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