What Are The Most Important Documents When Buying a House?

  • Since the property acquisitions are expressive purchases, it is fundamental to show the property’s current owner that you have what is necessary to buy the house or apartment and pay off all purchase installments without delay.
  • To acquire mortgage credit in Mexico, it is common for the buyer to present his or her bank account statement.

Learn all the requirements, including documents, to acquire a property. Buying a house is one of the most common dreams among Mexicans. Although the investment is considerably high, the return is also expressive. Consequently, it is normal that all buyer profiles desire to acquire a property.

To obtain a real estate financing, it is important to learn how the loans work, including interest rates, installments, and other conditions, and to know which documents the acquisition will require.

Do you intend to buy a house in the next few years and want to prepare everything in advance? Learn more about the conditions.

Documents required

Since the property acquisitions are expressive purchases, it is fundamental to show the property’s current owner that you have what is necessary to buy the house or apartment and pay off all purchase installments without delay, for example. Discover now the documents you must present when buying a house:

Updated official ID

If you are going to take on a debt of this size, the current owner or real estate company will want to know your main personal information. That is necessary in case of indebtedness, late payment of installments and even scams. So, when buying a house, you must take an updated official ID with you.

The buyer needs to present the property deeds and the identification of the person or entity that will sell the property.

Proof of residence

For the same reason presented to ask the ID, it is necessary to show proof of residence to buy a house. The document confirms your address, helping the company or current owner to locate you in case of delay, in addition to serving as a reference for sending other physical documents.

Work receipt

It is essential for the company or property’s current owner to know that you have a job and, therefore, will be able to pay the whole value from the property acquisition. That is the reason why you must take a work receipt to buy a house or apartment.

Proof of income

For those who do not have a formal job and, therefore, can not present a work receipt, it is necessary to give the company proof of income. The document will help to determine your ability to pay for the acquisition, showing how much money you make in autonomous or independent jobs if they are your main source of income.

Bank account statement

Still talking about finances and the ability to pay, to acquire mortgage credit in Mexico, it is common for the buyer to present his or her bank account statement.

CURP

The CURP, acronym for “Clave Única de Registro de Población”, is an alphanumeric document generated specifically for citizens and residents of Mexico. Its function is to give the population juridic security and improve the relationship between society and public societies. The document is usually required for many procedures in Mexico, like buying a property.

RFC

Just as the CURP, the RFC, which means “Registro Federal de Contribuyentes”, is frequently a requirement to agreements to buy or sell properties, among other procedures. The document is a tax identification number and it is 12 characters long.

Other requirements

To acquire mortgage credit and buy the dream house, not only personal documents are required. It is also necessary to prove some other points. The buyer needs to present the property deeds and the identification of the person or entity that will sell the property.

This information will help the financial institution to approve the credit because they prove that the property is regular and available for purchase. Still, to buy a house or acquire mortgage credit, the buyer must be older than 25, although some institutions allow credit for people older than 18 that present a work receipt.

The maximum age, in turn, is usually around 60 years old. The age limit is between 50 and 80 years old, depending on the real estate company or the preferences of the current owner of the property.

Featured image source is Pixabay.

Gustavo Marques

I'm Gustavo Marques and I work at GEAR SEO as a SEO Analyst, a brazilian agency specialized in SEO growth and development for websites.
http://gearseo.com.br

Leave a Reply