There has always been a questions amount tourists who go to Mexico for vacation, and that question is, can foreigners own property in Mexico? The answer to that question is, yes. If the property that you a interested in is within a restricted zone then you must purchase the property through bank trust. This bank trust gives you the beneficiary of the trust with the same rights and obligations as a full ownership would provide.
This bank trust must be made by and recorded by a notary public person. The person who you chose as your real estate could recommend you a notary so that the bank and real estate could administer it. The price value for the notary changes depending on the location of the house, and how much the house costs. Most real estate agents work with the notary that works with one bank or the one that you choose. You should look over your options and get several estimates from different notary's and banks.
The information that you need to provide to get a bank trust is your name, address and phone number where you can be reached, your occupation and nationality. Also if you are married, your spouse would have to give his or her information also. After that you will need to give them a copy of your passport and/or tourist visa with your name, nationality, address and phone number of a second person to be put onto your bank trust.
Remember, your real estate agent should be able to help you to get estimates from notaries and banks regarding the fees and yearly maintenance.
To get a reliable real estate agent you should has a lot of questions. You should not always get one person to do your real estate, you should have several different people and real estate companies to get different opinions on bank trusts and fees. One thing you should always keep in mind when you are in Mexico is that things go at a slower pace. If you are in a hurry to get a property then Mexico is a bad place to start. The agent you chose to handle your paperwork should be in contact with you to communicate on the progress of his work. Real estate agents might tell you that you do not need a lawyer to get involved with the real estate transactions, this is right because your real estate agent should be able to translate and negotiate fees for you. But in any means, if you feel that you will be more comfortable with a lawyers presence then go ahead and hire a lawyer.
The averages cost on homes vary. There are some houses that you can get for really cheap, but always keep in mind that if you get a house for cheap you would have to spend a lot of money in renovating the house. If you chose to renovate your house you need to keep in mind that during renovation you need to hire a contractor. You should always shop around to get the right constructor you want. Always go to the different houses this contractor has built. Another thing is that you should remember that you're not only going to pay for the contractor but you are also going to pay for the items that are going to be used in renovating your house. The items prices will normally differ at different areas of Mexico.
If you would like to have a listing of all the homes or properties that are on sale in Mexico, let your real estate agent know and be sure to give him or her a specific price range on what you are looking for.
Also you can buy a property in Mexico and move in when you retire.
|