Buying Property In Mexico
Foreigners can’t own Mexican property in the restricted zone (32 miles from high tide and 64 miles from any border) outright. Instead, a real estate trust (fideicomiso) is executed between a Mexican bank and the seller of property in the restricted zone. The bank acts on behalf of the foreign buyer, buying and taking title to the property. The foreign buyer retains all rights of ownership.
First, all foreigners are required to obtain a permit from the Ministry of Foreign Affairs. Next, to open your trust account, you’ll need your accepted offer for purchase, a photo ID and 10 percent of the purchase price of your new home. Do not give money to anyone other than a bank escrow representative when you sign a bank contract.
Closing usually takes 30-45 days.
Contact me for additional information.