Notary José Antonio Manzanero Escutia
President of the National College of Mexican Notaries
In terms of housing, there are undoubtedly several challenges ahead. An important element to work on is the administrative one with emphasis on the issue of money laundering. In terms of money laundering, according to Mexican law there are five vulnerable activities in which notaries intervene and we must give notice:
1. Transfer and constitution of real rights over real estate.
2. The granting of limited and irrevocable powers with powers for acts of administration and domain.
3. Creation, constitution and modification of assets of legal entities.
4. Constitution and modification of trusts transferring collateral over real estate.
5. Granting of mutual loans with or without guarantee.
It is essential to have better tools so that notaries can better report our activities to the authorities. Today we do it through the system called DeclaraNot and the portal of the Financial Intelligence Unit.
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Last January, the head of the Tax Administration Service (SAT), Osvaldo Santín, announced that in this year 2018 we would have a new DeclaraNot, an update of the tool that allows notaries, by attesting to this type of operations, to be able to report faster and more agile to the authority.
Likewise, we believe that the money laundering regulatory framework should be more transparent. The work that notaries do is in accordance with current law, we cannot go any further, the National College of Mexican Notaries (CNNM) has suggested a series of reforms that allow a better application of the law in such a way that the criteria are perfected by the Financial Intelligence Unit to report more and better.
This is important because at the beginning of the year the Financial Action Task Force (FATF) released an evaluation it made of Mexico in 2017, in which we were not well qualified and part of it has to do with notarial activity, not only in housing, but in corporate and corporate matters. In this sense, we notaries are convinced that a review of the legal framework will benefit us in this and in other areas.
Regarding the required innovations, it is necessary to have more efficient and more agile tools to be able to work, which will strengthen and generate greater efficiency in the matter of legal security.
In this sense, and as we have always said, not deed is risky since private contracts or powers of attorney are not real or ideal solutions, that is, if a power of attorney was used, upon the death of the seller, such power is assumed completed, so a lawsuit would have to be initiated that is time consuming and generates additional costs.
And it is that according to the last Intercensal Survey, carried out by INEGI in 2015, in Mexico there are around 32 thousand homes, of which more than 16% are rented and more than 68% own. Of the latter, 31% do not have deeds in the name of the person living in the property, either because it is in the name of someone who does not reside in it (17%) or because it has not been deed (14%).
31% of the homes do not have deeds in the name of who lives in the property
It is important to remember that the deed of a property is the only way in which we will have legal certainty of the property before third parties, including banks; it is also a way to avoid real estate fraud.
From the CNNM we tell the population that the first thing they should do to regularize their house or apartment is to review their current situation. To do this, go to the notary with all the information you have about the house. The steps to follow, the time and the costs to regularize the property will depend on each case, in some cases a trial must be initiated for the granting and signing of the deed, or an inheritance trial or to prove the property.
Each person values their assets, but the help of a notary is truly useful, since they are the best ally to protect a property; I therefore invite the population to approach their trusted notary to obtain information on how to carry out a safe sale or review the current situation of your assets.
Finally, it is very important to point out that we have had important achievements, which should prevail, as in the tax issue, the right to tax exemption for people who sell a house. Therefore, the National College of Mexican Notaries makes a call so that before making any reform in the matter of housing, all the important actors in real estate, tax and corporate issues are listened to in order to streamline the operations of the industry and consequently achieve the legal security and certainty that should characterize the Mexican rule of law.