Closing Cost for the Purchase of Real Estate in Patzcuaro Mexico

Role of the Notario Publico (Notary Public) in Mexico

ROLE OF THE NOTARIO (NOTARY PUBLIC) in Mexico. The Notario’s function is different from that of the U.S. counterpart .

The office is appointed by the State Governor and the Notario has the power to witness and certify business documents which require absolute authenticity.

The office also must manage and secure storage of original records. The Notario has a law degree and must pass a stringent exam and the number of appointees is stricty limited. Under Mexican Law, a real estate deed must be prepared by a Notario.

Note that a Notario is a lawyer with specific duties and rights granted by the Mexican government, and is not the same as a U.S. notary. Mexican Law provides for private ownership of land by foreigners.

Notario Publico / Public Notary Property may be purchased and title acquired for residential use by foreign nationals if it lies outside of the 100 kilometer border zone or outside of the 50 kilometer coastal zone.In the restricted border and coastal zones, foreigners may own land through a fidecomiso (a trust).

These are set up through a bank. In the restricted zones, a trust holds the deeds to the property for a designated beneficiary (or beneficiaries). The beneficiary may develop the property in accordance with local regulations, rent it, sell it, etc. The trust allows the beneficiary to name a beneficiary upon death. A buyer does not have to be a legal resident of Mexico to own real estate.

A Notario should guide the buyer through the necessary steps and documentation procedures that should be followed under Mexican law for real estate transactions. Title insurance is not commonly used in Mexico, and it is not currently available in many states. However, title insurance is now available in Michoacán, and the Notario approved for title searches is located in Patzcuaro.

BUYER CLOSING COSTS Closing costs are paid by the buyer. Usual costs include:

• Notary Public fees.
• Certificate issued by the Public registry of the Property stating that the property is free of liens and encumbrances.
• A permit for a foreigner to purchase real estate. Cost is approximately Pesos $5,075 for each individual whose name appears on the title.
• Real estate acquisition tax of approximately 2.2%.
• Public recording fee.
• Appraisal fee and blue prints, if required.
• Other.

This general information is not intended to be comprehensive. Consult an attorney experienced in Mexican real estate law for legal counsel. NOTARY PUBLIC IN PATZCUARO Notaría # 24 Notario : Lic. José Hernández Garnica

• Tel/Fax : (434) 342-05-00, (434) 342-27-56 From U:S dial 011-52+number
• E-mail : not_24@hotmail.com
• Address : Codallos # 28 Colonia Centro, Pátzcuaro, Michoacan. Mexico C.P. 61600

Notaría # 61 Notario : Lic. Ernesto Valladares Gómez

• Tel/Fax : (434) 342-04-97 From U:S dial 011-52+number
• E-mail :
• Address : Dr. Benito Mendoza # 22 Interior “B”, Pátzcuaro, Michoacan. Mexico C.P. 61600

Notaría # 90 Notario : Lic. Ignacio Manuel Sandoval Hernández

• Tel/Fax : (434)342-25-27, (434) 324-53-44 From U:S dial 011-52+number
• E-mail:
• Address : Ahumada # 13, Pátzcuaro, Michoacan. Mexico C.P. 61600

Notaría # 114 Notario : Lic. Irma Vargas Fernández

• Tel/Fax : (434) 342-31-48 From U:S dial 011-52+number
• E-mail :
• Address : Portal Arteaga, Plazuela San Francisco # 2 Colonia Centro, Pátzcuaro, Michoacan. Mexico C.P. 61600

Notaría # 117 Notario : Lic. Javier Flores De Jesús

• Tel/Fax : (434) 34 2-58-77
• E-mail :
• Address : Libertad # 55 Colonia Centro, Pátzcuaro, Michoacan. Mexico C.P. 61600