What does the Notary do in a Real Estate transaction?
In a real estate transaction, the Notary is equally responsible to both Buyer and Seller, however, they are ultimately responsible to the Mexican government. Their job is to insure the legality of the transfer of title, to calculate and retain Seller’s capital gain tax on behalf of the Mexican government, collect the Purchaser’s 2% Acquisition Tax and pay it to the Department of Foreign Affairs, coordinate appraisals, certificates of no liens, certificates of no debt and request all corresponding permits. After Closing, the Notary must record the transaction at the Public Registry and at the Cadastral Office (Tax Office). For this service the Notary charges a fee based on the value of the property.
