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How to buy real estate in Mexico?

Whether you're looking to purchase a vacation home or a permanent residence, now is the perfect time to start your search. Below, we will review the most important points to know before diving into the world of the Mexican real estate market.

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Current laws

Today, Mexican law authorizes foreign ownership of land or buildings close to the sea. This regulated zone includes land located less than 50 km from the coastline. The purchase must then be made through a fideicomiso.

A fideicomiso is a trust agreement that is done through a bank and allows a foreigner to own property with the same rights afforded to Mexican nationals .

With low start-up costs, these trusts operate on 50-year terms, are both renewable, transferable and have several advantages that make them indispensable.

The power of trust: The advantages of a Fideicomiso

Firstly, multiple people can be registered as beneficiaries, meaning for example that a married couple could be considered to be joint tenants. Additionally, these contracts cover all heirs of the property, meaning that if both owners died, any beneficiary listed in the trust could take possession without difficulty.

Beneficiaries do not necessarily need to be related to the original co-owners. This feature offers peace of mind to friends who own joint property or to couples in a second marriage with children.

Essentially, a fideicomiso provides owners with the same rights as a Mexican citizen. They can sell or lease their property.

For many this system seems new, but HOME LUXURY MEXICO is experienced in this area and can easily help you with the steps to follow.

La cuisine traditionnelle

Before you embark on purchasing your dream home in Mexico, it is essential to know how your real estate transaction will take place.

The parties that will be involved in the transaction are:

-The buyer (and his real estate representative)
-The seller (for new constructions, this is a representative appointed by the builder)
-The notary public (notario publico)

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