The advantage of a cash offer is that you do not have to worry about the buyer needing to get a loan from a bank. This means the chances of the deal falling through are much lower. It also means the closing can often times take place sooner. You will need to wait for the title company to perform a title search, but you won’t have to worry about the bank setting up appraisals, sending documents to underwriting, etc…

If you are looking for a cash offer on your house in the Grand Rapids area, your best bet is to speak with a local company that buys houses quickly. You can find these companies by looking for “we buy houses” signs, or searching the internet in your local area. In Grand Rapids, try a search similar to “sell house grand rapids” or cash offer for house grand rapids”. They can usually write you a cash offer within a day or two. Make sure you work with a company that has a good reputation.

So to sell your Grand Rapids house fast, look for a quick cash offer from a local house buying company.

Here’s how long it would take you to go from your home in Ottawa to your work downtown for 8 o’clock on a Monday morning.

About Ottawa

Ottawa, Ontario is the National Capital of Canada located near the United States border and the St-Lawrence River. The 2006 Census gives Ottawa a population of 812 000 making it the fourth largest in the country and the second largest in the province. Ottawa is a great city offering many attractions for people of all ages.

Looking for a home for sale in Ottawa? Call Roch St-Georges, Ottawa Real Estate Agent. 613-889-7732

Would you hand a complete stranger, without an office or an established business entity, a check for perhaps hundreds of thousands of dollars to pay for a property?  Why do so many foreigners do this when they purchase in Mexico?  Many do not realize that Mexico has a complex and complete legal system and a court system that is as well organized as any that exists in the United States, Canada or Europe.  It is essential that you have an idea of how the system works and what to expect when considering a purchase of property in Mexico.

Article 27 of the Mexican Constitution prohibits ownership by a foreign individual or business entity of real property (real estate) within the “restricted” zone which is an strip of approximately 30 miles from any coastline and 60 miles from any border.  Recognizing the demand by foreigners for ownership of property and recognizing the importance of making desirable properties available to foreigners for potential positive impact on the economy, the Mexican government implemented a series of Foreign Investment Laws beginning in 1973.  The law was modified in 1989 and again in December 1993, to incorporate the provisions of the NAFTA treaty passed in late 1993.

For those who are acquiring property for residential usage, the law requires that title to the property in the restricted zone be transferred to a Mexican bank, as trustee, in the establishment of a trust (fideicomiso) in which the foreigner is the beneficiary.  The bank is the titleholder of the real property and the foreigner is the owner of the rights of usage of the property.  The bank owns the real property rights and the beneficiary owns the personal rights of usage.  Ownership of these personal rights is evidenced through a deed prepared by a Mexican Notary Public and signed by a representative of the trustee bank.

Currently the term for a trust is fifty years.  The Foreign Investment Law of 1989 provides for renewal by filing an application.  Multiple renewals are permitted under the law.  By requesting extensions every fifty years, a property may be controlled by a family or business entity for generations.  For those foreign individuals or companies buying property in the interior of the country, not in the restricted zone, no bank trust is required but authorization from the Secretary of Foreign Relations must be obtained and ownership must be registered in the National Foreign Investment Registry located in Mexico City, as well as in the municipality where the property is located.

Until the buyer is formally named as the owner in fee simple or in the bank trust in a public document before a Mexican Notary Public, title to the rights in the property remain with the persons named in the previous property deed.  Their signatures are required to transfer title.  If the buyer fails to obtain his or her own deed he/she will be required to obtain the titleholder’s signature before a sale and transfer to another buyer.  This can be costly, frustrating, dangerous and time consuming.

The Mexico purchase/sale document signed by buyer and seller is generally legally valid between the parties to a transaction.  It most likely contains the description of the property, the price to be paid to the seller, and any other special terms and conditions.  It WILL NOT, however, provide valid notice to third parties unless it is recorded in the Public Registry Office of the municipality in which the property is located.  Mexico’s land registry system functions in much the same manner as the Public Registry offices in Podunk, North Dakota, Los Angeles, California, Ottawa, Canada or places in between.

many foreigners purchasing property in Mexico do not understand the importance of registration of their interest in property.  They believe that it should be left in the name of the property developer, in the Master Trust, or in the name of the previous holder of title.  What if the developer goes bankrupt?  What if the corporation and its principals, disappear?  Who can sign as the representative of the property?  Who then owns the property?  What happens if an unscrupulous seller sells the property to someone else?  While title is in the name of the seller, it is HIS/HER asset;  she may mortgage it, he may sell it again, it may be attached in satisfaction of a judgment, she may die without a will.

Unless the Deed for the rights of the Beneficiary has been Recorded, there may not be a remedy for the purchaser who neglected to obtain a registered deed…his or her interest and investment, may be lost.

To obtain the deed an appraisal, a property tax certificate, and a no-liens certificate must be obtained.  Notarized bank instructions must also be obtained if property is in the “restricted” zone.  Seller’s capital gains tax and Buyer’s acquisition tax must be paid.  The deed transferring rights to the buyer must be registered and stamped by both the tax office and the public registry.  If this process is not complete, the buyer is not fully protected.  The buyer’s ultimate protection is registration in the Public Registry office record, NOT the Notary Public or the trustee bank!

When property is sold with a down payment and the balance to be paid over a term of years, many sellers prefer to hold title to the rights in their name and transfer title to their rights only upon receipt of payment in full.  Meanwhile, however, the seller may die, may disappear, may bo bankrupt…again risky situations for the buyer.  the prudent buyer will insist upon a transfer of title and registration of a mortgage or pledge in which he gives his rights in the property as security for payment of the remaining purchase price.

In the event of default by the buyer, the seller must conduct a proceeding similar to a judicial foreclosure in the United States and Canada.  It is as troublesome as a foreclosure in any country in the world but notably more problematical.  The registered title and recorded pledge or mortgage provides the buyer a greater comfort level in his investment.  The lender also enjoys protection in having his loan recorded and will have an established legal proceeding to follow in the event of default by the buyer.