Monday, November 11, 2013

México: 45% of Homes Constructed Lack Titles, Constructed with No Building Permits

According to The Latin American Tribune, about thirteen million houses, or 45% of the total housing market in México, lack titles and were built without permits, with many of the dwellings located in high-risk areas, Agrarian, Territorial and Urban Development Secretary Carlos Ramírez Marín said. 

The lack of notaries in México is one of the most significant problems of purchasing and recording property titles, a problem that is especially acute among low-income households, Ramírez Marín emphasized. 

“Among those in the country’s wealthiest population, some 87% live in a house with the title in order, while among the poorest population, barely 50% have a title associated with their property,” Ramírez Marín said in an address to the Mexican National Notaries Association.

COMMENT: President Enrique Peña Nieto overhauled the old Agrarian Reform Secretariat, creating the Agrarian, Territorial and Urban Development Secretariat to deal with the problems of territorial regulation, legal use of the land and urban development and housing.
Argentina has 21 notaries per 100,000 residents, Spain has seven notaries for every 100,000 people and México barely has three per 100,000 residents, Ramírez Marín said.

It is strongly recommended that foreign nationals purchasing any property in México retain a law firm licensed to practice in both México and their country of record, rather than relying solely on a notary public, largely to head off any property disputes in the future.