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Before you purchase property in Mexico...
1. Ask to see a copy of the subdivision approval or F4. Why? Without this permit, it is not legal to transfer title.
 2. Does the individual lot have a legal street address? Why? All approved, legal subdivisions have a street name and a number assigned to individual lots, not just a block and lot number. These names and numbers are assigned in Mexicali and will not be first names of friends and family.
3. Ask for the parcel number or “Clave Catastro.” Why? If the lot doesn't have one, it hasn't been recorded and title cannot be transferred. Playa de Oro and Playa San Rafael have parcel numbers assigned to every lot.
4. Ask if the lots have been officially surveyed. Check for corner markers on the lot.
5. Ask if title insurance exists on the property. Many projects claim that title insurance is available for $5-$7 per $1,000. What they are not telling you is that if title insurance doesn't already exist there probably has never been title insurance on the property. The cost of the initial title search can run $5,000 to $10,000 or more. Who will pay for this cost?
 6. If title insurance exists, ask to see the policy. CHECK THE POLICY FOR EXCLUSIONS AND EXCEPTIONS. Not all title insurance companies are created equal or insure the same things. Other than Grupo Nacional Provincial S.A. and First American Title Insurance, most companies currently only insure the Fideicomiso, not the land. Also, normally they do not cover if the Fideicomiso is dissolved in the event of fraud or provide protection against specific liens. Some title companies have very specific exclusions and normally insure only the Fideicomiso, not the land, so ask to read the policy. First American Title Insurance Company fully insures both the Fideicomiso and the land. It protects against any fraud, liens, third party claims, even government intervention, should that ever occur. That is why SeaMexico Realty has chosen First American to insure the individual lots and the policies are available for you to read.
7. Insist upon seeing a “Certificate of No Liens” dated not more than 6 months old. Many projects that were unsuccessful in the past are re-surfacing with the increase in development in the area. They may say that they are back on track but litigation and liens may still exist. Be sure that the land is free of liens and judgments. Playa San Rafael and Playa de Oro provide the “Certificate of No Liens” issued by the municipality of Mexicali to every buyer.
8. Ask if the water and electric up to your lot are in, and if they are included in the price. Electricity can take years to be approved once plans have been submitted, and it is extremely expensive to do. At Playa de Oro and Playa San Rafael, these amenities are included in the price.
Ask Tyler and Jessica how you can start construction of your dream home today!
REMEMBER, DON’T BUY PROPERTY IN MEXICO ANY DIFFERENTLY THAN YOU WOULD BUY IT IN THE UNITED STATES. DEMAND A CLEAR TITLE AND TITLE INSURANCE THAT WILL COVER YOUR INVESTMENT UNDER ANY CIRCUMSTANCE. ALSO RMEMBER, IF SOMETHING SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS! |