FAQ: YES, YOU CAN OWN REAL ESTATE IN MEXICO AS A FOREIGNER.
FAQ: YES, IT IS SAFE AND SECURE TO PURCHASE REAL ESTATE IN MEXICO.
FAQ: YES, GIVING YOUR PERSONAL INFORMATION TO THE BANKS IN MEXICO IS SECURE AND CONFIDENTIAL.
The process to buy real estate in Mexico is VERY different than in the US or Canada, however, if you use a knowledgeable agent it will save you time and money.
Listen and learn…A wonderful couple who I will call Amy and Bill from Arizona had a lifelong dream to own and build a beach home in Rocky Point Mexico, where they could get away from the hustle and bustle of Scottsdale, AZ. They looked around Rocky Point and realized it was perfect for them! Luck was on their side when they met with a knowledgeable real estate team in town who walked them through this process. After the property was located, the purchase price agreed by the buyer and seller and the purchase contract was signed, the elated buyers really got excited. The closing date was set for 90 days since this was a clean ownership by the seller and the deal was cash. The buyers would get a new bank trust since this property was owned by a Mexican national. All looked like an easy closing and no problems. Maybe not.
Important steps for both the buyers and sellers; meet inspection deadlines, get a survey of your lot lines if in question, have all documents ready before the an offer is made by the buyer and before the property is put on the market by the seller. These documents are absolutely critical to being able to sign a purchase contract in Mexico as a foreigner and obtain a bank trust to buy real estate in Mexico. The seller, have your property and your ownership documents reviewed by a professional to make sure you really own exactly what you want to sell.
To complete the rest of this story…the first property these buyers put an offer on fell through since the seller had not had their ownership documents reviewed by a professional and the seller did not have a clean title to sell. The buyer did get their pre-paid funds back and their earnest money. The buyers still wanting to buy in Rocky Point; now a little more aware of the process, made an offer on a second property that had a clean title and was ready to be sold. Thinking all was good, the closing date was set for 90 days. The Seller did a great job on their end on being ready to sell. Buyer did meet all their deadlines and requirements to buy. But wait…buyer wants to add beneficiaries to their bank trust to ensure their children will inherit their real estate in Mexico. This is no problem however, this is a step the buyers should have known and had all beneficiary documents ready at time of making the offer to buy. This step cost the buyers an additional 3 months to close due to delays in the closing process by not having all of the beneficiary details when the bank trust was initially created for the buyers.
Story ended happily! Sellers got the full asking price. Buyers own a beautiful property that they will build their dream beach home on and their children as they wished, will inherit the real estate cleanly with no issues.
Buying real estate in Mexico is manageable but I highly suggest you hire a knowledgeable Real Estate agent who works with a good team here in Rocky Point, Mexico. It will save you time and money in the long run.
More information and questions: 480-862-6897 US / 638-114-2286 MX
See properties: www.mexicorealestatepro.com
Krissy Nichols. Mexico Real Estate & Document Services – Realtor
A.M.P.I. #51 Real Estate Association for Rocky Point- Events Coordinator
The Satisfied Frog Restaurant & Cantina- Managing Owner
US Cell: 480-862-6897 MX Cell: 638-114-2286
SEE PROPERTIES FOR ROCKY POINT – www.mexicorealestatepro.com
BUYING MX REAL ESTATE 101 – www.mexicorealestateresources.com