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Purchasing Property in Mexico Purchasing property in Mexico is safer than it has ever been but there are important differences between the laws governing real estate here and in other countries. A brief explanation of the history and current rules and regulations helps put things into perspective. The rules for land ownership by foreigners have undergone many changes over the years. The constitution of 1917 prohibited foreigners from owning land within ~62 miles of the International border or ~31 miles of the coast (including most of the Baja peninsula). This made it difficult to attract foreign investment and the accompanying economic development. The Fideicomiso was developed as a secure method for foreigners to invest in property within the Restricted Zone. A Fideicomiso is similar to a Trust. The Mexican bank of your choice is the Trustee or holder of the title to your property. You direct the activities of the Trust and are the Beneficiary of all the rights associated with the ownership of the property. You can improve your property (build), sell it, rent it, will it to your heirs, etc. The Trust is renewed every 50 years by the current Beneficiary, in perpetuity. Pagos y Servicios de Los Barriles is just one of the reputable closing agents here who can help you through the process of purchasing a home and establishing your fidiecomiso. As an owner, you will have on-going responsibilities like property taxes and an annual fee associated with the fideicomiso. They can also help you with these. You can contact the owner, Angélica Lucero at: pagosyserviciosinlosbarriles@yahoo.com
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Financing Available! The fideicomiso system that allows foreigners secure ownership in their Mexican property also opened the door to U.S. based financing. Many people purchasing second homes in Mexico are taking advantage of this and the associated tax benefits. With the popularity of the East Cape on the rise, rental income can often be utilized to offset loan payments. Baja Capital Mortgage (BCM) represents all major residential programs available to Casa de Milagros buyers. Pre-qualification is easy and we can assist you in selecting the right loan program for your needs. Once approved, we will manage the closing process to see that your purchase is handled quickly and accurately. For more information contact Pam Gray Email: pam@bajacapitalmortgage.com Phone: US 619-781-1288 Mex Cell: 624-177-1358 OR click here to Download an Application and get pre-qualified within 24 hours!
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