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How To Buy Real Estate in Mexico
Copyright (c) 2009-2023 Fernanda Rodriguez
(See This Article in its Original Format.)
Buying Property In Mexico
Buying property in Mexico has become more popular every year. Whether you would like to purchase a vacation home or are planning on retiring there, owning real estate in Mexico is easy and safe. With its incredible natural resources, rapidly improving economy and modern facilities and infrastructure, Mexico is the place to make your dream home a reality.
Working With Professionals.
Who better than the Costa Realty team to serve as your Real Estate Agents and Advisors when looking to buy property in Mexico? With decades of experience representing residential and commercial clients on both sides of the border, our expertise provides you with the knowledge and security that you need when deciding to invest.
Financing.
With the increase of American investors in Mexico there is a greater availability of mortgage financing for American buyers. With long term financing you tie up less capital and enjoy the same high returns that the Mexican market offers. Also, more and more Mexican banks are offering mortgage opportunities to Americans buying real estate there. We can recommend a number of options to fit your needs
Frequently Asked Questions.
Can Foreigners own property on the beach in Mexico?
Mexican law permits foreign ownership of real estate on or near the beach through a Mexican Bank Trust or "Fideicomiso". All land within 30 miles of the Mexican coast and 60 miles of a national border is regulated through the use of a Bank Trust for foreign investors. Mexican banks are the only institutions that can hold Trust of the deed for foreign buyers.
What is a Mexican Bank Trust?
The Mexican Government issues a permit to the Mexican Bank of your choice allowing the bank to hold title to the property and the purchaser holds title to the beneficiary rights (almost all Mexican Banks are owned or in partnership with American or European Banks). The bank acts as the Trustee and you are the Beneficiary of the Trust. The Trustee only takes instructions from the Beneficiary or foreign purchaser.
What rights and obligations does the Beneficiary receive?
It gives you all the rights of ownership such as the right to occupy, use, sell, rent and build on or improve the property. You may also mortgage the real estate and instruct the Bank to transfer title to another person or corporation. You will be obliged to pay property taxes, utilities and condominium maintenance fees if applicable, and the Trustee's annual fee which varies from bank to bank.
What happens to the trust if I sell my property?
Upon the sale of property held under a Trust, the Secretary of Foreign Relations is required by law to issue a new Trust permit to the buyer or if the property is sold to a Mexican, the Trust can be terminated and it can be owned directly.
What is the duration of a Trust?
The initial term of the Trust is 50 years. It is renewable for an additional period of 50 years within the last year of each 50 year period and this can be continued indefinitely.
What happens if the Beneficiary should die during the legal period of the Mexican Trust?
The Beneficiary has the right to appoint a substitute beneficiary (ies) who will receive all the rights and obligations that arise from the Trust if the Beneficiary should die. Your heirs will not need to follow any probate proceeding before the Mexican courts. They would only have to give notice to the Bank/Trustee and show the death certificate and their identifications. The Bank will register them as the new Beneficiaries of the Trust without any cost.
What requirements are necessary to open a Trust?
Our professional agents will be by your side to guide you along the way; however these are the basic requirements:
1. Copy of your photo ID, birth and marriage certificates, Visa or Tourist Permit
2. Your address, occupation, phone number and e-mail address
3. Name, nationality, address and phone number of the substitute Beneficiary(ies) in case of death
4. Copy of the current Real Estate deed and free of lien certificate (given by the seller)
5. The agreed purchase price
What expenses are involved?
The total expense of opening a Trust is between 5% and 6% of the sale price. This includes the following: the initial fee to set up the Trust, obtaining the permit from the Foreign Affairs Ministry, recording of the Trust Deed at the National Registry of Foreign Investments, the bank appraisal fee, and the first annual fee for handling and servicing the Trust.
How long does it take to obtain a Trust?
The Public Notary takes care of the entire procedure and on average we can obtain your Trust within 30 to 60 days.
What is the function of the Public Notary?
In Mexico a Public Notary is quite different than in the U.S. They are lawyers appointed by the State Government and are the only attorneys authorized to validate the title transfer process. The resulting document is registered at the Public Registry of Properties.
Can I get U.S. Title Insurance for Mexican property?
To provide full security to real estate transactions, Costa Realty recommends the services of Stewart Title. From Title Insurance, Escrow, Closing Coordination to Mortgage Services, Stewart Title assists real estate agents, buyers, sellers and lenders in closing real estate transactions with peace of mind.
The Process
There are many beautiful places in Mexico boasting much lower real estate prices than can be found in the U.S. and Costa Realty has a wide range of great investment opportunities in some of Mexico's most amazing coastal resorts.
Book a trip
Take time to get to know the area and ask the pertinent questions. Nothing compares to being there. We can be of great help getting you there and in arranging your personalized real estate tour.
Find the right advisor
Costa Realty has the professionals with all the right answers and years of experience showcasing and selling properties in Mexico.
Make an offer
Your proposal is important and we're here to get you the very best deal. Our goal is to achieve the best terms and prices possible for your real estate transaction.
Closing the transaction
We will make sure that all the necessary documents for your new property are presented to the Public Notary and that they are validated and legal.
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Written by: Fernanda Rodriguez. At Costa Realty, they are committed to helping you to realize your dream of owning a property in any of the fabulous Mexican beach resort destinations they serve. Owning a Mexican waterfront property is the best Real Estate investment in the market, see for yourself! http://www.mexicocostarealty.com/
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