THE POWER OF ATTORNEY IN REAL ESTATE TRANSACTIONS
It is often that, due to the way land is possessed (the source of it) in some areas or regions of the Mayan Riviera, many real estate transactions can not be closed in a direct and immediate way and a proper time has to be taken in order to complete these, that is, the transfer of property over to third parties.
Such is the case when we speak of illegal land or of agricultural kind, just like those government pieces of land (federal property), very common to be found in the Mayan Riviera, where the right to own is not legally supported by a title that provides security to the purchaser.
In most cases, the possessors of such properties can not prove anything else, but the legal possession alone. Under these conditions, the most feasible would be to wait for the starting and closing of the corresponding title process, but it is customary this, to take too long to achieve. The national and foreign investment growth in this area, as well as the parties’ interests in real estate transactions for pieces of land under the said circumstances, force these transactions (purchases) to be closed even without having the corresponding title on the land. Usually the real estate professionals suggest the purchasers having a private contract, as well as granting of a power of attorney certified by a Notary Public, one that is ample and irrevocable, on the property subject to transfer.
This however, is nothing but an immediate solution and it does not grant legal support to the purchasers, for the Power of Attorney granted under the said circumstances, only has effect for as long as the grantor lives. That is, if the person who granted the ample and irrevocable Power of Attorney dies, the Power ceases to have effect, and therefore the inheritance process starts in favor of the heirs, which makes the final purpose of transferring the property, difficult and causes considerably delays. In addition, in many cases, the issuance of the title may take more than what it was expected by the parties and the value for the property may increase as well, which consequently represents the increase in the transferring costs for a definitive ownership.
Difficult is it, to stop this practice because of the growth and investment conditions in the Mayan Riviera, nevertheless, it is advisable to have a full awareness of the limited effects of the powers of attorney and the transactions held in regard to pieces of land under such circumstances, as well as it is advisable to try to expedite by all means the corresponding title on the piece of land and / or the public instrument.
