Purchasing Property in Rocky Point
Under Mexican Law, specific requirements exist for foreign ownership of property near the country's borders and beaches. Foreign ownership of property is achieved through a Bank Trust. For single home site investors, the site is purchased through a "fideicomiso" Bank Trust. The Bank Trust holds the deed of the property. The "fideicomiso" trusts are now good for 50 years, and in 1989, the Foreign Investment Law gave assurance that these trusts can be renewed every 50 years in perpetuity. You are legally free to sell your trust anytime, or pass it on to named heirs of your estate. The trust is handled through a Mexican bank of your choice which are secured by the Central Bank of Mexico. Property outside of these "restricted" zones can actually receive "fee simple" title ownership.
The Mexican bank acts as a trustee for the property, while the foreign investor, as beneficiary, enjoys all rights to this property as well as use and control. Trust permits are granted by Mexico's Secretariat of Foreign Affairs within 90 days faulting the date of presentation of the application.
As a foreigner, you can acquire a U.S. mortgage on you "fideicomiso" Bank Trust Property through Collateral International at 1-800-370-1130, and title insurance from Stewart Title at 1-800-729-1900.
As a result of Mexico's commitment to tourism, and expected further relaxation of its Foreign Investment Law, the opportunities in Mexico will continue to grow at an ever increasing pace.
Real Estate transactions in Mexico can only be closed by a Notario Público, who is a respected government lawyer who acts as a neutral intermediary. Among other things, the Notario Público is responsible for normalization of the final real estate contracts, collection of transfers and real estate taxes, and recording of the transfer with the Public Registry. However, the Notario Público is not your lawyer, so you may want to seek your own Mexican legal counsel.
For more information call of visit our office at...
Ocean Front Properties
Located: Next to the church in the Old Port
Puerto Peñasco, Sonora, Mexico 83550
MAILING ADDRESS: PO Box 1028, Lukeville, Arizona 85341
Sales, Construction and Rentals
We speak English and Spanish
Calling from the U.S. dial
011 (52) 638-3-62-09 or 011 (52) 638-3-20-07
E-mail expa@prodigy.mx
As with any investment, consult your legal, tax or other advisor before proceeding. Information deemed reliable but not guaranteed.