Buying property in a foreign country can be a challenging process, especially if you’re not fluent in the language, culture and customs. Amor Property will help you navigate the process, from negotiating with the seller to dealing with the Mexican government on your behalf.
Owning property in Mexico by foreigners has been possible since 1994 through the North American Free Trade agreement. The most common form of ownership is through a Fideicomiso (fee-day-com-ee-so), also known as a bank trust. A fideicomiso is much like a Living Trust through a Bank in the United States. It is a renewable and irrevocable 50-year trust that is the legal equivalent of fee simple, or deeded ownership, the form commonly used in the United States.
The fideicomiso is granted by the Mexican Government through the Ministry of Foreign Affairs. The property title is then delivered to a Mexican bank, which acts as a trustee. The beneficiary of the trust (the owner) has the right to lease, mortgage, sell, inherit, will and improve the property, the same as any other Real Estate owner in Mexico.
The process for obtaining the fideicomiso requires the completion of several documents, as well as an appraisal, survey and confirmation that no lien exists, the taxes are current, and the Seller is the true owner – this is similar to a preliminary title search in the U.S.
Amor Property guides you through the process, providing translation into English, reviewing the documents and performing the required property investigations, and coordinating the documents with the bank trust. The signing of the ownership documents is done with a government official, known as a Notario. Upon approval, your ownership is then registered with Department of Public Registry and the property is yours!