Introduction to the Mexican Real Estate System was written to fill a knowledge gap between foreign professionals, lenders, and investors, on the one hand, and the fascinating Latin country whose emerging economy, population, and opportunities will set the tone for North America development in the years to come. As the author says in his Introduction, "One may well debate whether the Americanization of Mexico is better or worse than the Mexicanization of the United States, but there is no longer any question of the direction in which history is moving." Neither an arid legal treatise, nor a compendium of experiential anecdotes, the book attempts to strike the right balance between the general and the specific, between the deep background and the nitty-gritty of daily practice, to deliver to its readers a functional knowledge of the subject.
William D. Signet's specialized and varied knowledge of Mexican real estate comes from legal practice in both U.S. and Mexican law firms, and as the head of the Mexican insurance subsidiary of a major U.S. title insurer. Mr. Signet taught the course "U.S. Trade and Investment in Mexico" at the University of Texas Law School for seven years. He is also the author of the Mexican Law Library and of several articles on Mexico appearing in law reviews and other publications.
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More About This Textbook
Overview
Introduction to the Mexican Real Estate System was written to fill a knowledge gap between foreign professionals, lenders, and investors, on the one hand, and the fascinating Latin country whose emerging economy, population, and opportunities will set the tone for North America development in the years to come. As the author says in his Introduction, "One may well debate whether the Americanization of Mexico is better or worse than the Mexicanization of the United States, but there is no longer any question of the direction in which history is moving." Neither an arid legal treatise, nor a compendium of experiential anecdotes, the book attempts to strike the right balance between the general and the specific, between the deep background and the nitty-gritty of daily practice, to deliver to its readers a functional knowledge of the subject.
Product Details
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Meet the Author
William D. Signet's specialized and varied knowledge of Mexican real estate comes from legal practice in both U.S. and Mexican law firms, and as the head of the Mexican insurance subsidiary of a major U.S. title insurer. Mr. Signet taught the course "U.S. Trade and Investment in Mexico" at the University of Texas Law School for seven years. He is also the author of the Mexican Law Library and of several articles on Mexico appearing in law reviews and other publications.
Table of Contents
Preface
Notes
Part One Elements of Understanding
Chapter 1 Why History Comes First 3
Spain Lands 4
Spain Jettisoned 11
Drift 15
Juarez and the Armies of Reform 16
Porfiriato 21
Revolution 26
Law of January 6, 1915 33
1917 Constitution 36
1917-1934: Inactivity 41
The Ejido Emerges 45
Governance 46
"Expropriable" Lands 48
Other Avoidance Measures 50
Comes Cardenas 51
The Aftermath 53
Neo-Liberalism 55
Chapter 2 Is it Safe? 57
Governmental "Takings" of Real Property 57
Land Invasion 60
Adverse Possession ("Squatting") 62
Corruption 62
Participants that Make the System Safer 65
The Mexican Notary 65
The Public Registry of Property 66
The Bank Trustee 66
The Title Insurance Company 67
Lawyers 68
Chapter 3 Mexico's Public Sector 71
Resources Given Constitutional Protection 72
"Common Use" Properties (Uso Comun) 78
The Territorial Sea 78
Interior Marine Waters 78
Marine Beaches 78
The Maritime-Terrestrial Federal Zone ("ZOFEMAT") 79
Defining the ZOFEMAT 79
ZOFEMAT Changes Arising from Coastline Changes 81
Concessions in the ZOFEMAT 81
Federal Riverbanks and Federal Zones 83
Other "Common Use" Properties 84
Property Used in Public Service 84
Lands Reclaimed from the Sea ("TGM") 85
"Vacant" Lands (Terrenos Baldios) 85
"Public Domain" Lands as "Inalienable and Imprescriptable" 85
Further Explained 86
National Territory 86
Mexican Marine Zones 86
Chapter 4 Social Sector 89
The New Agrarian Law 90
Laying Out the Boundaries 90
The Ejido 92
Governmental Agencies 92
Nature and Governance 92
Categories of Ejido Land 93
Associations and Transactions with Third Parties 93
Use of Ejido Property as Collateral 94
Sale or Transfer of Ejido Lands to Third Parties 95
Chapter 5 Restrictions on Foreign Investment 97
Specific Rules Governing Foreign Investment 100
Activities versus Land Ownership 100
Helpful Vocabulary 101
"Residential" versus "Non-Residential" Use 103
Bringing the Variables Together 106
The Nature of Trusts Used to Hold Land in the Restricted Zone 108
Restrictions on Foreign Ownership of Mexican Corporations Owning Rural or Agricultural Property 112
Chapter 6 The Mind of the Mexican Legal System 119
Civil Matters 120
Commercial Matters 122
"Civil" and "Commercial," "State" and "Federal" 123
Judges 126
The Legal Profession 128
Mexican Judges 129
The Amparo 130
Part Two Elements of Law
Chapter 7 Real Property and Personal Property 133
Interests in Real Property 133
Chapter 8 Ownership 141
What Ownership Means 141
Power to Exclude 144
Expropriation by the State 145
Power to Convey 148
Means of Acquiring Ownership 148
Contracts to Convey Real Estate 149
Preparatory Contracts (Contratos Preparatorios) 149
Requirement of Public Instrument 152
Inheritance 152
Accession 153
Judicial Adjudication (Adjudicacion) 153
Exchange (Permuta) 154
Adverse Possession (Prescripcion) 154
Donations (Donaciones) 154
Power to Use and Enjoy 155
Environmental Regulation 155
Zoning 155
Building Ordinances 157
Urban Planning Laws and Regulations 159
Restrictive Covenants and Deed Restrictions 160
Limitations on Ownership 161
"Legal" or Constructive Easements 162
Chapter 9 Adverse Possession 165
Law of Adverse Possession 166
First Element: Possession "Under Color of Ownership" (En Concepto de Dueno) 167
Possession That is "Peaceful" 170
Possession That is "Continuous" 171
Possession That is "Public" 172
Chapter 10 Easements 175
Concept of the Easement 176
Voluntary Easements 178
How Created 178
By Private Agreement 178
By Unilateral Act, or by Will or Testament 179
By Prescription (Adverse Possession) 179
"Legal" Easements 181
Drainage (Desague) 181
Aqueduct (Aqueducto) 183
Transit (Servidumbre de Paso) 183
Chapter 11 Usufructs 187
Use and Habitation (Uso y Habitacion) 188
Chapter 12 The Mortgage and the Guaranty Trust: Devices for Securing Loans on Real Estate 191
Chapter 13 Leases 195
Rules Applicable to All Leases 195
Terms Applicable Only to Urban, Residential Leases 196
Part Three Elements of Practice
Chapter 14 Modern Closing Techniques and their Challenges 201
United States Model 202
Traditional (Pre-1988) Mexican Model 204
Real Estate Practice in the Transitional Period 209
The Next Phase 211
1 Eliminating the Title Problem 212
2 Eliminating Priority Problems in the Pre-, Trans-, and Post-Closing Notice Periods 212
3 The Funding Problem 214
Chapter 15 "Public Faith" (Fe Publica): What it Means and Doesn't 219
Notarial Public Faith 221
The Public Registry's Public Faith 224
Chapter 16 The Notary in his Labyrinth 227
Qualifications 227
Records 228
Functions of the Notary in Real Estate Transactions 229
Lawyer to Both Parties 229
Checking and "Freezing" Title 230
Fe Publica (Public Faith) 231
Fiscal Agent 231
Property Tax Appraisal 231
Chapter 17 Public Registry of Property 233
Certificates 235
Notarial Notices (Avisos) 236
Matters Filed of Record 239
The Inscription Process 240
Chapter 18 Anatomy of a Public Instrument to Transfer Property 245
Appendix Article 27 of the Mexican Constitution (Relevant Paragraphs) 261
Index 267