09 June, 2024
I AM A FOREIGNER AND I WANT TO BUY IN MEXICO, CAN I?
Why should foreigners buying real estate in Mexico hire a specialized law firm? When a foreigner wishes to buy real estate in Mexico, it is highly recommended to hire a local law firm specialized in real estate to represent their interests and protect their investment. Why? As a foreigner buying in a restricted zone (within 50 km of the coast and 100 km of the border), you must establish a trust (fideicomiso) issued by the Ministry of Foreign Affairs. Whether you are a tourist, temporary resident, or permanent resident, this trust is mandatory for all foreigners, unless you apply for naturalization and become Mexican. This trust, valid for 50 years, grants you all rights and responsibilities over the property, with the bank acting only as an intermediary. You must also designate a beneficiary in case of death. It allows you to obtain a notarized deed in your name and use your property in Mexico.
At ActLaw Legal Services, we assist you from the beginning. If you have signed a promise contract, we help you create the trust, the next essential step. If you have not yet signed, we help you draft the contract, then create the trust until the signature with the notary.
ActLaw is an excellent choice if you want to invest with peace of mind. Our specialized real estate lawyers take care of everything and act as intermediaries between all parties involved, whether in English, French, or Spanish.
Some people wish to use their lawyer from their home country, but this can pose problems. Foreign lawyers are not well-versed in Mexican laws and processes. Additionally, they are not on-site to handle any issues that may arise.
The most important element to check when buying real estate in Mexico is to ensure the title is clear and registered in the public registry. In the past, foreign buyers have finalized the purchase only to discover later that the property did not belong to them. Sometimes the seller was not the legitimate owner or the property was non-transferable land, such as Ejido land, intended to remain in the name of a Mexican individual.
Even before making a purchase offer, it is always recommended to conduct due diligence on the property. We've all heard horror stories about real estate in Mexico. Unfortunately, these transactions were not conducted properly, without appropriate representation. It is crucial to understand how the system works in Mexico, as it differs from other countries.
If you plan to buy in a new development or a pre-construction sale, it is essential to have a lawyer to draft or at least review your contract. During construction, many elements can change, and the only document you will have to protect your investment over the next months or years will be this promise of sale contract. Some projects are not completed on time or even at all. We ensure to always include all contingencies in case of delay or cancellation.
Having a lawyer in Mexico will help you review the property assessment, survey, ensure the title is clear, and confirm there are no hidden liens or encumbrances against the property. A Mexican lawyer will ensure that transfer taxes are paid and that the title is registered in the public registry. Title registration is crucial; otherwise, it's as if the sale never happened, and the property will not be officially yours.
Hundreds of buyers in the Riviera Maya have tried to buy real estate without a lawyer, wasting time and money resolving title issues. Many have even lost the property entirely because it was never registered in their name, or they bought land that could not be owned by foreigners. A professional law firm like ActLaw Legal Services in Mexico can guide you through this complex process and ensure each step is carried out legally to guarantee the security of your new investment, with complete transparency.
At ActLaw Legal Services, we assist you from the beginning. If you have signed a promise contract, we help you create the trust, the next essential step. If you have not yet signed, we help you draft the contract, then create the trust until the signature with the notary.
ActLaw is an excellent choice if you want to invest with peace of mind. Our specialized real estate lawyers take care of everything and act as intermediaries between all parties involved, whether in English, French, or Spanish.
Some people wish to use their lawyer from their home country, but this can pose problems. Foreign lawyers are not well-versed in Mexican laws and processes. Additionally, they are not on-site to handle any issues that may arise.
The most important element to check when buying real estate in Mexico is to ensure the title is clear and registered in the public registry. In the past, foreign buyers have finalized the purchase only to discover later that the property did not belong to them. Sometimes the seller was not the legitimate owner or the property was non-transferable land, such as Ejido land, intended to remain in the name of a Mexican individual.
Even before making a purchase offer, it is always recommended to conduct due diligence on the property. We've all heard horror stories about real estate in Mexico. Unfortunately, these transactions were not conducted properly, without appropriate representation. It is crucial to understand how the system works in Mexico, as it differs from other countries.
If you plan to buy in a new development or a pre-construction sale, it is essential to have a lawyer to draft or at least review your contract. During construction, many elements can change, and the only document you will have to protect your investment over the next months or years will be this promise of sale contract. Some projects are not completed on time or even at all. We ensure to always include all contingencies in case of delay or cancellation.
Having a lawyer in Mexico will help you review the property assessment, survey, ensure the title is clear, and confirm there are no hidden liens or encumbrances against the property. A Mexican lawyer will ensure that transfer taxes are paid and that the title is registered in the public registry. Title registration is crucial; otherwise, it's as if the sale never happened, and the property will not be officially yours.
Hundreds of buyers in the Riviera Maya have tried to buy real estate without a lawyer, wasting time and money resolving title issues. Many have even lost the property entirely because it was never registered in their name, or they bought land that could not be owned by foreigners. A professional law firm like ActLaw Legal Services in Mexico can guide you through this complex process and ensure each step is carried out legally to guarantee the security of your new investment, with complete transparency.
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