Mexico has recently become a favorite retirement destination for many across the globe. This has led to the increased acquisition of property by foreigners. It is imperative for a foreigner to understand some of the requirements and the factors that they should consider to become legal owners of property in Mexico. One of the first considerations for the foreigner investorto remember before acquiring property in Mexico is carrying out extensive research. The investor should carry out enough research about the country.
The research can begin by taking virtual travel to the beautiful country through the internet. There are numerous materials and websites on the internet that offer detailed information on Mexico. Online agents are also willing to share the information where one can visit and obtain the best values of the property. Professional agents offer briefs on the law, tourist spots, culture, people, history, prices and any other detail of the area one might have interest in.
After doing enough research on the country of Mexico, one will get enough conviction to settle in any of its cities. One should however not rush into things; it is of great importance to understand the process involved in acquiring property in Mexico. There are some legal considerations that one should remember before making investment of any kind.
Do you qualify to own property in Mexico?
The answers to this question are yes and a no. The answer is a no because according to the foreign investment law in Mexico, the foreigners have restrictions of directly owning land in the restricted zone for residential purposes. The restricted zones are the areas within fifty kilometers from the coastline or one hundred kilometers from the border. The same question could have the answer as yes since the same area can be acquired through the real estate trusts.
The answer could be an outright yes in the event where the land being acquired is purposely for non-residential purpose even where the area is restricted. The ownership is through a Mexican firm.
Inspecting the property
It is imperative for the foreign investor to inspect the property before purchasing it. In order to be able to protect the title insurance, the investor should take title insurance. The insurance is usually necessary to offer coverage where the property has a lien attached to it. The physical inspection of the property should be made when the property is a constructed facility. Even in the circumstance where the investor cannot be able to inspect the property on their own, they should hire a professional appraiser to inspect if the building adheres to the construction standards of Mexico, and value the property according to the area. When everything seems satisfactory, the sales documentation should be prepared.
The legal documentations for property purchase
Just like in other countries around the world, the sales deed is the legal document that is used in changing ownership of property in Mexico. The sale of the property can be through conditional sale, installment sale or the absolute deed sales. The sale of the property in Mexico is usually executed before notary public. One should ensure that they have read all the clauses of the deed before signing it.