Ventanas Residences - Cabo San Lucas, Los Cabos, Mexico
   

 

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Owning in Mexico
Cabo San Lucas, Los Cabos, Mexico

In 1972, the Mexican government recognized the need to make Real Estate foreign investment safer and easier for foreigners. The Mexican Constitution prohibits non-Mexicans from purchasing or owning real estate within 62.5 miles of the U.S. international border or within 31 miles of the coast line, so a new and secure method of holding title was created. This method allows non-Mexicans ownership through a Mexican Property Trust called a Fideicomiso.

A Fideicomiso is very similar to a U.S. Estate Trust, which gives the property owner all of the rights of ownership. This Trust is established solely for the ownership of land in Mexico. The Ministry of Foreign Affairs issues a permit to the Mexican bank of the purchaser's choice, the bank then acts as the "Trustee" and the purchaser (you) as the "Beneficiary" of that trust. The trust is NOT an asset of the bank, the bank only acts as the Trustee to hold the Trust and takes directions from the Beneficiary. The Purchasers Right's are the same as property ownership in the U.S. or Canada, including the right to enjoy, sell, rent, inherit, give away, improve, etc.. This is NOT to be confused with a land lease.

The trust is a 50 year term and is automatically renewed at the end of that term for additional 50 years. It can be renewed for perpetuity, allowing for long-term control or the property and allowing the Homeowner to pass it along to future generations. The trust can also be transferred to another buyer or person via a Cesion de Derechos (Succession or assignments of Rights. There are fees for each transfer, which are calculated by a Notary in Mexico.

An experienced Closing Agent is a key person in the real estate purchasing process. The closing agent should be involved in drawing up a promise contract and reviewing all documents including title, certificate of no encumbrances, and permits. A closing agent can also order a complete title search before the transaction reaches the notary public, which will save the buyer valuable time and money should there be a problem with the title. Every transfer of Mexico Real Estate property MUST, by law, be made before a Mexican notary public.

Owning in Mexico Ventanas The Mexican notary public is required to have a degree in law and a minimum of five years of legal practice, pass a rigorous examination and then be appointed by the governor of the state in which he/she resides. The notary is legally responsible for the review of the prior deed and the tax and lien certificates. The notary must draft the new deed, calculate the Mexico Property Taxes due and pay them. Also very important, the notary is accountable for his/her actions through the state and national notary associations.

Purchasing property in any overseas location requires an extensive amount of research, planning and preparation, and Mexico is no exception. You will also need to hook up with the right professionals who can guide you through to a successful property transfer in Mexico, that is why Portus created its own closing agency, with over 25 years of combined experience in the Mexican Real Estate Industry, Portus has closed hundreds of successful property transactions in Los Cabos alone. So after you find the perfect home for sale while in Cabo, Portus will be there during and after the purchase of your new home and also will be able to advise you, and steer you to the right financial institutions if financing is required, depending on your personal circumstances, to help you complete your property investment in Mexico.

Please contact us to find out more information and we could discuss your options. After all, it's time for you to start investing in your future in Los Cabos, Mexico!

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Happy Costumers

I was looking for a place to retire and wanted to check out Mexico, Panama & Ecuador. I found Ventanas in the internet and came here to visit. Victor was very helpful, friendly and professional.

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Owning in Mexico

Mexican government recognized the need to make Real Estate foreign investment safer and easier for foreigners. The Mexican Constitution prohibits non-Mexicans from purchasing or owning real....

Read More ...

 
Move to Cabo San Lucas

Los Cabos has become the preferred warm retirement destination in Mexico, witch offers the most varied and fun entertaining options, as well has the best prestigious places in the world.

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