You Need to Buy Mexican Real Estate

Four Parties You Need to Buy Mexican Real Estate

Are you planning to buy Mexican real estate? If your preferred land is within the restricted zone (within 50 km of the coastline and borders), it is important to know that there are 4 important parties involved in your transactions. Each of these parties will provide assistance according to their expertise. With their help, the process of follow to buy Mexican real estate is easy.

  • Notary Public
  • Buyer’s Attorney
  • Bank (Fideicomiso)
  • Real Estate Company

Notary Public

You need an official and unbiased representative of the government of Mexico whenever you transact in real estate business. You cannot buy Mexican real estate without the services of a notary. A Mexican Notary (Notario Publico) is a licensed attorney duly certified by the state and Federal government. A notary in Mexico acts the same as those in Canada and has greater responsibilities than notaries in the US. A Mexican Notary has gained the position as a government official after passing stringent exams given by the Mexican government. All records they provide must be original and must be recorded in the Public Registry of Property. A Notary can be held liable in both civil and criminal terms, that is why a notary’s role in Mexico is very serious. Aside from these expectations, a notary is also tasked to authenticate legal documents, calculate capital gains tax, and ratify all real estate transactions in Mexico. A real estate transaction which is not ratified before a notary and rightfully recorded in the Public Registry is considered invalid and non-enforceable. In any real estate transaction, the notary is highly responsible both to the buyer and the seller, as well as to the Mexican government.

Mexican Real Estate Buyer’s Attorney

It is not compulsory to have a buyer’s attorney when you buy Mexican real estate, but it is recommended. It is also important to get a Mexican attorney instead of a foreign one since foreign attorneys are not licensed to practice law in Mexico. Getting the service of a licensed Mexican attorney will provide you with advice on the laws related to the real estate. The attorney will represent you and protect all your legal transactions. It will also be the attorney who will draw up contracts and review the terms and conditions of the sale. Aside from these, an attorney can help you save your money as they have lots of contacts including banks, notaries, and the Mexican politics.

Mexican Bank for your fideicomiso trust

Your authorized bank is your Trustee Bank which will act as Trustee (fideicomiso). The bank must be a Mexican registered financial institution. As a buyer, you must choose a qualified bank which will ensure a legal and appropriate transaction. The bank will provide a trust for the real estate which you own and control on your own. The bank trustee is not allowed to transfer ownership of the property, change the beneficiary rights, or do anything about the property without the owner’s written instructions. With the government protection against bankruptcy, the trust is guaranteed by the government indirectly.

Real Estate Company

When you choose to buy Mexican real estate, the procedures will be different from what you may be familiar with. It is important to have the right people for your business transactions. Having these people and a team of experienced, knowledgeable, and dedicated real estate agents will make your experience not only different, each step is ensured with guidance, and the outcome is a smart and secure buy.

Mexican Real Estate Q&A

Mexican Real Estate Q&A – Fideicomiso

Foreigners who are interested in purchasing Mexican real estate should continue to read below as the top questions and answers are provided about Mexican real estate and fideicomiso trusts.

What is a Fideicomiso?

A fideicomiso is a real estate trust that you can apply for at a Mexican bank of your choice when you purchase real estate in Mexico. The bank is the trustee to the fideicomiso, and you (or anyone you designate) are the beneficiaries of the trust. The beneficiaries have control over the real estate. The trust is not a lease, but it is equal to a Living Trust in the United States. You can sell it, mortgage it, use it, enjoy it, will it, and inherit it. The Mexican bank will represent you on your behalf, and be the administer

Do you need a Fideicomiso?

If you are a non-Mexican, you will need to use a fideicomiso to legally purchase any real estate in Mexico that lies in the ‘restricted zone’, which refers to any real estate that is within 31 miles (50 km) of all coastlines and 62 miles (100 km) from the borders of Mexico. Foreigners will not need a fideicomiso if they are purchasing real estate that is not located in the restricted zone, although many foreigners still choose to use the trust.

Does my property become an asset of the bank?

The bank has no rights to your property, the bank is merely a steward to your trust. Your property does not become an asset of the bank. No legal action against the bank or bankruptcy will affect your trust.

What is the Fideicomiso trust time period?

The fideicomiso trust time period is 50 years and at any time the trust can be renewed for a fee. The fideicomiso trust is always set for 50 year increments, which is also guaranteed for renewal.

What are the costs involved in getting a fideicomiso?

The current fideicomiso cost is $500.00 (USD).

Does the Mexican Government have the right to take my Property?

At no time can the Mexican Government take your property. Under the NAFTA – North American Free Trade Agreement states that Mexico cannot directly retrieve your property unless it was for a public purpose, such as building roads or highways, and then this can only be done through the correct legal action. The government will give you the fair market price for the trust along with any interest that may accrue.

Can I have a fideicomiso trust for any ejido land?

You cannot get a fideicomiso trust for any ‘ejido’ land as only Mexican nationals can own the ejido land legally. This type of land in Mexico is not considered real estate as it does not come without a title or deed.

Rental Agents and Realtors in Mexico

Rental Agents and Realtors in Mexico

If you are planning on making Mexico your second home, then it is wise to set aside time to find out where you will be staying. It may seem like a lot of work in preparation, but it is well worth your time doing so. Often, it is a good idea to rent property before you purchase, unless you have fallen in love with a place you have found while enjoying try and buy visits to Mexico.

Rental agents and realtors in Mexico

It is not a bad idea to surf the internet to see what is posted as available rentals and properties for sale, but most people looking to stay for long periods in Mexico like to have a local realtor help them find the right property for buying or renting.

The services provided by realtors in Mexico to those looking to buy property are free because they are paid by the current owners of the property —whether selling or renting. So, it is very good sense to work with a realtor— especially if your Spanish is not good and you have limited knowledge about the location you plan to move into. If you are buying, realtors can do a lot of the busy work of negotiating for you.

A beneficial local agent will invest in time to find out what your needs are and what your budget looks like for acquiring a property. The realtor will be your spokesperson—negotiating terms, interpreting terms for you and explaining any additional information you may need.

Make sure your realtor is a member of AMPI (Asociación Mexicana de Profesionales Inmobiliarios, Ciudad de México, A.C) because this organization ensures consumer rights are protected by regulating real estate policies.

Mexico’s Feathered Foreign Residents

Mexico’s Feathered Foreign Residents

If you are a foreign resident looking to make Mexico your second home, you are not alone. According to an article at www.vallartadaily.com, Mexico is the second home to over 350 species of migratory birds. While you might be looking for a warm winter retreat, many of these birds are heading to Mexico for mating!

Mexico’s Feathered Foreign Residents

Migration amongst birds is common, and more than 350 types of birds, with millions of years of evolution behind them, make sure they arrive to their second home in Mexico each year. Most of these birds migrate south from various parts of the United States of Canada, enjoying the warmer winter climates that Mexico offers.

Birds Form Part of Mexico’s Heritage

The article at www.vallartadaily.com suggests that Mexico has a deep relationship with birds, which it has kept since pre-Hispanic times through song, stories and art. Even when you look at the Mexican flag, the symbol of the republic is that of a eagle sat on a nopal cactus eating a serpent.

Domestic and Foreign Residents

According to www.vallartadaily.com migratory birds in Mexico can be divided into four general types: snowbirds (winter residents), summer residents, those in transit, and migrants that join resident populations.

Snowbirds

Just as Mexico affectionately calls the people who live in Mexico during the winter months, snowbirds are those that come for winter. A good example is the golden cheeked warbler of Texas, and there are around 200 other bird species.

Summer Residents

Summer is less popular than winter with only around 30 species of birds that spend summer in Mexico, like the lucifer hummingbird. These birds tend to prefer to spend winter even further south.

Birds In transit

There are another 35 species that tend to mate in northern Mexico then head to Central and South America. For example, the pectoral sandpiper (Calidris melantos) does its breeding in Alaska and Northern Canada, passing Mexico to spend winter in South America.

Migratory Birds that Join Year Round Residents

A less well known category of migrant birds are those that migrate to join residents that spend the whole year in Mexico. There are around 140 such species, including diver birds that do this.

Mexico’s Role in Migration

Mexico is one of the most important counties when its comes to migratory birds as it acts like a funnel allowing passage to Central and South America. As such, Mexico has a responsibility to protect its forests and popular sites for migratory birds so as to protect its foreign residents, no matter how temporary their stay.

best places to retire

Mexico is No.1 – International Living’s Best Places to Retire

Recently, Mexico has taken the No. 1 spot as being International Living’s best places to retire, especially for expats from the United States. International Living (IL) is one of the main authorities on relocating statistics and world-wide retirement.

Mexico is No.1 – International Living’s Best Places to Retire

The statistics for the best places to retire used by International Living are based upon a number of criteria: living costs, how easy it is to get a residents visa and general quality of life. Currently, statistics show that there are over one million expats from America living in Mexico who have decided that it is one of the best places to retire; so it is easy to see why Mexico has taken the No.1 spot for retirement locations around the world.

Best Places to Retire Abroad

Retiring abroad is a popular trend that is still growing and growing, and in the coming years it will only increase. Here are a few of the other countries that made the International Living’s top ten list of best places to retire abroad:

  • Costa Rica
  • Malaysia
  • Panama
  • Columbia
  • Malta
  • Ecuador
  • Nicaragua
  • Spain
  • Portugal.

Why have these countries made the list of best places to retire abroad? Let’s take a look at the top reasons why:

Living Costs are Affordable

While the best places to retire around the world are usually beautiful places in temperate or warm climate, but most retirees are more concerned about the living costs where they retire. One of the main attractions of Mexico is that the living costs are highly affordable. Retirees can live a very comfortable life without a lot of money in Mexico. The housing, food, and amenities will cost less than in your own country, and private healthcare is affordable too in Mexico. You might be surprised a the high quality of medical care you can receive in Mexico.

Mexico is Close to United States and Canada

How close a location is to your home country also has an impact on whether the place is a good destination for retirement. Spain and Portugal are popular locations for retirees from the UK, France, Germany and the Scandinavian countries while Mexico and Central American Countries like Costa Rica and Nicaragua are convenient for retirees arriving from Canada and the United States. Mexico, however, stands out amongst its competition for best places to retire because it is so close to the US and Canada with lots of flight options. Direct flights are offered in the top tourist locations in Mexico, which include Puerto Vallarta, Cabo, and Cancun, which makes getting back home easy to do. It is easy to hop on a flight and be back home within a few hours, which takes the hassle and stress from retirees that want to get back home to visit family or attend special occasions.

The Best Activities and Entertainment

It may surprise you that there are plenty of things to do for retirees in the top cities in Mexico and it is easy to become part of the community with lots of charitable foundations to support with your time and/or money. You will also see familiar brands that will make you feel at home, including Walmart, Costco and Starbucks, as well as many fast food chains that you will recognize. Obviously the charm of retiring in Mexico is to experience the Mexican life, but now and again it is nice to see familiar brands. The dining options are world class and plentiful. There will be English movies in the theaters along with nightlife, festivals, and music tours that come to these areas.

Many English Speaking places to retire

It is very common that English is being spoken in the major cities in Mexico. This is often a big worry and concern for retirees that are considering retiring in Mexico. If you don’t speak Spanish, then you don’t need to worry, because you will find that many people speak English in the popular expat towns in Mexico like Puerto Vallarta, Cabo, Cancun, Lake Chapala and San Miguel de Allende. Obviously, learning Spanish is a lot of fun and great to keep your brain exercised.

Are you considering retiring in Mexico? Let us know what your thoughts or concerns are below.

Moving Abroad

Will you Miss your Family Too Much Moving Abroad?

If you are considering moving to a new country and starting a new life or retirement abroad, you might find yourself challenged with how to cope with missing your family. The idea of having to leave your elderly loved ones or your young ones might keep you from relocating. Here are some good tips to stop you from missing your family too much when moving abroad.

Start socializing asap

Start socializing as soon as you can upon moving abroad. Gain new friends and widen your social circle by joining as many groups as possible. Get involved with community activities such as taking Spanish lessons, joining dance, cooking, or yoga classes etc. Be sure to create excuses to invite your new friends to other events so that your circle starts growing. Making new friends who are in the same position as you will certainly help when you miss your family.

Get in touch with new technology

There is actually no excuse not to communicate with your far-off loved ones with so much new technology. Through Internet, webcams, and services like Skype, Facetime, and others, you get to talk and even see your family and friends face to face with just a few clicks. Don’t be shy of new technology; if need be ask your younger family members to show you how to use it so that staying in touch is easy.

Stay regular

You can also use your gadgets to set up a regular schedule when you are going to make your calls or do your video chats. A weekly, monthly, or whatever schedule that will make up your routine calls is more convenient. You won’t have to blame yourself when you realized a long time already passed by without any word from you or your closest back home. The best way is to not let too much time go by. Get into the habit of sending regular messages and calling frequently.

Choose an attractive location

When you make your move, choose a place where direct flights are available for your family and friends back home to take advantage of. Cities served by budget airlines will encourage friends and families to come and pay you a visit. You will be amazed at how many of them will come over and cheer you up.

Choose a place where the cost of living is low

You might also find it more convenient if you stay in a place where the cost of living is less expensive. This will motivate more vacations from for your family and friends. You will also have enough to save for your yearly visits back home or you may want to treat your dearest by buying tickets for them when they want to come over.

Buy or rent property that is big enough for visitors

Prepare for your guests when moving abroad by making sure you have plenty of rooms to accommodate them and additional bathrooms. Make it comfortable when people visit and you will see they will come and visit more often.

Moving abroad can be the best decision you ever make!

Nuevo Vallarta is Perfect for Retirement

Nuevo Vallarta is Perfect for Retirement

Are you dreaming of the day that you can retire? You have probably be thinking about retiring options and where you would like to retire, so you can retire in style. Nuevo Vallarta is perfect for retirement. You will be able to enjoy your retirement in the Bay of Banderas where freedom is yours to have! Nuevo Vallarta is now home to many expats from place around the world and they are all enjoying their retirement and taking advantage of all the benefits of retiring in Nuevo Vallarta.

We have provided the best reasons why Nuevo Vallarta is perfect for retirement:

Lower Cost of Living

One of the best benefits to retiring in Nuevo Vallarta is the lower cost of living. Naturally, the housing costs will vary as it will all depend on what type of housing and where you want your house to be will determine the cost, but the housing costs is still much lower than in the United States, Europe, and in Canada. The dental and medical care is also lower in costs, which is why many expats retire in Nuevo Vallarta. Fresh produce and other groceries are also much lower in costs and many of the food is grown here too.

Outdoor Weather Year Round

Wouldn’t you love to throw your shovel and parka away? You could when you retire in Nuevo Vallarta, because the outdoor weather is sunny and warm year-round. This is one of the biggest reasons that people retire in Nuevo Vallarta, so they never have to endure another cold winter.

Golf

If you love to golf, then Nuevo Vallarta is the place for you to retire. Nuevo Vallarta is home to several professional golf courses. You can enjoy the warm, sunny weather while you improve your golf swing.

Fishing

The Bay of Banderas is perfect for fishing enthusiasts. The Pacific Ocean has the best fishing where catching the big fish is a reality. There are many varieties of fish waiting for you in Nuevo Vallarta.

Amazing Dining Options

Nuevo Vallarta is home to world-class restaurants, street vendors, and many fine cuisine options. It doesn’t matter what food craving you have, you will not have a problem filling that craving in Nuevo Vallarta. All the foodies come here, because of the delicious foods that are here. Wouldn’t you want to live where you can enjoy the best foods worldwide?

Busy Social Life

If you retire in Nuevo Vallarta you can increase your social life and circle with people from every corner of the world. If you want to relax on the beach, game nights, or volunteering for organizations, then you will surely find many amigos who would like to do the same too.

These are just a few of the top reasons why you should consider Nuevo Vallarta for your retirement. Nuevo Vallarta is perfect for retirement for everyone with all of the benefits that this area has to offer.

Looking for Luxury Beach Condominiums? Try and Buy Program Open at Villa La Estancia Real Estate
Living in Mexico

What to Expect when Living in Mexico

Living in Mexico is nothing compared to what you might have read, watched, or observed in a short stay there or on vacation. The real life in Mexico can only be described by a local who knows and understands its intricacies and peculiarities. This sunny southern neighbor of the United States has amazing personalities that will make you prefer to live here for a while or for life. Find out what makes living in Mexico a unique experience.

Friendly People

Mexicans as a nation are some of the friendliest people you will ever meet. Try a few words of Spanish and they will become friends for life. There is something intrinsically warm about the people in Mexico that make it an attractive choice for those looking for a place to relocate or retire.

Appreciating the important things in life

Life in Mexico is slower compared to the busy life of the United States. If you are tired of rushing around most of the time, the mellow atmosphere in Mexico can be a relief, although there are others who will get frustrated by such a relaxed atmosphere. This slower pace of life can then be both a curse and a blessing. If you find the rush of the cities unbearable Mexico provides serene places to unwind and reconnect.

Punctuality

Be warned that Mexico is not the most punctual of countries, and you may be left standing for a few minutes or more when making a plan with local Mexicans. Obviously, this is a generalization, and you will find that in business, punctuality is a key, but on the whole, you need to be prepared for tardiness. For example, if you are planning to meet your Mexican friend at 7 in the evening, be sure to let them know that you are punctual. It is not unusual otherwise for your friend to show up at 7:30 or even 8 pm. However, if you make it clear that 7 means 7, most Mexican are pretty good.

First Things First

Unlike its US counterpart, the working conditions in Mexico provide six days of work and only one day off. If you have been accustomed to the weekend off set up in the US, this work scenario might be not promising to you. Only, those living and working in Mexico for six days make the most of their time by using this day to spend for the expression of their faith, for their families, and for personal recreation. They know that these things are important and even work will not get in the way of them allocating a time each week for these.

Getting Around

The crowded streets during peak hours might be common in the United States, and even in Mexico. But in this amazing country, the roads get even merrier with all the drivers who are willing to set aside rules just to get places. Be sure to use your common sense, alertness, caution and the seatbelt while driving, and don’t assume that everyone is following the laws.

Villa La Estancia Real Estate in Riviera Nayarit

Villas for Sale in Riviera Nayarit, Mexico

Ever imagined having a luxury home in Nuevo Vallarta, Riviera Nayarit in Mexico? Well your dream can come true if you buy a home at Villa La Estancia Riviera Nayarit. There are 135 maintained colonial-style villas completely updated with modern accessories like stainless steel appliances and gourmet kitchens. Also, there is the option to buy a penthouse, 2-bedroom or 3-bedroom to suit your living needs in Riviera Nayarit, Mexico

Villas for Sale with Home Comforts and luxuries

You are going to love the feel of home you get once you enter the hacienda-style gate that goes up to the front door. Once you enter the door (made of beautifully crafted maple wood), you are greeted with an extravagant living room, a spacious dining room and a spacious entertainment section. Other luxuries include satellite TV with premium channels, climate-control air-conditioning, a washer and dryer, high-speed internet, electronic keys, stocked mini bar and turn-down housekeeping service.

Luxury Features

The double-glazed windows and sliding doors that lead to the terrace or balcony of your home gives you an awe-inspiring view of the Pacific Ocean! All through the house you will find premium marble flooring and maple wood cabinets. Your en-suite bedrooms have a spacious travertine marble shower, a spacious walk-in closet, a whirlpool tub and dual vanities with marble countertops. With all these amenities, it may be hard to step out the door!

  • Two-Bedroom Villas for sale
  • Measuring 2,212 square feet, the two-bedroom villas from Villa La Estancia Riviera Nayarit contain a master bedroom with a large en-suite spa bathroom. The other bedroom has two queen size beds. Another lovely feature of this villa is the massive balcony that makes nature watching a comfortable delight while enjoying the comfort of your home.

  • Three-Bedroom Villas for Sale
  • You’re going to love the three-bedroom villa that comes with two master bedrooms and large spa bathrooms! These 2,790 square feet of luxury have top of the line bedding with cotton linens and your choice of pillow styles so you can get a good night’s rest. On the balcony, you have a top brand grill with a whirlpool spa so you can bathe in the sun all year right in your own backyard!

  • Penthouse Villas for Sale
  • You are going to love this 4,316 square feet of endless beauty! These penthouses are very spacious and have three large bedrooms that provide a wide area of comfort, privacy and quiet for each occupant. The outdoor area is the hallmark of the Villa La Estancia Riviera Nayarit’s penthouses. Your outdoor area includes a roomy terrace with a top brand grill and Jacuzzi so you can enjoy the sights and sounds of the environment.

Villa La Estancia Real Estate Discovery Program
Mortgages in Mexico for Foreigners

Are there Mortgages in Mexico for Foreigners?

Are there mortgages in Mexico for foreigners? Mexico has been a growing market that provides long-term mortgage loans. Although, the long-term mortgages in Mexico are still new when they are compared to Europe, the United States, and in Canada. Foreigners can get a mortgage in Mexico as there are plenty of financing sources, but you should know that the interest rates are higher when you compare them to other countries. Are you eligible to receive a mortgage in Mexico? Continue reading to see the factors that are considered when applying for a mortgage in Mexico.

The Mortgage Industry in Mexico

The mortgage industry in Mexico is on the rise, but compared to the top world economies Mexico mortgages are still behind. For Mexican nationals, the loans are available in pesos with an average 10-12% fixed rate, which of course is much higher than in Europe, the United States, and Canada, but if you are wanting a mortgage in Mexico it’s accessible. The mortgages in Mexico provide the buyer with 90% of the value of the home, so the buyer will only have to pay 10% of the deposit and any fees that is required. The fees are usually 5%, and the mortgage can be paid over the next 20 to 25 years.

Is it Possible for Foreigners to get a Mortgage in Mexico?

It is possible for foreigners to get a mortgage in Mexico, but it isn’t an easy task. Foreigners must possess a permanent residency in Mexico and they must be employed by a Mexican company that pays into the Mexico taxes. The banks will loan foreigners the money to purchase property in Mexico and if you are a permanent resident of Mexico and you can provide income that is foreign, then you also can qualify for a mortgage in Mexico.

Foreigners can also choose a private developer financing, which can be done on a home that is being built.

Foreigners can also draw up a contract, then negotiate an agreement with the seller, so the buyer can pay for the property over time, and this type of mortgage is a short term mortgage loan, but foreigners must be aware that the short term mortgage generally requires a 50% deposit or down payment and any private loan also comes with many risks and the interest rates are very high.

The Minimum Requirements for Foreigners Wanting a Mortgage in Mexico:

  1. Mexican bank statements for the last 6 months
  2. Foreign bank statements for the last 6 months and/or Mexican employment pay slips for the last 6 months
  3. Permanent or temporary residency
  4. A birth certificate
  5. A RFC tax number
  6. A medical report and certificate for eligibility for life insurance
  7. Good credit score in Mexico or good credit score from your own country credit service
  8. Proof or address

There are plenty of mortgages in Mexico for foreigners. Foreigners should look over their options, then proceed with the mortgage that suits their needs and preferences.