There are many risks associated with owning a property in Mexico, including legal issues, damage to the property, hidden defects and fluctuations in the real estate market. It’s important to understand these risks and take steps to minimize them. On this post, we will focus on the legal issues only.
Please bear in mind that there is a great difference between Canadian and Mexican real estate affairs.
Purchasing or selling real estate in Mexico involves a specific set of legal procedures and requirements. Canadians must become familiar with permit applications, tax regulations, and due diligence processes. This includes understanding the Foreign Investment Law, which outlines the rights and obligations of foreign property owners in Mexico.
Hiring a Mexican real estate lawyer can help navigate these elements, ensuring compliance and reducing the risks associated with buying or selling property in Mexico. It is crucial to verify property titles, check for any liens or encumbrances, and understand the local property taxes and fees. Additionally, understanding the capital gains tax implications for non-residents is essential for making a financially sound investment.
Our office offers land title reviews with a legal opinion.
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