The Deposit and Inventory
The deposit is usually paid at the time of signing. A thorough photographic inventory of the property is advisable in order to document any pre-existing damage. This inventory and supporting photographs may be included in the contract and usually are considered an addendum that is an integral part of the contract. Tenants may have up to 30 days following the signature of the rental agreement to report any significant pre-existing damage to the landlord.
The landlord must return the deposit within 30 days of the tenant leaving the property unless a different time frame has been agreed to, and as long as the property is in good condition. At the end of the contract, tenants can request a letter from the landlord confirming that the obligations of all parties under the contract are discharged (Carta de Finiquito).
The process of buying, selling or renting any type of property or land is regulated at a state level in Mexico. While some procedures in the property purchase process may be identical in all states, others may differ. This page gives an overview of what is involved in buying a property in Mexico, prepared by certified real estate agents who are experts in the Mexico City property market. It contains advice that should not be considered a legal document nor should it imply any liability for its authors in case there are some discrepancies with the processes involved for the sale or rental of a property. It should also be noted that for particular practices and requirements in areas other than Mexico City, advice should be sought from professionals familiar with the property market in that state.
Information provided by Carmella Peters-Romero, Vanessa Kerr and Hector Romero of Peters & Romero Bienes Raíces, Tel: 55 3713 0985 / 55 6708 4772 / 55 4341 3131