Did you know that 50% of the homes in Mexico City are not regularized? But what does this mean and what are the implications?
According to figures from the Mexico City Notaries Association, at least half of the properties in the country’s capital lack deeds or are not regularized. This means that some homes do not have deeds and others do, but they are intestate properties or that are not in the name of the current owner.
Registering your property is the last step in the home buying and selling process. Because this is not a required step by law and is an additional cost for buying a home, many people do not. However, the consequences can be much more costly and exhausting.
Risks of owning property without deed
In principle, not having the deed means that you are not the legal owner, since it is the only document that accredits you as the owner, consequently, you have no legal guarantee, you could be the victim of fraud and someone else taking over your assets. Also, without deed, you have no rights to property. You could not sell it, grant it in succession, or ask for a loan leaving it as collateral.
Take advantage of the Month of the Testament and the Notarial Day that in 2020 was extended until December 31 to regularize your house and do not put your house at risk.
The procedures you can do and their discount
In the Notarial Day, you can save on the process of the deeds of a house, make a will or make an inheritance.
In the deed you can have a tax discount of up to 60%, depending on the value of the property.
For testamentary and intestamental successions, which is when a person dies without making a will and owned some property, you can get a tax discount of up to 80%.
Remember, all the procedures of the Notarial Day must be carried out in the offices of the General Directorate of Territorial Regularization.
Take advantage of the Testament Month
Although throughout the year, in the Notarial Day you can obtain discounts to make your will, for more than 10 years, during September, a special campaign has been carried out, in which the College of Notaries of the Federal District, the National Association of the Notary Public, the councils and the colleges of notaries throughout the country.
The average cost of a will in CDMX is $ 3,000 pesos, but during September it is reduced 50%. In the rest of the country, this figure depends on each federal entity, since the agreements between the authorities and the local notary associations determine the cost.
But what does my house have to do with the will? Having a will is the first step so that your assets do not become a mess for your heirs. So that everything you achieve in life is not only enjoyed by you, but also improves the lives of your heirs.
And although as we explained at the beginning, in order not to inherit problems with real estate you must have the deed in order, not have a will in which you specify what should be done with your assets, your house also makes a problem in the future.
Take advantage of the discounts of the Notarial Day and the Month of the Testament and put your house and your goods up to date.