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Foreigners Purchasing Mexican Property
Alternatives available for purchasing property in Mexico
As you are bound by contract, the promises on it must be complied with. This means that the seller must transfer the property into your corporation or the Trustee Bank. It also means that you must pay the balance due on the total price of the purchase.
One method offered to foreigners purchasing Mexican property via a bank trust or fideicomiso. This is the only legal alternative available to individuals who wish to purchase property within 100 kms (60 miles)from the border or 50 kms (30 miles) from the seashore. There are other restrictions on using a Fideicomiso as well. Foreigners who form a legal Mexican corporation can purchase property in restricted Zone or anywhere else they choose. Corporations have their own set of requirements however and are always the best choice. We offer expert guidance in determining the optimum method for each individual transction.
In Mexico, representing both parties in a closing is NOT prohibited. The selling agent can be relied upon to represent the seller's interests. Any conflict of interest will invariably be decided in the seller's favor by that agent. You should provide your own representative. Having legal representation will assure your individual rights for any transaction.
You do not need to attend the closing if you don't want to. In fact, if you would like to save the cost of the return visit, you may close in absentia. The closing can be handled via FedEx by Ballote and Associates. You may, just as in the U.S., authorize your attorney to execute the final documents for you to close in absentia. This is a common practice and a high percentage of our clients chose to close this way.
No. There are real estate laws, protecting the rights of property owners whether they are foreign or domestic.