Purchasing a Property In Mexico

Welcome to Global Collective Real Estate’s guide to purchasing a property in Mexico. Our expert team will navigate you through the process, ensuring a seamless and informed experience.

What is Fideicomiso?

As a foreigner, you’ll need to understand the Fideicomiso process. A Fideicomiso, or trust, allows foreign buyers to purchase property in Mexico’s restricted zone (100 km from the border and 50 km from the coast). This 50-year renewable bank trust grants the beneficiary (you) the right to:

– Use, enjoy, improve, rent, sell, or will the property
– Retain all ownership rights and responsibilities
– Sell, lease, improve, mortgage, or will the property
– Automatically renewable for an additional 50 years

Fideicomiso FAQs:

– Q: Can I renew my Fideicomiso?
A: Yes, for an additional 50 years.

– Q: Will my title be in English?
A: The Fideicomiso is in Spanish, but you’ll receive a certified English translation.

– Q: How do I create a trust?
A: The closing Notario will assist with the process.

The Parties Involved:

– Buyer and their realtor/legal counsel
– Seller and their realtor/legal counsel
– Snell Real Estate Closing Officer
– Escrow Agent
– Notary
– Trustee Bank
– Lender (if financing is involved)

Closing Process:

Our experienced team guides you through:

– Market analysis and feasibility studies
– Land acquisition and site selection
– Project marketing and branding
– Sales strategy and pricing optimization
– Model home design and merchandising
– Sales team training and support
– Customer relationship management
– Closing and title services

Notary Services:

A Notary in Mexico (Notario Publico) is a licensed attorney certified by the State or Federal government. Their responsibilities include:

– Authenticating legal documents
– Calculating capital gains tax
– Ratifying all real estate transactions

Trustee Bank Information:

The Trustee bank is a Mexican registered financial institution with an established trust department. Some popular Trustee banks include:

– BBVA
– Bancomer
– Banco Interacciones
– ScotiaBank Inverlat
– HSBC
– Santander Serfin

Closing Costs:

Closing costs in Mexico range from 3.5% to 6% of the purchase price, including:

– 2% Acquisition Tax (paid by the Buyer)
– Permits
– Notary fees
– Certificates of no debt
– Appraisal

Annual Taxes:

– Property taxes (Impuestos Prediales) due annually
– Payment due by the end of February for a 10% discount

Additional Information:

– Your personal information is kept confidential.
– Only the Owner’s name(s) are public record.
– Facturas (official invoices) are tax-deductible.

Let our experienced team help you navigate the process of purchasing a property in Mexico.

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