 The blog How to Purchase Property Smoothly in Mexico is a contribution by Chrissy Jones.
Often referred to as Mexico’s Immigration Dilemma, the influx of retirees making their way across the border to spend their golden years on the idyllic coastlines has grown to a stellar 1 million. Mexico, with its low cost of living and adapted government regulations regarding seafront properties, has quickly become one of the top locations for retirees. Purchasing property in Mexico is far simpler than imagined. Especially when the right levers are pulled. These are some ways to ensure a smooth purchasing process.
Make Use of all the Resources at Hand
While it’s far simpler to purchase property that’s within driving distance to view, it may not always be possible. Those who only venture down to Mexico on occasion should do more than just view an online profile of a property. Agencies host open houses regularly. And even if a proxy is sent down to confirm the state of a property, a physical visit to the area will also ensure that shopping destinations or transport hubs are within a reasonable distance. Finding the right agent is an integral part of closing a deal. And taking a tour of the property is also important. The best is to seek a referral from a friend who already concluded a successful transaction.
Great Attorneys Aplenty
One of the best relationships to form in a foreign country is with an attorney. Not only will they be able to provide insights on all the legalities and formalities expected from a property owner, but they can also intervene when necessary. You might need to “interview” prospective legal representatives to set up this relationship. Once again, a personal referral will go a long way. Attorneys are not only handy when it comes to setting up legal documents (such as bank trusts or Mexican corporations) and providing insight into local laws and bylaws but can also prove invaluable in terms of figuring out the legitimacy of a mortgage transaction. This will help those who may suspect a mortgage deal that seems too good to be true.
You Can Purchase Property by the Ocean
Thanks to the fideicomiso, or bank trust, foreigners can now purchase property within previously restricted areas. This trust allows a bank to be the trustee, but it must be an authorized Mexican institution. The bank trust lists the owner of the property as a beneficiary. This gives you the authority to carry on as you would any other property you owned. This means renting it out or selling it while benefiting from the transaction. There is a lot of work that goes into this, but the result is a lovely property overlooking the crisp white sand and undulating waters of the ocean.
Prospective homeowners should deal with reputable real estate agents and attorneys. This will ensure that transactions remain above board. Professionals can help you confirm the legitimacy of anyone that promises transactions with fast turnarounds or that require “cutting corners”. Once you’re covered with trustworthy partners to help in you finding your home, you can start your search.
And remember, at Top Mexico Real Estate…we make it happen!
