How to Buy in Mexico
So you’re interested in purchasing real estate in Mexico. To help you in this endeavor, here are some things you should know about buying real estate in the country.
- The buying process is almost the same as it is in the United States. This works to your advantage, especially if you’re really familiar with the buying process in America. Of course, there are certain additional steps you need to take when buying real estate in Mexico, or in any other foreign country, for that matter. In your case, you need to get acquainted with things such as a Fideicomiso or a bank trust.Another important thing to note is that the process of property acquisition in Mexico might not be as detailed as the US’, which poses something of a risk for the parties involved. Don’t fret, though – our experienced real estate team at Property Pros MX will protect and represent your interests.
- Brush up on Mexican real estate laws and procedures. You don’t need to be an expert and be able to recite provisions by memory, but being familiar with the local real estate laws and procedures allows you to make informed decisions, particularly with the legal aspects of purchasing a property in Mexico. You’ll never know when your knowledge about Mexican laws will come handy. And, yes, you will want to have access to legal advice – we’ll connect you with the right professionals.
- Identify if the home you’re interested in is within a restricted zone. According to Article 27 of the Mexican Constitution, non-Mexican citizens are not allowed to hold a real estate title within a restricted zone. To get past this obstacle, you’ll need to get a Fideicomiso, which allows foreign ownership through a property trust. A Fideicomiso’s initial term lasts 50 years but can be renewed.
If you don’t want to get a bank trust, then you can work with a Mexican corporation to purchase that real estate within the restricted zone. Foreign business owners highly benefit from this as this method is used strictly for commercial real estate. Get in touch with Mexican legal counsel if you want to pursue this scheme.
How to Buy in Mexico – Mexico Real Estate
For more information on Mexico’s real estate buying process, log on to http://www.theYucatántimes.com/2015/02/the-process-of-purchasing-property-in-mexico/ or schedule a consultation with us – we look forward to helping you fulfill your real estate goals here.