Investment Potential in Yucatán Real Estate
Purchasing property in Mexico as a foreigner can be a smooth process when you know what to expect. To avoid delays or complications, it’s essential to follow a clear legal checklist. Here’s what you need to know to protect your investment and ensure a seamless transaction.
1. Confirm Ownership and Clear Title
Before purchasing, ensure the property has a clear title, meaning there are no liens or disputes over ownership. A notary public or real estate attorney can verify this.
2. Understand Restricted Zones
If the property is located within 50 km of the coast or 100 km of a national border, it’s considered a “restricted zone.” Foreigners can still buy here using a fideicomiso, a bank trust that gives you full ownership rights.
3. Obtain a Bilingual Purchase Agreement
Make sure your purchase agreement is written in both Spanish and your native language to avoid misunderstandings. Review all terms carefully before signing.
4. Hire a Notary Public
A notary public is a legal requirement in Mexico. They authenticate property transactions, ensure taxes are paid, and register the deed with the public registry.
5. Verify Permits and Taxes
Check that all property permits are in place and that taxes are paid up to date. This ensures there won’t be any legal issues after the purchase.
6. Set Up a Fideicomiso (If Needed)
For restricted zones, your bank trust (fideicomiso) will need to be established before finalizing the purchase. Your agent and notary can help facilitate this.
7. Budget for Closing Costs
Closing costs in Mexico can range from 5-7% of the property’s value. These include notary fees, registration fees, and taxes. Ensure your budget accounts for these expenses.
“Simplify Your Legal Journey”
Buying property in Mexico as a foreigner doesn’t have to be complicated. With the right legal guidance, you can enjoy a stress-free buying process and start living your dream!
