Find out what requirements and paperwork you must meet to sell or rent a home. We tell you what needs to be provided before you sign a purchase or lease agreement and where you can address them.
Both the seller and the buyer (or, if this is not possible, the owner and the tenant), need to perform certain actions and collect certain documents to carry out the purchase and sale (or lease) of the property. Let’s see what they are:
According to the Board of Notaries College of the Federal District AC, the following documents are required to sell a property:
Official identification or power of attorney letter
Like any other procedure, it is necessary to verify the identity of the interested party with a valid official identification such as a voter ID (INE or IFE) or passport.
If you are not the legal owner of the property, in addition to official proof of identity, you must have a power of attorney where the owner gives you the ability to represent him in the sale.
Public Title Deed
For a verb to be true, it must be To be registered in the General Register of Property and Trade For the city in which the property is located and the seal of the institution.
If you do not have it, ask for a certified copy from the notary who issued it. Get the bond number and bond date on hand to carry out the procedure. You can also go to the general archive of notaries public in your area, fill out application forms and pay for the rights to the document. The copy is delivered the same day and is valid for life.
On the other hand, if you don’t have any information that will allow you to keep track of the title deed, go to the public property registry and ask for a registry record. Therefore, you must provide the following documents:
- message request
- The applicant’s official identity card
- Address proof of payment
- Payment voucher to search for documents
The registry record will contain the data and electronic record of the property that you must hand over to the responsible notary to start work.
Certified by Freedom
This document has been issued to prove that the property does not have any kind of debt (mortgage). If the property was purchased through a mortgage loan, at the end of payments, this document is processed. But if the property was acquired by another payment method or was inherited, you will have to apply on your own. To do this, go to the General Property Registry Directorate in your area with the following requirements:
- Request for owner
- Real estate paper or record background
- Registered owner name
- proof of payment
The certificate is delivered within 3 to 4 working days and is permanently valid.
the real estate purchase contract
The sales contract must contain the following clauses and declarations
Seller data and information
This section defines who the person or persons selling real estate is and whether they have the legal capacity to carry out the transaction. Likewise, property data such as registration numbers, technical specifications, documents, and information available to the buyer, among others, are mentioned. Representations made by the seller and applicable restrictions are also accepted.
Seller data and information
The buyer’s data and legal qualifications to purchase the property are recorded. Similarly, the Buyer confirms that it has received the information and documents relating to the property, which are described in the attachments and the previous declaration.
Statements of both parties
The will, responsibility, and capabilities of both participants in the agreement are accepted.
The clauses define what the sale is and how it will be carried out, under what rules and conditions, and what actions will be taken in the event of non-compliance.
Appendix A: lists the technical specifications of the house: materials used, security conditions, characteristics of the structure, fixtures, and finishes.
Appendix B: Contains what is related to the terms and conditions of the property guarantee.
Appendix C: Details of the information and documents related to the property that has been made available to the buyer.
All attachments must be signed by the interested parties.
To rent a property, you must show the tenant your official identification as well as the title deed and prove that you have the legal capacity to carry out the process. In addition, you must have a lease agreement.
property rental contract
leaseIn addition to including the declarations of the lessor, the lessee, and their group, they will have the participation of a third party who will act as a guarantor for the lessee and declare his property as security if certain obligations of the contract are not fulfilled.
The following agreements are announced in the clauses, among others: the concession to be performed in the contract; date and validity of the contract, as well as actions to be taken in case of non-compliance; terms of delivery, receipt, and return of property; Delivery of deposit, quantity, and functions; Payment of premiums and services to the property is the responsibility of the tenant; intended use of property; Specific obligations of each party, termination of the contract, etc.
That details the terms of ownership.
Technical specifications of the property
This document is part of the first appendix which must include both the sale and lease agreement. What is described in the property must match what is delivered. Technical specifications of the property include:
- The type of property to be delivered
- Site Map
- Land area
- building surface
- verb data
- Technical specifications and security of property and materials
- Structure characteristics, fixtures, and finishes
- Special facilities such as ramps for the disabled
- Additional details
For the validity of this document, both parties must sign an agreement.
A warranty policy is a document that details the terms and conditions for use of a warranty and must comply with applicable provisions of the Federal Consumer Protection Act. It must contain:
- Duration or validity of the warranty (it cannot be less than one year)
- Costs that will not be covered by the buyer/lessor
- Defects or failure of the property covered by the warranty
- 5% bonus on the value of the repair in case the same buyer has to carry it out
- Seller’s / Lessor’s Obligations
- Buyer/Rentee Rights
- Implemented warranty repairs.
The act of receiving delivery
The buyer or lessor must account for what will be delivered to the buyer or lessee, as well as the terms on which they are delivered. Likewise, the delivery receipt certificate should mention the actions that have been or are to be performed to carry out the delivery.
This document must include the signature of the owner/seller and the tenant/buyer and their witnesses. The record must specify:
- Housing model (in case of a housing development)
- The number of rooms
- EXTERNAL FEATURES
- Termination types
- Features of each room
- Additional details
- Use of warranty policy
How to register in the property registry
Once the sales contract is signed, the action performed must be recorded in the property’s public registry.
- Location, surface, measurements, and property boundaries. Name, ownership account number, areal key, and references to the previous registration.
- The nature, extension, terms, and costs of the work performed.
- property value.
- Data of the persons involved in the process.
- The nature of the legal work, its date, number, and details of the official who delegated it.
He submitted the following documents.
- Action request
- Simple copy of the title deed with registration data from the property public registry
- Original Mortgage Release Certificate (valid for 3 months)
- A copy of the property tax receipt to date with payment
- A copy of the official ID of those involved.
It depends on the region in which it is done, while in some states it is completely free, in others the cost ranges from $ 250 to 600 pesos.
4 to 12 working days.
Once this procedure is approved, the property officially becomes the property of the buyer.