Baja Unlimited - Real Estate in Cabo San Lucas and San Jose del Cabo

as a "fideicomiso". We remind you that as a cautious buyer you should always have your real estate transactions reviewed by a licensed Mexican attorney before acquiring land in Mexico. As the old adage goes, "buyer beware."

WHO'S INVOLVED?

There are usually three or four parties involved in any Mexican real estate transaction. They are: the real estate company or current property owner, the buyer's attorney, a Mexican banking institution and a public notary.

All are necessary to a successful real estate transaction in Mexico. Transactions outside of restricted zones, such as beach front, may not involve a banking institution since it is not necessary to establish a real estate trust in those areas.

The basic terms and principles of real estate transactions in Mexico are very similar to those in the United States. This holds especially true as more and more U.S. real estate terminology is adopted by the Mexican system. However, there are some terms that are completely different. As a rule, you should assume nothing before seeking a licensed Mexican attorney to act on your behalf.

As a buyer of Mexican real estate, you must retain professional assistance. Mexico has yet to regulate many areas of the real estate profession and many agents and brokers, regardless of the company or franchise they represent, are not yet legally licensed in Mexico.

Your attorney should be involved in drawing up any contracts and in reviewing the terms and conditions of the sale. Additionally, they should provide a title search and point out any problems that a certain property might present. Since Mexican attorneys are involved in many different transactions, they have close contact with banks, notaries, and the government on a regular basis. They are aware of the fees involved and can assist you in obtaining the best possible prices.

The buyer should always retain his or her own attorney, rather than using an attorney of the seller or one provided by a real estate company free of charge. Be careful of this because only your attorney will have your best interests in mind and there will always be some real estate companies who prefer that the buyer know as little as possible about the process of buying and owning property in Mexico.

And finally, when hiring a Mexican attorney, be sure to review his license or "cédula professional" and have the attorney's license number included in the retainer agreement before employing any services.