it is true, the owners of the properties should pay year after year the corresponding property tax – considering the type of property and the area in which it is located – it is also true that most of the time the property accounts present irregularities due to non-payment, which is why depending on where you are, the signing of the deed ends up being delayed until this obligation is remedied. It is important to mention that in cities it is usually easier to comply with this obligation compared to rural areas that in the absence of such a document, can generate a small delay.
Marital status of the owner.
This point is rarely given the importance it should have. As long as the owner is single, the legal and fiscal effects of the seller or buyer will not have a great impact, as long as in the document that proves the property so established, a different result if for example in the deed or in fact the owner is married which implies reviewing the marriage certificate and determining if derived from the matrimonial regime by which they have chosen to have the consent and signature of the spouse for the sale.
Proof of no water debt, electricity bills up to date with payment, Telephone, and internet, maintenance fees among others can be cumbersome procedures that take a lot of time and, depending on the policies of each company, you must meet several requirements that will undoubtedly take you longer than expected if you do not foresee them before the signing of the deed.
Proof of address, CURP, and RFC of the buyer and seller. On many occasions, it is left for the last moment to collect and provide these documents, which, although they seem to be in daily use, end up delaying and even canceling sales operations. This is because, for example, documents such as proof of address, CURP, RFC, and Official IDs contain an error or are no longer valid.
Not because it is the last one, it ceases to be one of the most important, so that the notary in this type of operations is the main figure obligated to carefully identify and report the parties and their representative in anti-money laundering matters, because, in the end, it is under their faith, that the sale is being made. With this said, the parties or their representatives must always cooperate and provide timely information regarding the form of payment, origin of the resources, and whether they act for themselves or the benefit of a third party.
We hope that the above information is useful and if in your case you want to celebrate a sale either as a selling party or buyer and you have doubts about what requirements you have to meet and that it is the most convenient depending on your tax situation, approach an advisor who surely there will be things that you do not know and in which you can be supported to comply with your obligations under our legislation Mexican.
Author: Cristina Barragán Silva.
Published on September 06, 2021
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