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.
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.
Post-Offer Activity
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.
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 sales@rockypointhomebuilders.com .
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If you are wanting to purchase real estate in Puerto Peñasco then I strongly recommend working with an AMPI-affiliated Real Estate Advisor.
