Yes! While put into effect January 2016, there will still be many non-licensed agents and brokerages practicing and selling real estate, so we strongly recommend checking first with your agent and their brokerage to see if they have proper licensure. At Virgin Realty Mexico, we only hire licensed realtors and will only work with licensed agents outside our office. Virgin goes one step further and requires our agents to also be licensed in the country from which they originate.
On average, it takes 30 days to close on a property. A number of factors need to be taken into account such as availability of the seller’s documents, the bank that will be holding the trust, and the availability of both parties to sign.
Typically, the buyer here in Mexico pays the transfer of acquisition tax and all other closing costs, including the notary fees. The seller pays his capital gains tax and the broker’s commission.
Absolutely! Over the last decade, the Riviera Maya has experienced a rise in real estate investments, which only continue to grow rapidly every year. It’s important to note that foreigners buying property in Mexico within 50 km (32 miles) from the coastline and 100 km (64 miles) from the international border are required to either use a bank trust, or fideicomiso, or purchase real estate by establishing a corporation in Mexico. Virgin Realty guides all clients through the process and will always recommend the best option for particular purchases of Mexico real estate.
Yes, you can legally own your property in Mexico, and no it’s not a lease. In response to the high demand from foreign buyers, the Mexican government created the bank trust “Fideicomiso,” which made it possible for foreigners to legally own property without the government having to change existing laws in the Constitution. Under a bank trust, foreigners, corporations and trusts all have the same and legal rights of ownership. A Mexican bank is required by law to administer and represent an owner of a Mexican Trust. The beneficiary of a “Trust” can be a foreign individual, corporation or a trust. Finally, a trust is granted for a 50-year period, renewable at any time for another 50-year period by submitting an application to the bank.
Anyone, even someone traveling on a tourist visa in Mexico, may buy property. Specifically, if you sign a contract, rent a house or condo, buy or lease property, you are no longer considered a tourist and are invited to apply for a Temporary Resident Visa. However, if you’re interested in acquiring a property, it is not necessary to have a Temporary Resident Visa.
The answer is No. Under the North American Free Trade Agreement, or NAFTA, the Mexican government can only gain ownership of land by buying it from the rightful owners, and in the rare case that it’s needed for public purposes such as building roads.
With any real estate transaction in Mexico, buyers have to be sure that the land has a title and does not fall under the Ejido land category–which can only be legally owned by a Mexican national and is the only type of land that doesn’t require a title. Every single one of the properties that Virgin Realty Mexico works with has a proven property title, that will be shown to every buyer. Plus. before every closing, VRM conducts a title search, works with an attorney to ensure there are no liens or encumbrances on the title, and right before closing has a notary do another title search, cross-referencing the paperwork, before signing off and closing on the property.
You will be dealing with a real estate company, attorney, bank if using fideicomiso, and a notary. Virgin Realty Mexico will help you throughout the process, representing your interests in the best possible way as your trusted real estate company.