A Checklist For Foreigners Seeking to Buy Property in Mexico
The idea of owning property in a foreign country may seem like a fantasy. But the reality is that purchasing property in Mexico may be within your grasp. Whether you’re seeking new residency, a vacation property or an investment opportunity, buying real estate in Mexico can be a great way to achieve any of those goals. The value of the U.S. dollar against the Mexican peso steadily climbing over the last 10 years. As a result, American’s purchasing power in Mexico has never been stronger. That being said, there are some details you should know if you’re considering purchasing property in Mexico.
Understand the Lay of the Land
Understanding how the real estate purchasing process works in Mexico is essential for any foreigner seeking to buy property there. Not only will this help ensure that you have a hassle-free experience, but it also will help protect you from liabilities and potential legal troubles. Many of these tips may seem like common sense. But others are ones that you may not be aware of and they can affect your transaction. It will benefit you to find a reputable Realtor or equivalent before seeking properties in Mexico to help with this.
Local Realtors are a Good Source
No licensing requirements exist for Realtors in Mexico. But you can seek out realtors that belong to an industry association called Asociación Mexicana de Profesionales Inmobiliario (AMPI), specifically. As with any real estate transaction, you should be cautious about what you’re purchasing. It is essential to note that in Mexico there are no requirements for sellers-disclosure. This means it is your responsibility as the buyer to ensure there are zero issues with the property because there are no protections once the sale is completed.
Zoning and Titles
Another concept related to purchasing property in Mexico that foreigners should be aware of is the “restricted zone.” The restricted zone is any land within 100 kilometers of a national border and within 50 kilometers of the coastline. Within this zone, it is required that the title of the property must be held by a Mexican bank. Outside this zone, however, you may hold the title in your name.
Purchasing property in Mexico can be a solid investment for you for a number of reasons. If this is something you’re considering, review the accompanying guide for a checklist of information you should know before you buy.
Author Bio: Nick Fong is a licensed real estate broker and the owner of Los Cabos Agent, a brokerage firm based in Cabo San Lucas. Originally from Chicago, Nick has more than 10 years of experience helping clients buy and sell real estate in the Cabo San Lucas area. He has appeared on HGTV’s hit shows Beachfront Bargain Hunt and Mexico Life several times
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