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Purchasing Property in Mexico - FAQs
from:Author: The Pointe
Article:
Does the Mexican government own my land if I purchase land in
Mexico? Due to recent trade agreements made between the United
States, Canada, and Mexico, called the North American Free Trade
Agreement (NAFTA), and bank trusts, called Fideicomiso,
foreigners are allowed to purchase land in Mexico. American
Title companies are also involved in the purchasing process,
allowing for secure transactions.
What is the North American Free Trade Agreement? In 1994, North
American Free Trade Agreement (NAFTA) between the United,
States, Canada, and Mexico was formed as the world's largest
free trade area, allowing for purchasing land safely in Mexico.
The agreement allows for economic growth and rising standards of
living in these three countries, while establishing a strong
foundation for future growth and setting an example of the
benefits of trade liberalization.
Today, nearly 1.5 million Americans own property in Mexico. As a
foreigner, the buyer can obtain all the rights of ownership by
setting up a bank trust, similar to a US family trust, known as
a Fideicomiso.
What is a Fideicomiso? A Fideicomiso makes a buyer the
beneficiary of the purchased property, allowing the buyer to
use, lease, sell, will, improve or encumber the purchased
property. The Trust does not give direct ownership to the
foreign beneficiary. Instead, it establishes the legal basis by
which the bank holds the legal title to the property in order to
act on the foreigner's behalf.
The Foreign Investment Law, which was amended in 1993, allows
the trust to be established for a term of 50 years and is
renewable anytime during its existence. The beneficiary can
instruct the bank to sell or lease the property at any time. The
bank (trustee) holds the trust deed for the person who purchases
the property (beneficiary). The property is not part of the
bank's assets and cannot be liened or attached for any other
obligations.
Why was a trust system established? The Mexican government
established the trust system as a protection for foreigners
interested in owning property in Mexico. By making ownership
pass through the trust process, the bank is required to check
ownership, insurance, and liens against the property. There
would be an automatic review of the transaction, thus ensuring
valid ownership and no outstanding indebtedness of the property
When is a bank trust issued? Bank trusts are established by a
Mexican Notario (Notary), following the receipt of a permit by
the Minister of Foreign Affairs. This procedure is routine due
to the large number of foreign property owners. The forms are
standardized and the entire process is usually completed by the
notary as part of the closing procedure
How does First American Title Company ensure property purchased
in Mexico? First American Title Company works to ensure that any
claims will be handled in the U.S. without the buyer having to
go through the Mexican court system. That means that the title
agency will stand by the buyer in response to a challenge to the
buyer's title in Mexico.
First American was the first U.S. Company to issue title
insurance policies on Mexican land and it is the most used
agency. Its agents are experts in Mexican law, property
ownership and transfer system. First American Title Company has
been facilitating complex commercial, industrial and residential
real estate transactions throughout the country for over twenty
-five years. The agency is directly involved with property
purchasing for The Pointe de las Conchas.
About the author:
The Pointe de Las Conchas - Condos & Beach Houses. Your Rocky
Point Real State in Puerto Penasco, Mexico. Find out more today
at http://www.thepointemex.com/
Mexico Weather News
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