Would you like to purchase real estate in Mexico? These days, many foreigners are purchasing beachfront real estate property in Mexico’s top tourist destinations. The country has a great climate, stunning beaches, and a rich heritage, too.
Also, purchasing beachfront real estate in Mexico is very affordable when you compare it to similar homes in other countries. Foreigners are able to purchase real estate properties near the coast or borders with a Fideicomiso or a Bank Trust, which is the process that grants non-nationals to own real estate in Mexico legally.
You want to make sure you are selective when you are buying real estate. An older home comes with repairs and maintenance.
If you are purchasing new construction real estate, you want to make sure the developer is reputable, or you may face many issues later on. Read below to learn top tips about buying real estate in Mexico.
Be Cautious When You Invest
Firstly, you want to be selective when you are thinking about where you want to invest your money. In Mexico, there are many different real estate properties for sale in different types of cities and towns.
Some of the most popular places that foreigners like to invest in real estate include top tourist destinations such as Cabo San Lucas, Cancun, and Puerto Vallarta. In each location, you will find a variety of properties including older homes, brand-new homes, and condominiums.
If you purchase an older home, you will want to have it inspected thoroughly. If you are thinking about purchasing a new home, make sure the developer is reputable and has a great reputation. At Villa La Estancia, we offer a unique hotel-condo concept that homebuyers love.
Right now, we have spacious beachfront residences for sale in Cabo San Lucas and Nuevo Nayarit that are solidly constructed and elegantly furnished.
This article may interest you: Top Beachfront Destinations to Buy a Vacation Home.
Fideicomiso/Bank Trust
Next, Mexican citizens are able to purchase real estate that is near the coast or the border, but foreigners can only purchase coastal real estate in Mexico through a Fideicomiso or a Bank Trust.
In case you aren’t familiar with the concept, a bank trust is a legal way for non-citizens of Mexico to purchase real estate near the coast or border. The property deed or title will be held through the Fideicomiso or Bank Trust.
You will have the same legal rights as citizen homeowners, and you can designate a beneficiary in the event that you pass away. That way, they will legally inherit your real estate property in Mexico.
Check out: Second Home In Riviera Nayarit at Villa La Estancia.
Fideicomiso/Bank Trust – How It Works
Are you curious how the Fideicomiso/Bank Trust works? A Fideicomiso is done with the assistance of a “Notario” or notary public in English. A bank trust has a term of fifty years, then it will be renewed automatically for an additional fifty years when the first term is over.
Renewing the Fideicomiso term is easy and affordable. The Fideicomiso gives the homeowner the ability to designate a beneficiary if the homeowner passes away. The heirs will not need to go through probate because the real estate property is held in the bank trust legally.
Read our latest blog post, How to Move to Mexico.
How to Purchase Real Estate Property in Mexico
If you are wanting to make an offer on a real estate property in Mexico, you need to have a reputable broker. The broker will work with the notary public and escrow offices to make sure your transaction is done smoothly.
Oftentimes, real estate brokers in Mexico use dual-column bilingual documents that are in English and Spanish. When an offer is accepted, then you will need to have an escrow account opened with the earnest money deposited in it. The title company will pay the escrow funds and then the exchange of property will be completed.
Did you enjoy reading the above tips about buying real estate in Mexico? Are you wanting to purchase beachfront real estate property in Mexico? If so, you can do it legally through a Fideicomiso or bank trust. Make sure you choose a quality property such as our luxury beachfront residences at Villa La Estancia.
We have in-house brokers that can assist you in the purchase process and make the transition to buying your home in Mexico seamless.
Our luxury beachfront residences also come with access to world-class amenities and services including multiple pools, a spa, a fitness center, onsite restaurants, room service, and a front desk concierge.
Contact us today to schedule a property tour as we have a limited number of residences available for purchase in Cabo San Lucas and Nuevo Nayarit near Puerto Vallarta.
It won’t be too long before you will be enjoying your beachfront property… If you think you should take a vacation first and get to know Villa La Estancia Los Cabos and Riviera Nayarit, visit our special offers.