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