A Specialized Attorney: A Tool of Legal Certainty in a Real Estate Transaction
The real estate market has become more competitive and presents greater difficulties to settle a real estate transaction due to external factors such as economic situations, crime rates, social-political facts along with the typical uncertainties and challenges of acquisition itself.
Foreigners lack knowledge regarding the process of purchasing property overseas, and many questions arise: How can a foreigner acquire property in Mexico? What are the steps of obtaining the title deed of the property? Is the seller entitled to sell the property? Who will be involved in the transaction and what are the functions of each? Can the seller guarantee me a free and clean title? Which documents are the most essential to review before making an offer signing the final contract? Depending on the location or characteristics of the property, are there any particular procedures to follow?
Some real estate agents try to pressure clients to close the deal, attempting to show their knowledge by responding to the client’s legal questions during the first showing of the property; this is not an ideal situation. If the information is incorrect, it will cause a red flag or scare a client off the sale. Therefore, it is crucial to allow a Mexican attorney who specializes in real estate to provide a full explanation of the process. The attorney can resolve any questions or concerns the buyer has and also offer purchase options to ensure the sale is secure and in the buyer’s best interest. By not rushing the client and allowing them to consult with an attorney regarding legal status and the formalization of the process, the real estate agent will avoid being accused of misleading or creating a misunderstanding with the buyer. Of course, the agent will discuss and answer general questions regarding real estate, the legal status, provide insight into the challenges and benefits of the purchase itself.
The agents and attorneys must create professional partnerships for increased service to their clients; forming this partnership will benefit the whole real estate market, and provide clients with a well rounded and secure service. Better service means a positive reputation in the real estate market which leads to an increase in clients and sales.