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Buying Mexico...
Article 27 of
the Mexican constitution prohibits foreigners from owning land within 50 km
of a coastline and 100 km of the border.
The  government,
realizing the benefits of allowing foreign investment, created the “
Fideicomiso”. A Fideicomiso establishes a bank trust with you as the
beneficiary. This 50 yr trust allows you to sell, build, rent use the
property anyway which you feel the need. The trust is guaranteed renewable
if you wish to, and can be transferred to your heirs. Costa Tranquila can
recommend a highly trusted and competent facilitator to help you establish
this trust. We can also recommend an excellent Mexican attorney to do the
same thing if you wish.
Buying property in Mexico has never been more secure and your
investment will grow at a very rapid rate.
Although buying property in Baja is very safe and secure, some things that
people should consider and ask when deciding to purchase property in Baja
are the following,
First, Does the parcel that contains the lot you are considering to
buy have a title insurance policy issued? In Baja, you must purchase the lot
prior to applying for title insurance, so if the entire parcel has been
insured, you will be able to get an insurance policy without much trouble
Secondly, has the parcel and lots been permitted through Semarnat
(The Mexican environmental agency). Recently, Profepa (the enforcement side
of Semarnat) has been issuing citations carrying heavy fines and holding
up building until the legal permits have been obtained. Parcels that have
been cited are having to go through environmental studies. The backlog has
taken a year or more to process.
Thirdly, if a homeowners association is in effect, has it been
officially registered with the public registry so the CC&R’s can be
enforced? |
