PROPERTIES IN MEXICO
Buying property in Mexico, weather it’s a condominium, a home or land can give good value to your money compared to prices in other countries. although prices have risen recently and care must be taken when evaluating a property.
México’s costs can be lesser when talking about land, construction, building, labor, maintenance, taxes and utilities and Although there are some horror stories related to real estate transactions here (as in any other place in the world) the vast majority go through rightfully.
An important thing to consider when acquiring property is the developed state of the surrounding area in the location you are considering, not areas are nicely developed and you can expect cheaper prices, however if you see a road or highway leading to a remote area, you can expect significant growth in the upcoming years.
thousands of foreigners that fell in love with the culture of Mexico and its exquisite landscapes have bought properties in Mexico. with the right advisor, there is no reason that you can’t be one of them.
Mexican law is very specific about the way land rights should be transferred from seller to a foreigner buyer. a Public Notary will guide you through the details but generally:
property can be owned by foreign nationals outside of the 100km restricted land border zone or 50km outside coastal zone
inside the restricted border/coastal zones, foreign nationals can own land through a fideicomiso (a trust) which allows ownership of the property in all aspects except in name and is set up through a bank.
this law was passed to prevent an invasion in Mexican soil
In order to have foreigners nationals invest in Mexico, the Government introduced a system of land trusts, so now if you’re not a mexican citizen you could buy your ocean view or beachfront dream home inside the restricted zones through a trust set up through any of the most importantes banks of mexico. this trusts holds the deeds to the property and you are the sole beneficiary. In this trust you can name a beneficiary upon your death and you don’t need a will in mexico in order to have your wishes granted.
you don’t need to be a resident in Mexico in order to own a property so there’s no need to go through the process of qualifying for resident status before buying your property.
Contrary to the role of the notary public in the Us, in Mexico it’s the most important person you will have to deal with in legal matters.
a Notary Public in México, has the power to certify important documents and also has responsibility over the management and security of the storage of original records
Under the Mexican Laq, a Notary Public must be the person to prepare the deed of a property, once you have decided to buy a property the Notary Public will determine if all the documents and permits are in order to continue with the process of the transactions.