Demand these documents from the notary if you have just bought a house

By: Karinna Galla

For Spanish, clic here.

When we buy a property, especially if it’s the first time, we trust one hundred percent in what agents, sellers, lawyers, and notaries tell us. However, on many occasions, in the majority, I would dare to say, the information is incomplete, either out of ignorance or omission by those involved in the process. These details can translate into problems when selling your property, from minor issues to huge amounts of taxes to pay.

And perhaps you’ll say, “Hey, but if I just bought it, why would I think about selling it?” Well, yes, if it’s not the house you plan to grow old in, you will eventually think about selling it, and it’s better to be “safe than sorry” and have all the documentation in order from the day you signed your deed. So pay close attention, because as always, I’m going to give you the information that few people will give you, so you can have a healthy record.

Take note! These are the documents you should demand from the notary if you have just bought a property:

• Deed: It seems obvious, but over the years I have seen that many people don’t even go to the notary to pick up the original document and consider the simple copy they were given on the day of signing as “the good one”. Depending on the method by which you acquired your property (mortgage, trust, own resources), you may be given the first testimony or a certified copy. Make sure to ask your notary or the advisor who handled your transaction and verify that it has all the necessary seals and signatures, as well as the annexes.
• Receipt of Registration in the Public Property Registry: This is the document that certifies that your deed has been duly registered in the Public Property and Commerce Registry of the State where the property is located. Remember that it can only be registered in that same state. Verify that the receipt contains the electronic folio number and that the deed number also matches.
  * Proof of Payment of ISABI: Tax on the Acquisition of Real Estate, also known as Tax on Transfer of Ownership. It is the tax paid to the state for the transfer of the property. This tax varies depending on the Federal Entity where you are located. Ask to see it at the notary within the annexes of your deed, on the day you pick it up.
•  CFDI: Digital Fiscal Invoice via the Internet (Comprobante Fiscal Digital por Internet). This is the invoice for your property. With this document, you financially prove the value at which you acquired it and, at the time, that value will be used to “deduct” it from the sale price (in the future). Verify that your FULL name is correctly spelled, as well as your RFC. Also check that in the concept, at least the most important information of the address of the property you acquired or its cadastral key comes. This requirement applies only to properties acquired after April 2014. This CFDI must be issued by the developer, in case you bought a new home, or by the notary if the seller was an individual.
• Various CFDIs: Did you know that you can use part of your deed costs as deductible when selling? No? Well, you’re not alone! Most property owners are unaware of this information. Request on the same day of your signing (or before, if possible) that the corresponding fiscal receipts be issued for notary fees, the Tax on Acquisition of Real Estate (ISABI or ISAI), also known as Tax on Transfer of Ownership, and any other expenses. Like the previous point, these should be sent by email in PDF and XML formats.

Now you know which are the most important documents that the notary must give you along with your deed, if you have just bought a property. And if you haven’t just acquired it, but you haven’t gone to pick up your file yet, do it now! And verify everything I just told you.

If you want more information on this topic, visit this video and get all the gossip!

See you soon!

K