Every year more and more tourists end up calling Puerto Peñasco home with the purchase of real estate. But often buyers ask, “How does the process work for purchasing real estate here in Puerto Peñasco?” This article will outline the steps from making an offer thru moving to closing.
Choosing a Real Estate Advisor
If you are wanting to purchase real estate in Puerto Peñasco then I strongly recommend working with an AMPI-affiliated Real Estate Advisor. AMPI or the Asociacion Mexicana de Profesionales Inmobiliarios, is the Mexican Association of real estate professionals which guides its agent members to a proper code of conduct and ethics that dignify the real estate market and protect private property rights, this according to their website. In my opinion, the most important aspect of an AMPI-affiliated real estate advisor aside from ethics is the use of standardized use of pre-approved contracting forms that keeps the sales process uniform and in accordance with Mexican law which protects the consumer.
Making an Offer
Once you have chosen a real estate advisor, they will start sending you listings according to your criteria from the Multiple Listing Service. When you find a property that you like, your advisor will arrange to show it to you. After you view the property, you can make an offer on it and your real estate advisor will write up the details on an AMPI-approved form. Your offer will either be rejected, counter-offered or accepted. If accepted, you will secure your offer with an escrow deposit which is held by an Escrow Company.
If you are working with an AMPI Real Estate Advisor than all transactions will use an escrow company for the purpose of securing your deposit payment and ultimately your remaining purchase payment. The escrow company will distribute funds the day of your closing to all entitled parties. The use of an escrow company not only protects and securely transfers large transactions, but it also abides by all Mexican Anti-Money Laundering Laws, which in Mexico are strictly enforced.
Once your offer is accepted and escrow deposit made a flurry of activity will begin in preparation for your closing. You will be contacted by your assigned closing coordinator that was agreed to in your offer-to-purchase by the buyer and seller’s agents. They will request information such as a copy of your driver’s license, passport, have you fill out a personal information sheet as an example. Other activity includes conducting a survey of the property or performing a home inspection if requested in your offer-to-purchase. If you purchase a home or condo, most come with furniture so at this time an inventory list is compiled. Once all contingencies are met the sale is put as pending and you relax and cruise to the closing.
A real estate closing in Mexico is conducted by a Notario who will oversee the signing of all legal documents. A Notario in Mexico is a real estate attorney whose responsibility is to register the sale and are legally responsible and held accountable to ensure the deed title is clean and recorded in the public registry. The Difference between a Notary Public in the U.S. versus a Notario Publico in Mexico is that the Notary in Mexico is an experienced lawyer who has been selected and appointed by the Mexican state after practicing law, completing a rigorous application process, passing a stringent exam and also meeting all qualifications set by the government.
About the author: Joseph Sanchez is president of Rocky Point Home Builders a design/build contractor specializing in custom home design, construction and engineered renovations and a real estate agent with RE/MAX Legacy. He resides here in Puerto Peñasco with his wife and three children and is originally from Chicago. For more information email him at firstname.lastname@example.org .
If you are wanting to purchase real estate in Puerto Peñasco then I strongly recommend working with an AMPI-affiliated Real Estate Advisor.