Quick Answer
A contrato de promesa (promise to purchase agreement) is the binding contract between buyer and seller in a Mexican real estate transaction. It outlines the purchase price, terms, conditions, contingencies, deposit amount, closing timeline, and responsibilities of each party. It is equivalent to a purchase agreement in the United States and is enforceable under Mexican law.
Detailed Answer
A contrato de promesa (promise to purchase agreement) is the binding legal contract between buyer and seller in a Mexican real estate transaction. It functions identically to a purchase agreement in the United States and is enforceable under Mexican civil law. The contract outlines the purchase price, deposit amount, closing date, contingencies, responsibilities of each party, and the consequences of default. Signing this document formally takes the property off the market and commits both parties to the transaction.
Key elements to look for in your contrato de promesa include: a clear description of what is included in the sale (appliances, furniture, fixtures), contingency clauses that protect you if the title search reveals problems, a timeline for fideicomiso setup, provisions for what happens if either party defaults, and how the deposit is handled in escrow. Having an independent real estate attorney review this contract before signing is essential — this is the document that governs your entire transaction.
Our team reviews every purchase agreement with our clients line by line, ensuring that terms are fair and protective. This is not a document to sign in a hurry, and our experience with hundreds of Los Cabos transactions means we know exactly what to look for. Contact us to learn more about the buying process.