- Payment receipts will help you verify that you won’t become liable for debts.
- Verify that you have your personal documents updated and current.
If one of your goals for 2024 is to acquire a home, become independent, or find a larger place to move in with your family, don’t wait too long to start your search. Keep in mind that there are some benefits during the first quarter of the year, such as better interest rates, flexibility in acquiring credit, or reduced costs.
Buying a property to turn it into your home is quite a process, as you need to budget, research different offers, and handle paperwork. But no matter how complicated it may seem, it’s not impossible to achieve or something that should cause you stress.
For this reason, at Coldwell Banker Mexico, we list the documents you will need so that the experience can be as pleasant as possible and, above all, so you can achieve your goal of having your own house.
• Personal documents: Both the seller and the buyer must present documentation validating their identity and personal details, such as voter ID, professional ID, military service record, valid passport or CURP (Unique Population Registry Code), as well as birth and marriage certificates if applicable. We know this point may seem obvious, but some people overlook its importance and forget to ensure they have the required valid and updated documents.
• Property title: Every home must be registered in the Public Property Registry to guarantee its possession. This document verifies and confirms who owns the property, so it’s important to ensure the seller has it. The property title should include how the property was acquired, details about the home, acquisition date, and any other important information from the deeds.
• Payment receipts for services: The seller must confirm that the property has no outstanding payments. For this, request payment receipts for services such as water, electricity, and property taxes (predial) from the last 5 years. Failing to confirm that payments are up to date could make you liable for debts, affecting your budget. Additionally, these documents are necessary for further proceedings.
• Certificate of no liens: This document ensures that the property is free of debts, such as mortgages, and is ready to be purchased. The certificate is valid for 20 years and can be obtained from the Public Property Registry.
• Updated appraisal: An appraisal is a precise estimate of a property’s value, conducted by an expert. This is essential in the home-buying process as it confirms the property is suitable for occupancy and is being sold at a fair price based on its characteristics.
• Credit authorization letter: If you are financing the home through a mortgage, you will need to provide a letter from the financial institution confirming that the loan has been authorized.
Now that you know the documentation you’ll need to buy a home, it’s time to get started, gather these documents, and achieve your New Year’s resolution. We hope to make the process easier for you so you can enjoy this important step.
Fuentes de consulta:
https://blog.vivanuncios.com.mx/bienes-raices/costos-de-comprar-una-casa
https://www.lahaus.com/blog/comprar-vivienda/glosario-inmobiliario
https://espanol.century21.com/glosario
https://www.alfamexico.com/10-terminos-de-bienes-raices-que-debes-saber-antes-de-comprar-una-casa
