What is the predial and why is it important to change its owner when selling a property?

To be owner of one property entails certain responsibilities such as paying for water, electricity, or propertya tax that it is necessary to know in case you buy or sell a property.

He property It is an economic contribution required annually by municipal governments. In the case of Mexico City, the Ministry of Administration and Finance is responsible for collecting this tax.

The collection of this tax it is used for the improvement of public facilities such as schools, hospitals and government offices, urban works or provision of public services.

How to calculate the property price?

The amount is determined by certain factors of the property to make the cadastral appraisal. Among the physical aspects of the house evaluated are:

• Property type: Residential home, commercial premises, office, industrial warehouse or other.
• Surface: Measurement of the entire land, completely excluding the building.
• Construction: The entire construction area, omitting the land surface.
• Age of the property: The time of existence that the building has, since new properties levy more taxes than old ones.

Change of property owner

If for any personal or business reason the property is put up for sale, the specialists at Inmuebles24 recommend prioritizing the change of owner of the property so that the payment obligation is transferred to the new owner of the house.
The requirements for name change or correction are:

1. Have the Public Deed registered before the Public Registry of Property and Commerce of Mexico City.
2. Current official identification (INE, passport or professional card).
3. last ballot property paid.
4. In the case of promoting on behalf of another person, submit a Power of Attorney or simple Power of Attorney, signed by the grantor, attorney-in-fact and two witnesses (accompanied by official credentials of all those involved).

If there is a Private Purchase-Sale Contract, Assignment of Rights, Judicial Judgment with an agreement of enforceable cause (Positive Prescription, Judicial Registration, or other possession) it must be registered with the Public Registry of Property and Commerce of the City.

In addition, the petition must be signed by the interested party or legal representative. In this way, the process will begin at the offices of the Ministry of Finance Administration in Mexico City. “It is important to follow up until it is completed,” warned Inmuebles24.