In the past 20 years, the real estate properties in Mexico have increased in value. These properties are currently trending upward. So, it’s no surprise why these properties became good investments for real estate buyers from around the world.
The Mexican Notary Public – deed draft for transferring real property
In Mexico, ONLY Mexican Notary Public has a permit to draft a deed for real estate property transfer as well as real estate interest.
The Mexican Notary Public is different from the US Notary public, where a simple exam, a rubber stamp, and bonds are the only requirements to qualify for drafting legal documents. The authority is also not similar to the Notary Public in Canada, where a few stringent requirements should be met to make a transaction out of most people.
To be part of the Mexican Notary Public office, anyone have to be an attorney. He or she must acquire more than 5 years of practical experience and must be a passer of a tech exam. After that, he or she will be appointed by the Governor of the state to be a Notary Public.
What are the duties of the Mexican Notary Public?
The Notary Public in Mexico has a lot of duties and responsibilities. However, drafting of deeds for real estate transfer is the most important duty. On a deed of transfer, a signature must be before the Notary Public.
A foreigner who wants to buy and sell his or her rights in property in certain areas via Fideicomiso may or may not appear before the Mexican Notary Public to transfer the real estate interest.
A Fideicomiso is one for foreigners to acquire property rights in the restricted zone in Mexico, which are 100km from borders and 50km from the beach. The rights to property are intended for residential use and even lending agreements.
What legalized or authenticated document exactly is?
Regardless of what type of document it is, the Mexican Notary Public must sign it first before be considered as legalized or authenticated document. Once legalized or authenticated, it is the time that the document is called valid for use in Mexico. A designated public official is responsible for performing the government act and for certifying the genuineness of both the signature and the seal.
Based on the 1981 Hague Convention, both Mexico and The United States agreed to recognize each other’s public documents. That is as long as it is authenticated by an Apostille. In the case that a document for a transaction in Mexico has been notarized in the US, then it will be sent to the office of the Secretary of State. Then, it will be authenticated by the Apostille and sent through the mail.
Hague convention signatories
Other than the US and Mexico, there are more countries – signatories to Convention that abolishing the legalization requirement for foreign documents. These include Austria, Australia, Argentina, Bahamas, France, Germany, Greece, Israel, Norway, and Spain.
Countries – not signatories like Canada with docs to be used for Mexican transactions must obtain the document legalization from the nearest Mexican Consulate.