When buying real estate in Mexico you can focus all your time on the purchasing process and sometimes forget that you are moving to a different country and will need a visa.

For most of us coming and living in Mexico for a few weeks doesn’t cause any problems and you can get in with an FMT or as of May 1^st 2010 an FMM. This is the visa every tourist gets when entering the country.  Its one of those documents you get handed on the plane to fill in. This entitles you to stay for no more than 180days. In some case you can apply to extend this when you get close to the end.

When you want to stay in Mexico for longer periods of time and when buying property in Mexico you should apply for the non-immigrant FM3. This allows you to stay in the country for up to a year, close to the end of that year you should go back to your immigration office and apply to renew for another year.  This can be done for 5 years and once you have been on your FM3 for 5 years you can then change and apply for the FM2.

You can either come to Mexico on your FMT/FMM, go to the local immigration office of where you want to live and buy a property and apply there
or
If you don’t have time in Mexico you can go to your local Mexican consulate at home and apply there

I my self have applied for many different visas in Mexico and I now hold a FM2. So I will be talking about applying for a visa while in Mexico.

You have two options you can do it your self or get a lawyer to do it for you.

The Lawyer route:

This option is good for those:

• Who aren’t able to speak Spanish (or enough to get you through, I’ve seen many Americans and Canadians who can’t speak any Spanish going to immigration on their own, you may be lucky and get one of the officers who speak English but this will depend on where you are), or can’t go with some who does.
• Doesn’t have the time to sit and wait in the immigration office. (The last time I was there, I had to wait almost 3hours before it was my turn at the desk.. The offices usually open at 9/9:30am so get there before then so you are sure to be first or not have a long waiting time)
• Who don’t think they pass the requirements for the visa you are applying for.
• Who haven’t done this before and would like help.

One of the main problems I found with using a Lawyer is that in some cases they can charge you a large amount of money for something that really can just take you a few hours.

First you should go to your local immigration office and ask for the requirement check sheet for the visa you would like to apply for (more than likely it will be in Spanish but again depends on where you are). With this you can take your time and gather up all the documents you need.

I must point out that each Mexican States immigration office has different, processing times and requirements. Maybe not by much but its much better to have the check sheet for the office you are applying in. This will save you some painful hours waiting to be told you are missing something or you don’t need that document. Also they update the process often so you should make sure you have an up to date check sheet and application form.

For example I used to live in Manzanillo in the state of Colima on the pacific coast, there they don’t see many people wanting to apply for FM3 or FM2 but dealt mostly with ship captains. What I found here was that the application for an FM3/2 could take a while or be done in a day all depending on what mood the officers were in, but getting information was difficult as there was only three windows and you had to queue with everyone else just to ask a question.

I now live in Playa del Carmen and found that the immigration office is more geared towards foreigners coming to apply for visas. Here they have an information desk where you can get all your check sheets, application forms and any help with what you are looking for.

The officer here will after speaking with you decide if you need to go to one of the processing desks. This saves a lot of time and I wish that was available in Manzanillo when I was applying for my Married visa.

Next door to the Playa Immigration office is a small “shop” offering services like photocopying, letter writing, translations, photos etc. This is very useful as when I applied for my FM2 visa I needed three letters, one to say that I am married to my wife, one to say my wife is married to me and one to say what visa I am looking to get, for $100pesos each the gentleman working here typed these letters for me within 10mins and I was ready to go. I know that is a lot for 3 pieces of paper, but its all done in Spanish and covers exactly what you need. You could try searching for a template for each letter you need to save money.

You can also ask here for help on what documents you need, as he must see thousands of confused tourists come and go and knows exactly what you need to get your visa. Just make sure you use one of his services when asking him loads of questions, its only fair.

When you to buy a property in Mexico your best option for a visa is a FM3 rentista. This version of the FM3 is for everyone who wants to come and go to Mexico. Best when you want a holiday Mexico home and only want to be here for a few months at a time. To get a visa like this you have to prove that you either have a monthly income of $1000USD or have $12,000USD in a bank account. This is to prove that you can come to the country and don’t have to worry about money or turn to working. You can stay for one week or for the whole year if you want but you can’t work.

At the moment you will get a passport size book. A green one for the FM3 and a grey one for the FM2, but as of May 1^st 2010 these will change to ID cards. This is going to be a lot better as you are meant to carry your visa with you everywhere and keep a copy at home.  So with a card you can just put it in your wallet or purse and not worry about it.

To sum this up, If you have the time and patience, first get the check sheet for what you need spend a few days gathering your documents together and take a book and a bottle of water and go to apply for your visa. You will also find that you will have to go back a couple of times. I went in to apply for my visa, then to go back 3 weeks later to make sure it was all ok, sign a few forms, get my finger prints done and hand over some pictures (You will be told what size and type of photos you need) then wait another 10 days until going back for the third time with the payment and collect you visa.

-Robert Young

Related posts:

1. How Do I Get a Mexican Visa If I Want to Live in Mexico :Part 1 Visa Classification
2. Moving to Mexico: Obtaining the Resident Investor Visa
3. Mexico Resident Pensioner Visa: How to Retire in Mexico

During the closing process of real estate in Puerto Vallarta, you must pass your title free and clear of any liens or encumbrances.  Prior to the closing, the Notario will order a no liens certificate from the Mexico Public Registry.  Therefore, you will need to pay all utility bills up to the closing date.  You must also liquidate and pay severance to any domestic employees.  This should be done in front of the Puerto Vallarta labor board, and it is important to get a signed receipt, as the lien stays with the property and would come back against the new owner.

Your condominium homeowners administration fees , as in most Mexico real estate markets, must also be paid up to the closing date and you will be asked to provide the new owner a copy of a letter from your administrator proving payment.  You must also have your Mexico property taxes (“predial”) paid up to date.  The bank trust fee must also be paid current, and typically there will be a bank fee to cancel or transfer the trust.  I sure hope you have made a profit on your investment, and in that case there will be a Capital Gains tax to pay.  If you are a Mexican citizen or a foreigner with tax residency of Mexico, you may be totally or partially exempted from this tax by virtue of your residence.  Foreign visitors will need to pay the tax, which it currently set at  30% of the net gain on the property.  The Notario will help calculate and is responsible to collect this tax, so it is critically important that you keep all your official receipts (“facturas”) on any improvements or expenses you have had and provide these to the Notario in order to raise your tax basis.  It is also important to understand that the legal currency here is Mexican pesos, so with the current weakness in the peso vs. the Dollar, even though you may not have a gain in Dollars, you may have a gain in pesos, which will be taxable here in Mexico.  The good news is that you can claim this payment as a tax exemption back in the US.  Your local TOP Mexico Realtor can guide you through this process, and help preserve and protect your rights.  Ask around and select a knowledgeable expert.  You will have to pay Real Estate fees, but the expert advice is well worth the cost.  Selling Puerto Vallarta real estate property here is a complicated business and mistakes can be costly and must be avoided.  Ask for a “factura” and you can write the fees off against those nasty Capital Gains taxes mentioned above.   Good luck and good selling!

Do you have a question about the Puerto Vallarta Real Estate market? Just ask!
Michael Green moved to Puerto Vallarta to take advantage of the unsurpassed lifestyle PV offers. Today, with over 12 years of experience, Mr. Green is one of the most recognized brokers in Vallarta. TOP Mexico Real Estate “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

Related posts:

1. Tips on Selling Your Puerto Vallarta Home
2. What are Estimated Mexico Closing Costs
3. What is the role of a Notario Publico in Puerto Vallarta Real Estate?

You sure can, by placing the Puerto Vallarta real estate in a bank trust, or “Fideicomiso”.  Title of the property is transferred to a trust with a Mexican bank acting as Trustee. The Trust Agreement is formalized by the issuance of a permit from the Mexican Ministry of Foreign Affairs. In all Mexico real estate transactions involving non-Mexicans and within the restricted zone, a Bank Trust is almost always used as the vessel for acquisition.  There are three parties to the trust:  The seller of the property is the Trustor, the bank is the Trustee (Fiduciario), and the buyer is the Beneficiary (Fideicomisario.)  The buyer is designated as Beneficiary in the Trust and the beneficiary rights are recorded in the public record by a Notary Public.

The Mexico Bank Trust is current for a term of 50 years and can be renewed for additional 50 year terms.  Many people have the mistaken belief that the trust is similar to renting, or a lease, this is NOT the case!  The bank holds the property in trust and follows your instructions.  Your Puerto Vallarta real estate is NOT an asset of the bank, it is your asset.  As Beneficiary, you have the same rights, use and enjoyment as a Mexican National, and can sell or rent your property without restriction, and keep the proceeds.  You may also transfer your rights to a third party or pass it on to named heirs.  The bank charges the person desiring the Fideicomiso an initial fee of approximately $550 USD for signing the agreement and establishing the Trust and a yearly fee of approximately $550 USD for administering the trust. You are free to choose which bank you prefer to hold your bank trust.  Your  TOP Mexico Realtor will be able to coordinate all the paperwork involved in this process.  You will just need to provide photo identification, and fill out a very basic bank form with your personal information and instructions on how you wish to hold the property and who you want to pass it to in the event of your death.  I recommend using a bank that will lock in the administration fee, and has a local English speaking representative.  You can also request a clause be added to your trust allowing you to attend and vote at the Homeowners meetings without getting a proxy every year from the bank.  Some people complain about the trust process, but there are benefits:  As part of the closing process, the bank’s attorneys review the deed and are able to sign on your behalf.  It is always nice to have another set of trained eyes review your deed before signature.  Also, the trust separates the asset legally, much in the way a “living trust” does in the United States.  Finally, in the event of the death of the buyer (beneficiary), the property automatically reverts to the substitute beneficiaries, avoiding lengthy and costly probate procedures.

Do you have a question about the Puerto Vallarta Real Estate market? Just ask!
Michael Green moved to Puerto Vallarta to take advantage of the unsurpassed lifestyle PV offers. Today, with over 12 years of experience, Mr. Green is one of the most recognized brokers in Vallarta. TOP Mexico Real Estate “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”

Related posts:

1. What are my selling costs on Real Estate in Puerto Vallarta?
2. The Mexico Bank Trust for Ownership of Real Property
3. How the Strong Canadian Dollar Behaves in the Puerto Vallarta Real Estate Market

Mexico real estate is regulated by several government bodies one of which is the Agrarian Minsitry (Secretaria de la Reforma Agraria) who published an official notification in the Mexican Official Gazette whereby the Agrarian Ministry commenced the delimitation and measurement of approximately 450 thousand hectares of national territories located in the Tulum Real Estate zone within the Biosphere Reserve of Sian Ka’an, in the Municipality of Tulum and Felipe Carrillo Puerto, in the State of Quintana Roo.

The purpose of the Notification is to identify all the surface and Tulum properties that are not considered as private property land, and transfer the non identified to the Natural Resources Commission (Comision Nacional de Areas Naturales Protegidas), a subordinate organization of the Ministry of the Environmental and Natural Resources (Secretaria de Medio Ambiente y Recursos Naturales).

 Schondube Abogados, S.C. recommends to all owners that acquired Tulum land inside the Reserve to have the following:

Carry out a meeting with the Agrarian Ministry officers in order to file any required information that evidences their property ownership. It is important to point out that the filing of the documentation needs to be done by the owner of the property or an attorney in fact dully designated. In any case that the owner is not able to file the requested documents, we recommend appointing an attorney in fact in Mexico by granting a special power of attorney exclusively for this process.

Prepare and file before the Agrarian Ministry the following documentation:

• Original of the public certificate by which the title deed was acquired. (or else Trust).
• Plans, maps or any other document that displays the exact location (coordinates) of the property and its respective boundaries.
• Copy of owner’s official identification.
• A reported of the measurements and boundaries issued by an expert technician.
• Coordinate with the Agrarian Ministry and a topographer that the exact boundaries and measurements of the property are well located according to the landmark sites when measured.

I have dealt successfully with Schondube  Abogados, S.C. in various transactions in the Sian Kaan  Reserve, my experience has always been that of confidence  and certainty, I do not have any  reserves to recommend and delegate any diligence to them, especially when it comes  to such precious real estate.

Hector Moreno has been working in Real Estate in the areas of Tulum, Akumal, Sian Kaan for nearly 6 years. He is a certified real estate agent and owner/broker of Moreno Realty Associates. (512) 879-6546

THE TOPMexicoRealEstate.com NETWORK
“Mexico’s leading network of specialists for Finding and Purchasing Mexican properties Safely !”

Related posts:

1. Tulum International Airport Update
2. Tulum International Airport
3. Update in Downtown Tulum

THE MEXICO REAL ESTATE BUYING PROCESS PART II (Fideicomiso or FOMC)

This is a continuation of my previous post- Buying in The Yucatan Real Estate Market

While touring Yucatan properties with your agent, you will want to engage in a conversation about Fideicomisos and FOMC (Foreign Owned Mexican Corporations) to determine which is the best vehicle for you to utilize to hold title. Both have advantages and disadvantages.

The Fideicomiso (bank trust) is a trust agreement that you establish with a bank to hold title of the property with you (you and the bank are both named in the title documents). The bank has a fiduciary responsibility to represent your interest in the property.

Advantages of the Fideicomiso:

* The Fideicomiso gives you the rights and the vehicle to hold the property in perpetuity. It is a 50-year trust agreement that is renewable every 50 years by you or your heirs.

* You may also transfer your rights in the Fideicomiso to another foreign buyer

* You may rent, sell, remodel or dismantle the improvements on the property.

* Your heirs may inherit the rights to the Fideicomiso, effectively by-passing probate, should you depart without a proper will

* There are tax advantages pertaining to Mexico capital gains taxes when you sell

* The Fideicomiso is easy to maintain by paying the annual fee to the bank

If the title papers, property dimensions and corresponding documentation are not in perfect agreement, the bank will not issue the Fideicomiso. A rectification of the property measurements will be required We will discuss this in a moment.

The main disadvantage of the Fideicomiso is that it is restricted to a property of NO MORE THAN 2000 square meters.

Note: There are exceptions and you can request a permiso for acquiring a Fideicomiso that allows for a property larger than 2000 square meters. This is a complicated process requiring an investment plan, time line, inspections, architectural renderings, business plan and plenty of governmental red tape. The exception is designed for an investor that plans to make a significant investment in the property.

Another disadvantage of the Fideicomiso is that it is limited to one specific property. Sometimes you can put two adjoining properties into the same Fideicomiso. But, generally speaking, the Fideicomiso is only designed for an individual property.

The FOMC (Foreign Owned Mexican Corporation) is a vehicle that allows foreigners to open a business and work in Mexico. The corporation is a Mexican entity, and as such, has the right to hold title to real estate. An attorney or Mexico notario can help to set up your corporation It is important to know what your goals are in respect to the property, business and type of Mexico real estate investment prior to setting up the corporation.

Creating the corporation requires a minimum of two individuals (stockholders), of any nationality, that are at least 18 years of age. One of the stockholders will be required to be the managing partner. The managing partner will be required to acquire and maintain a Mexico FM-3 visa. The visa must be renewed every year. Additionally, the corporation is required to make monthly reports to HACIENDA (the Mexican Department of the Treasury) reporting income and expenditures. The reporting needs to be done by a certified accountant.

Advantages of the FOMC:

* Allows for the purchase of properties larger than 2000 square meters

* No limit to the number of properties it may own

* Allows for one or more of the stockholders to legally live and work in Mexico year round.

Disadvantages of the FOMC:

* The corporation requires more hands on attention than the Fideicomiso.

* Does not have the ability to avoid capital gains taxes when it sells property

* Requires a managing partner with an FM-3 visa

* Monthly reporting of financial activity is required through a certified accountant.

Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. www.TOPmexicorealestate.com 512-879-6546

Related posts:

1. Q: In the Mexico Real Estate Market, Can we Use One Bank Trust to Own Several Properties
2. What is a Mexico Bank Trust, Fideicomiso
3. How to Buy Property in Mexico; The Mexico Bank Trust Part II

Article 27 of the Constitution of the Republic of Mexico prohibits foreign ownership of real property located within 30 miles of any coastline or 60 miles of either border This is referred to as the Mexico restricted zone

Owning within the Mexico Restricted Zone

In 1973, recognizing that many Americans would enjoy the rights of ownership, and bring needed dollars to the country, President Echeverria approved the bank trust, Mexico fideicomiso, form of ownership which is available to non-Mexicans This regulation was further expanded in the Foreign Investment Law of 1989.

Mexico Properties located within the restricted zone, which includes the entire Baja Peninsula, may be acquired by a foreigner through a Mexican bank trust naming the buyer of the property as the beneficiary of the trust Naked title is placed in the name of the bank selected by the buyer, as his trustee The bank administers the property according to the instructions of the buyer/beneficiary The buyer/beneficiary has full ownership rights: he may build on the property, tear down existing buildings, modify them, rent, lease or sell at anytime conforming only to the general laws of the country established for all persons

Term of a Mexico Bank Trust

The term of the trust is fifty years and can be renewed for additional fifty year periods, after which it must be transferred to “one entitled to hold property” in Mexico In other words, title to the property may rest in one beneficiary indefinitely, provided that it is renewed within the terms established by the law

Procedure and Costs

The procedure for establishing the fideicomiso, the bank trust, is as follows: a permit must be obtained from the Secretary of Foreign Relations which includes a description of the property to be placed in trust, the use for which it is intended, and personal data on each of the beneficiaries Once granted the bank draws up the trust document which is recorded in the municipality where the property is located.

The costs for the permit to establish and register the trust are currently about $1,700 US and Mexico bank trust annual fees are generally $400.00 to $700.00 per annum there are additional closing costs in Mexico, however, an it is wise to request a written estimate prior to beginning the transfer process.

* The costs mentioned above may require updating given the date of writing of this article

Author Linda Neil has over 35 years of hands on experience in all aspects of Mexican real estate. She holds membership in AMPI, NAR, and FIABCI and PROFECO Certificate 00063/96. Current member of the national advisory board of AMPI she is the owner broker of LINDA NEIL PROPERTIES for more information (512)-879-6546 www.TOPmexicorealestate.com

“Where TOP real estate experts from ALL regions of Mexico come together to share their Tips & Knowledge to help you buy safely !”

Related posts:

1. How to Buy Property in Mexico; The Mexico Bank Trust Part II
2. What is a Mexico Bank Trust, Fideicomiso
3. Q: In the Mexico Real Estate Market, Can we Use One Bank Trust to Own Several Properties

All too often citizens of the United States, Canada and other countries ASSUME that property purchases are carried out automatically in Mexico in a manner similar to that of their native countries The first law of property purchase in Mexico is DON`T ASSUME anything! Purchasing property is NOT the same as in other parts of the world

Would You Purchase a Property in Your Hometown Which Is Not Registered in the Local Public Registry or Land Titles Office

Would you hand a complete stranger, without an office or an established business entity, a check for perhaps hundreds of thousands of dollars to pay for a property Why do so many foreigners do this when they purchase in Mexico Many do not realize that Mexico has a complex and complete legal system and a court system that is as well organized as any that exists in the United States, Canada or Europe It is essential that you have an idea of how the system works and what to expect when considering a purchase of property in Mexico

Don't Leave Your Brain at the Border!

Article 27 of the Mexican Constitution prohibits ownership by a foreign individual or business entity of real property (real estate) within the “restricted” zone which is an strip of approximately 30 miles from any coastline and 60 miles from any border Recognizing the demand by foreigners for ownership of property and recognizing the importance of making desirable properties available to foreigners for potential positive impact on the economy, the Mexican government implemented a series of Foreign Investment Laws beginning in 1973 The law was modified in 1989 and again in December 1993, to incorporate the provisions of the NAFTA treaty passed in late 1993

For those who are acquiring property for residential usage, the law requires that title to the property in the restricted zone be transferred to a Mexican bank, as trustee, in the establishment of a trust (fideicomiso) in which the foreigner is the beneficiary The bank is the titleholder of the real property and the foreigner is the owner of the rights of usage of the property The bank owns the real property rights and the beneficiary owns the personal rights of usage Ownership of these personal rights is evidenced through a deed prepared by a Mexican Notary Public and signed by a representative of the trustee bank

Currently the term for a trust is fifty years The Foreign Investment Law of 1989 provides for renewal by filing an application Multiple renewals are permitted under the law By requesting extensions every fifty years, a property may be controlled by a family or business entity for generations For those foreign individuals or companies buying property in the interior of the country, not in the restricted zone, no bank trust is required but authorization from the Secretary of Foreign Relations must be obtained and ownership must be registered in the National Foreign Investment Registry located in Mexico City, as well as in the municipality where the property is located

Avoid Mexico Taxes and Extra Costs. Leave the Mexico Deed in the Seller's Name: This is Wrong!

Until the buyer is formally named as the owner in fee simple or in the bank trust in a public document before a Mexican Notary Public, title to the rights in the property remain with the persons named in the previous property deed Their signatures are required to transfer title If the buyer fails to obtain his or her own deed he/she will be required to obtain the titleholder's signature before a sale and transfer to another buyer This can be costly, frustrating, dangerous and time consuming

The Importance of Mexico Registration of the Deed for Beneficial Rights.

The Mexico purchase/sale document signed by buyer and seller is generally legally valid between the parties to a transaction It most likely contains the description of the property, the price to be paid to the seller, and any other special terms and conditions It WILL NOT, however, provide valid notice to third parties unless it is recorded in the Public Registry Office of the municipality in which the property is located Mexico's land registry system functions in much the same manner as the Public Registry offices in Podunk, North Dakota, Los Angeles, California, Ottawa, Canada or places in between

many foreigners purchasing property in Mexico do not understand the importance of registration of their interest in property They believe that it should be left in the name of the property developer, in the Master Trust, or in the name of the previous holder of title What if the developer goes bankrupt What if the corporation and its principals, disappear Who can sign as the representative of the property Who then owns the property What happens if an unscrupulous seller sells the property to someone else While title is in the name of the seller, it is HIS/HER asset; she may mortgage it, he may sell it again, it may be attached in satisfaction of a judgment, she may die without a will

Unless the Deed for the rights of the Beneficiary has been Recorded, there may not be a remedy for the purchaser who neglected to obtain a registered deed…his or her interest and investment, may be lost

To obtain the deed an appraisal, a property tax certificate, and a no-liens certificate must be obtained Notarized bank instructions must also be obtained if property is in the “restricted” zone Seller's capital gains tax and Buyer's acquisition tax must be paid The deed transferring rights to the buyer must be registered and stamped by both the tax office and the public registry If this process is not complete, the buyer is not fully protected The buyer's ultimate protection is registration in the Public Registry office record, NOT the Notary Public or the trustee bank!

Financed Properties in Mexico

When property is sold with a down payment and the balance to be paid over a term of years, many sellers prefer to hold title to the rights in their name and transfer title to their rights only upon receipt of payment in full Meanwhile, however, the seller may die, may disappear, may bo bankrupt…again risky situations for the buyer the prudent buyer will insist upon a transfer of title and registration of a mortgage or pledge in which he gives his rights in the property as security for payment of the remaining purchase price

In the event of default by the buyer, the seller must conduct a proceeding similar to a judicial foreclosure in the United States and Canada It is as troublesome as a foreclosure in any country in the world but notably more problematical The registered title and recorded pledge or mortgage provides the buyer a greater comfort level in his investment The lender also enjoys protection in having his loan recorded and will have an established legal proceeding to follow in the event of default by the buyer

Author Linda Neil has over 35 years of hands on experience in all aspects of Mexican real estate. She holds membership in AMPI, NAR, and FIABCI and PROFECO Certificate 00063/96. Current member of the national advisory board of AMPI she is the owner broker of LINDA NEIL PROPERTIES for more information (512)-879-6546 www.TOPmexicorealestate.com

“Where TOP real estate experts from ALL regions of Mexico come together to share their Tips & Knowledge to help you buy safely !”

Related posts:

1. Purchasing Your Mexico Dream Home; Condo Regime Part 6
2. Purchasing Your Mexico Dream Home; Condo Regime Part 5
3. How to Buy Mexico Real Estate: The Purchasing Process

I am sure you have all wondered when vacationing down in Mexico, “what happens to me if I lose mytourist card , also known as a FMT ( Forma Migratoria Turista)” . The tourist visa is the document that you get on the plane or as you drive across, fill out, and then hand to the customs/immigration officer He then stamps it with the date you arrived and the number of days you can remain in Mexico.

We recently had a very interesting and yet worrying experience. For the first time ever, we took a domestic flight from Mexico City into Cancun (though our trip started in Canada) We never received an FMT card on either the flight into Mexico City, nor the one into Cancun We initially thought that perhaps these visas were no longer required This was until our friends arrived a few days later on a charter flight with tourist cards in hand!

We had thought it extremely unusual that we did not go through customs and that our passports were not stamped in Mexico City nor Cancun Upon arrival in Mexico City we did not change terminals; we just got on our flight to Cancun - bags checked through We have since been told that terminal one in Mexico City is an old terminal and it s possible to completely bypass customs

Advise one:When travelling abroad, your first port of entry will most likely be the area required to present your passports, visas, and travelling documents to obtain stamps from custom officials

Needless to say, we became very worried when we discovered our friends had one. From past experience we knew that you could pay for the tourist cards at a bank, but you had to have the card in hand. On further investigation we found out that we needed to go to the Cancun airport toexplain the situation to the Mexicana Airline people and immigration. As you can imagine, this took several hours and took away from our valuable Beach time.The airline was surprisedthat we did not receive one and immediately suggested we talk to someone at immigration.

At this point I knew we would meet up with either very professional/conscienceous personnel OR we would have topropina our way out of this We discovered the following information.

Advise two: you need proof of citizenship to obtain an FMT card, this can be either a passport or a birth certificate accompanied with a photo identification.

The official gave us the 2 FMT cards once we had shown him our passports We had to fill out the documents which asked where we were born, purpose of the trip, and our final destination.

Advise three: You will need to take your airline ticket if your Mexican FMT is lost, as well as your proof of citizenship

After filling out the documentation, we were required to pay for the administrative fees which have an approximate cost of $250 pesos per fmt

The FMT is a tourist visa, and can be obtained for a maximum period of 180 days Although hardly any Immigration officier will stamp approval for these amunt of days, they usualy will approve a 90 day FMT

Nancy Schneider -Deacon

www.TOPmexicorealestate.com

512-879-6546

Related posts:

1. What Documents are Needed When Travelling to Mexico
2. What Items Am I Allowed to Take With Me on my Trip to Mexico
3. Shared Information on Mexico VISA in Playa del Carmen

If you are selling your Property here in Mexico, the Mexican notary public will require several documents to be present for the closing process If you want a refresh on what all is involved during the Mexico Real Estate closing process click here to see a previous post that I wrote outlining these steps

If you are a buyer and new to the operations of purchasing property here in Mexico, it is also good to know and understand what documents are involved during the ownership transfer process There are many different properties that can be purchased here in this country, condos, single family homes, fractionals, oceanfront lots (If you want more information on properties in a particular city of Mexico, call up an expert or visit this web site to see some excellent options www.TOPmexicorealestate.com), all of these properties use the same basic documentation.

SELLING MEXICO REAL ESTATE AND THE DOCUMENTATION REQUIRED

The notary public has several key functions in the process of transferring the legal ownership from the selling party to the buying party Collecting taxes, witnessing the signatures are a few of these functions but today we will be talking about the documentation that is required to be delivered to the notary from the selling party of the property.

Identificacion Oficial – Official Identification

This would include for Mexicans IFE or passport For foreigners it basically includes only the passport.

Cedula Catastral – Cadastral Certificate

This document basically lists out the quantity of meters of the property, the government assesed value of the land and building for the basis of the anual property tax, and other information regarding the property.

Ultimo Pago Predial – Last Property Tax Receipt

Property taxes are paid on an annual basis These are due by April of each year. Most states in Mexico give incentives for early payments with discounts such as 25% if paid in December, 15% if paid in January, 10% if paid in February for example The Mexican notary public will require the copy of the last property tax receipt which should correspond to the present year of the sale of the property.

Certificado Libertad de Gravamen – Certificate Free From Liens and Encumbrances

TIME: approximately 3 days

COST: $169 pesos

REQUIRED DOCS: last property taxes paid and current, official id of land owner, copy of the cadastral certificate

Cerficiado de No Deudo Predial – Certificate of No Liability Property Taxes

TIME: approximately 7 days

COST: $285 pesos

REQUIRED DOCS:folio number of the property

Certificado de No Deudo Agua – Certificate of No Liability Water Services

TIME: approximately 3 days

COST: $72 pesos

REQUIRED DOCS: copy of your last water bill paid and current

Certificado de No Deudo Obra Estatal – Certificate of No Liability State Works

TIME: approximately 2 days

COST: $201 pesos

REQUIRED DOCS:last property taxes paid and current

Certificado de No Deudo Obra Municipal – Certificate of No Liability City Works

TIME: approximately 3 days

COST:sum of your last property tax paid plus $380 pesos

REQUIRED DOCS:copy of the cadastral certificate, copy of your last property tax paid and current

These are the main documents which the notary public will request in order to execute the legal transfer of the property from a seller to the acquiring buyer If you need help in realizing any of these procedures or have any questions regarding these themes, feel free to contact me or my offices

Thomas Lloyd

www.TOPmexicorealestate.com

(512)879-6546

Related posts:

1. Mexico Real Estate Purchase Real Life Example
2. How to Buy Property in Mexico; The Mexico Bank Trust Part II
3. What are Estimated Mexico Closing Costs

While working here in the Playa del Carmen real estate industry, we come across frequently asked questions by many of our buyers.

I thought a good subject to touch upon this week would be to hit on some of these subjects. Also, this past week, the Riviera Maya real estate organization of AMPI, which I am a member, held a short session to discuss the theme on Condominium Regimens here in Mexico.

In layman's terms, a Condominium Regime is basically dividing one main title of a building and land, into smaller, individual titles. Physically, the Playa del Carmen condos would all be individually measured, have their own individual independence (individual contracts) in regards to their electric, water, and basically all utility needs. A condo regimen will not only specify the private areas of the individual condos, but will also specify what areas and buildings are to be considered in the common areas. By laws are also part of this package which include the rules by which the condo owners must follow while living or enjoying the areas within the complex. The Mexico Real estate Federal law outlines the basic rules that must be included in these by laws, but the sky is the limit in regards to additional rules that the condo owners wish to include in such document.

The regimen of Condominium document is an important certificate that the investors in Playa del Carmen real estate and Mexico Real estate focus upon when purchasing a Mexico pre-construction condo because titles cannot be issued until such document is obtained by the developer.

How long does it take for a Mexico developer to obtain the Regimen of Condominium

It varies upon the state, but approximately 3 6 months.

Now, Playa del Carmen luxury condo developers, need to invest time and money into obtaining the Regimen. But, the requisites are quite logical, and the majority of the work deals with engineering and architectural data. The notary public and documentation paperwork also require additional time. The information and documents that are required to obtain the Regime consists of the following but not excluding additional requirements not mentioned below.

Original application requesting the Mexico Condominium Regime

Property title

Property Tax Registry

Last property tax payments

Zoning permits

Certificate of compliance with city and state regulations

Construction permits

List of building materials being utilized in the building

Performance Bond

Delivery Bond

Condominium By Laws

The application is delivered on the city offices as well to the state. At the state level, the government offices known as the SEDUMA will be the authorizing government body. Once the authorization has been granted both by the city and state, the documentation can then proceed to the notary public.

Once arriving to the Notary Public the lead time may vary from 7 to 14 days. Once notarized, the documents will then need to be notarized. Here, the Mexico public registry will assign individual folio numbers to each of the Mexico condominium units. Finally, the cedula catastral, or the individual property tax registries are assigned. This would be the final step to obtain individual title to Mexico preconstruction condominiums.

A common question that many of my investors forward to me, is

Why do the developers wait so long to begin application for the Condominium Regime when they are aware of a 6 month period

The main reason of withholding this process, is due to the flexibility to construct according to the buyers requirements. One of the values that many buyers exercise when purchasing into pre construction, is the option of being able to custom design the layout of the interior of the unit. The buyers want the flexibility to decide if they want 3 bedrooms, or 2 Bedrooms with an extra large master bedroom for example. If the Condominium of Regime has already been applied and granted, the construction cannot be allowed to modify unless an entirely new Condominium Regime is realized. Thus, developers will withhold until either 90% of the condos have been sold, or until 90% of the construction has been realized thus definition of the final product has been ensured.

If you want to study more questions and answers to FAQ regarding this subject or other similar subject,I welcome you to click below where you can read on much more details on Mexico Real estate.

http://www.topmexicorealestate.com/faq.php

Thanks

Thomas Lloyd

Related posts:

1. Purchasing Your Mexico Dream Home; Condo Regime Part 6
2. Purchasing Your Mexico Dream Home; Condo Regime Part 5
3. What to Review When Buying a Condo in Playa del Carmen