| It's fun to dream about having a getaway | | | | Prices may be higher if the seller knows that |
| place in Mexico, be it a charming condo by | | | | a foreigner is interested. So you may pay |
| the ocean, a little cabin somewhere, or | | | | more than a local, but do feel free to |
| whatever... It's even more fun to do it! | | | | bargain. It's expected! |
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| In recent years it has become easier for | | | | Property measurements are often in square |
| foreigners to own real estate in Mexico, | | | | meters. To give you an idea, 1 acre equals |
| including Mexican beachfront property. See | | | | 4046.86 square meters. One square meter |
| below for more about how this works... | | | | equals 10.7639 square feet. |
| property near the ocean is handled in a | | | | |
| different way from other types. But it's | | | | |
| great that we can do it now! | | | | |
| | | | Buying Mexican real estate near the ocean |
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| Buying real estate in Mexico is different | | | | |
| from the process at home in some ways, so do | | | | As individuals, foreigners can't own property |
| work with an attorney who knows the ropes and | | | | within about 30 miles of the shoreline or |
| speaks good English. | | | | about 60 miles of the border. But there are |
| | | | two ways that you can legally own Mexican |
| | | | real estate within these regions. Experts say |
| | | | that both methods are secure, when set up |
| Some Tips on Buying Mexican Houses, Land, | | | | properly. |
| etc. | | | | |
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| | | | [1] A bank trust is commonly used for |
| Mexican real estate is typically paid for | | | | residential real estate, and that's called a |
| with cash or by check. Mortgages are quite | | | | fideicomiso in Spanish. The bank "owns" the |
| rare. | | | | property but you as trustee have total |
| | | | control of the real estate, for building, |
| | | | selling, putting it in your will and avoiding |
| | | | inheritance taxes, etc. You can list more |
| Due partly to the rarity of mortgages, a | | | | than one trustee, for example, yourself and |
| house may be for sale for quite a while. This | | | | your spouse or yourself and a friend. |
| could be to your advantage when buying, and | | | | |
| less so if you decided to sell. | | | | |
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| | | | Bank trusts are good for 50 years and are |
| | | | renewable. Setup fees run somewhere around |
| Mexican title insurance for real estate is | | | | $500 for this arrangement, and annual fees |
| much less common than in the US, but you | | | | are about the same. There are regulations on |
| really should arrange to get it. | | | | how large the land can be. |
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| There's one kind of land to be wary of -- | | | | [2] You can form a Mexican corporation, but |
| ejido land. Ejidos were land held in common | | | | none of the owners can be Mexican. If the |
| in the past, and the titles can be murky. | | | | land will be used commercially, this is the |
| | | | way to go. Costs to set up this corporation |
| | | | are several times higher than for a bank |
| | | | trust. Mexican corporate tax reports have to |
| If you are exploring the real estate -- be it | | | | be filed, which you would have a Mexican |
| homes, land, condos, or whatever -- in a | | | | accountant do for you. |
| particular area of a Mexican city or state, | | | | |
| ask local people what is for sale. You may | | | | |
| have a lot of choices that are not listed | | | | |
| with real estate offices and don't even have | | | | So if you dream of having a home in Mexico, |
| signs out front. You can find treasures this | | | | do your homework and go for it! Thousands of |
| way, even if your Spanish is pretty basic! | | | | foreigners have done it, and many of them are |
| | | | living in their homes right now. You can join |
| | | | them! Rosana Hart has traveled to Mexico many |
| | | | times. |