Latest News for Mexico Real Estate Buyers and Sellers

Maria O'Connor - Tropicasa Realty

banderasnews.com
October 2, 2014

There IS a Santa Claus! The criteria among local notaries for real estate transactions has changed and the new rules will allow the use of the generic CURP and RFC by the Sellers and the generic CURP by the Buyer.

Puerto Vallarta, Mexico - Yes Virginia! There IS a Santa Claus! And just like the decorations at Costco, this Santa Claus appeared on September 19 in the form of a missive from SAT clarifying the use of the "Complemento" contained in the Miscellaneous Resolutions issued back in July.

For those not following the news, this was the regulation that stipulated that in order for the notary to issue the deductible CFDI receipt in a real estate transaction both Buyers and Sellers would need to provide a CURP and RFC at closing.

As we had anticipated, this regulation has caused furor among the local real estate community as well as with attorneys and notaries trying to adequately advise their clients. This requirement has most affected the foreign community as those without residency documents are currently unable to obtain the CURP.

We have good news; the criteria among the local notaries has changed and the new rules will allow the use of the generic CURP and RFC by the Sellers and the generic CURP by the Buyer. Buyers will need to obtain their RFC in person at the local SAT office (in front of Costco on the east side of Francisco Villa) but this is a quick and easy procedure and no residency card is needed (your tourist visa will be sufficient.) The current criteria requires the particular RFC for Buyers but, again, this could be subject to change. Common questions and answers regarding the use of this "Complemento," are posted (in Spanish) at sat.gob.mx.

 

We will keep you updated as we receive news but, in a nutshell, at this time there are no special requirements for Sellers and the only requirement for a Buyer is to obtain the RFC (Taxpayer ID number.)

I would like to give a special thanks to Lic. Javier Mazoy C., an attorney and notary in San Jose del Cabo, as well as to Linda Jones Neil of the Settlement Company for their interest and diligence in this matter in spite of all the other things that are going on right now in Los Cabos. We send them best wishes for a great season and hope to see that everything is back to normal pronto!