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Buying guide - MEXICO - Buying Property |
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| Spain, France, Bulgaria, Portugal, Italy, Croatia, Mexico, Caribbean, Brazil, Australia, Canada, Thailand |
It’s a dream of many people to buy a home in Mexico, with it's beautiful coastlines such as Baja California, Rivera Maya, Tijuana, Acapulco, Cancun and many other dreamy destinations it’s really no surprise. First though it’s useful to understand the ground rules and regulations of Mexican real estate law to help make your purchase as strait forward as possible.
The first thing to understand is that most foreigners cannot directly own within the Mexican Restricted Zone (That is land that comes within 100 kilometers inside Mexico’s land borders with the US, Guatemala and Belize. This includes the towns on the border and all land that is fifty kilometers inside Mexico’s coastal area). |
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To deal with these restrictions a prospective buyer from overseas when entering into the purchase of residential property within these areas must first ensure that a Mexican bank sets up a long term real estate Trust for them, or alternatively when buying other types of property, transactions can be made through a Mexican corporation. Once the trust is made the bank will act on behalf of the buyer for the property rights to secure the deed. The Government of Mexico created the Trust to enable overseas buyers as beneficiaries of the trusts unlimited investment within the restricted zone. Legal Advice should always be sort by a credited professional by anyone buying overseas to fully understand the legal process.
As more and more people are buying homes in Mexico, finding a good agent is paramount to the process. They can not only help you to find your perfect home, but also give advice as to the particulars of Mexican real estate law and documents, as well as pointing you in the right direction when it comes to finding banks, accountants and any other professionals needed in the transaction. When considering buying a house or villa to renovate, they will also be able to make you aware of dependable contractors who can supply top quality local tradesmen.
Agents in Mexico can trade without license, so use your head and find someone you can trust, to help you find exactly what you’re looking for, and someone that will guide you through whole buying period from A to Z. With a good and dependable agent working for you it need not be complicated to turn the dream of a home on the Mexican Rivera in to a reality.
With so many incredible places on the coast to choose from and an amazing jungle inland, plus the vast array of different types of property available on the market at different price ranges to suit everyone, from beach homes, golfing getaways, idyllic villas, grand old colonial houses and millionaires mansions, It’s easy to see why Mexico is fast becoming not just a wonderful place to have a first or second home, but also a great investment, with prices rising well year on year.
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