Article
The Notary Public's Role in Buying Property in Mexico
The real estate market in every country has a unique character of its own and Mexico real estate is no exception. The Mexico real estate scenario is distinguished by the all important presence of notary public. Acquisition of any property in Mexico is impossible without the nod of the Notary Public and therefore it is important to understand the all important role of a Notary Public in Mexican real estate law.
So, what is a Notary Public? In Mexico, the State Governor holds the highest position in State Public Office. And, the Notary Public is directly appointed by the State Governor. The position of Notary public is far more prestigious and powerful than its counterparts in USA or UK. In these countries, direct appointment by the state is not necessary to become a Notary public.
In order to become a Notary Public, a person must essentially be a Mexican and hold a degree in law and also must be over thirty five year in age. A minimum three years’ work experience at the office of a Notary Public gives eligibility of appearing for an exam. On passing the exam, the candidate is appointed as a Notary Public by the State Governor. The complexity in the appointment procedure is the indication of the weight of Notary public’s position in real estate transactions; they are the professionals specially licensed by the state to ensure that the property transactions are carried on in a legally approved manner.
The real estate transaction process in Mexico involves a good deal of paper work and you can not sail through the process without the assistance of a competent lawyer and good Notary public. In Mexico, it is the Notary Public, who prepares the deed of the property. The buyer can proceed with the deal only when the notary Public gives green signal that all documentation and permits are in order.
It is the Notary public, who takes up a thorough investigation on the property in question. However, the lawyer can also carry on with his own searches about the property on a parallel basis. These searches are essential to rule out any further claims on the property and to clear tax or debt related issues as well. It is the notary public who retains the right of storing and managing all important documents relating to the property including the original records. As such, it is the responsibility of the Notary public to certify the documents for their authenticity.
The fee of Notary Public in Mexico is rather high running on thousands of dollars and the more valuable the property, higher the fees of the Notaries. Your lawyer can help you in all issues relating to the Notary public.
