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Buying Property in Mexico
Before we get into some of the ins-and-outs of Mexican real-estate law,
keep in mind that it is estimated that there over 1 million
American Citizens that have retired and moved to Mexico. Many of
them have legally bought property, built homes and live within the "Restricted
Zone" and even "Ejido
Land".
Mexican laws
are ever evolving in regards to foreigners buying land in the
"restricted zone” which is any land located 31 miles or less from
the ocean and 62 miles or less from the border. It is not
impossible to own a piece of paradise in Mexico, respect for the
Mexican government and it's people is imperative. It is highly
recommended that legal advise is sought through experienced
representatives. My lawyer in Mexico, that I trust and have had
great success with, comes highly recommended. His name is listed
at the bottom of this page and if you would like, I can get you in touch with him.
There are many
Americans and Canadians that live in and around
La Manzanilla that have bought land, built their homes and enjoy
the affordable and leisurely life style that this area has to
offer.
Buying
titled property within the restricted zone:
Mexican laws passed in 1973
and 1993 have made it possible for foreigners to acquire
interests in titled property inside the restricted zone through
a bank trust called a “Fideicomiso” which is similar to a living
trust in the United States.
Trusts are established for an
initial 50 year period and can be renewed.
·
Title of the property is transferred to a trust with a Mexican bank
acting as Trustee (Fiduciario) and is formalized by the
issuance of a permit from the Mexican Ministry of Foreign
Affairs.
·
The property or home buyer is designated as Beneficiary of the Land
Trust (Fideicomisario) and the beneficiary rights are
recorded in the public record by a Notary Public.
·
The Trust is a legal substitute for fee simple ownership but the
Trustee is usually the legal holder of the property.
·
The Beneficiary (buyer) has the right to sell the property without
restriction and can also transfer those rights to a third party
or pass it on to named heirs by assigning beneficial rights.
Buying property within
the restricted zone and Ejido land:
Ejidos are communal tracts of land originally intended to be
Farming Cooperatives. Before 1992, it was impossible for
anybody but an ejidatorio (a member of the ejido) to obtain
property rights to ejido land. Constitutional reforms of 1992 opened
up ejido land allowing it to be converted into private
property by the ejido's choosing. This includes converting
ejido land into private property which may then be divided
amongst the ejidatorios to then be used as they deem
appropriate including selling their land.
La Manzanilla is
actively in the process of privatization and titling
properties which are ejido land.
There are many foreigners in La Manzanilla that have bought
ejido land legally which means that La Manzanilla
should be encouraging for any prospective investor.
* For more information
on purchasing property within the restricted zone;
E-mail Gretchen at:
gretchen.creativeportrait@gmail.com
Tel:001 (925) 998-4937
* My lawyer and notary in Mexico that comes highly
recommended:
Señor P. Lomelli esq., in Chiuatlan,
Mexico.
E-mail:
lomeli2000@prodigy.net.mx
Tel: 011 52 (315) 355-2240
Other Relevant Resources:
Disclaimer
The materials on this website are provided for
informational purposes only is not in any way intended as legal
advice, is not guaranteed to be correct. Any informational items
of a legal nature on this website is not meant as legal advice,
but merely as a public service to the visitors of this website.
When purchasing real estate in Mexico which is
located within the restricted zone, it is recommended that
private foreign citizens and or Mexican companies with foreign
capital solicit the council of a real estate attorney in Mexico.
When considering real estate attorneys in Mexico it is always a
good idea to check with the U.S. Embassy in Mexico before making
your final selection.
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Ocean View Land in Boca de Iguanas!
