¿Do you want to buy a house in the beach in México?
Well we have in the following paragraphs some of the questions and answers you need to know…
For legal matters the Mexican government allows foreign within a restricted area of 50 km offshore and 100 km from the border to buy property only through a Bank Trust, Jose Enrique Guerra Fourcade, Attorney at Law in México just explain us.
The bank serves as trustee-name in front of the buyer, and the property will never be part of the bank and can not be used to cover any obligation or debt made by the bank. All the time you have the right to appoint substitute beneficiaries who receive all rights to the property in case of death during the term of the trust. Your heirs will not have to go to a court to claim his inheritance, but they will have to inform the bank about it and present the death certificate and identification, immediately the bank will record them as the new owners and their name will appear as it in the trust.
A great advantage of the trust is that the Bank immediately check the documentation to ensure that the transaction is legal and what is always recommended is to hired an attorney that has done this before and of course always check with the attorney that the papers are all in order without any legal problems and that the property is free of charge, the attorney all the time will have to deal with other professionals during the procedure so is recommended to hired a firm that has what you need.
HOW LONG IS THE NORMAL PERIOD FOR A TRUST AND HOW IS THE PROCEDURE TO BE RENEWED?
The normal period for a trust is 50 years but can be renewed easily. If you want to sell the trust property it can also be transferred to the new owner if they want. The cost of the Trust varies from bank to bank and there are some rights need to be payed to the government and other authorities.
Restricted areas
For foreigners to acquire property rights is established as restricted area, 100 kilometers along the border and 50 kilometers on the beaches, according to the provisions of consecrated in the Mexican Constitution. Although there are exceptions and these are that foreigners can buy property through a bank trust or a Mexican company.
The State of Sonora by geography has territory both inside and outside the so-called restricted zone, Guerra Fourcade said.
It has a restricted strip of territory 100 miles wide and all along the U.S. border. Like a narrow coastal strip 50 miles wide and along the Sea of Cortez. The remaining territory is outside the restricted zone.
On the acquisition in restricted area
The foreign purchasers can only get rights to the title to real estate located in the “restricted zone” in two ways:
Through a Mexican bank trust all property for residential purposes;
Or in a Mexican company for all goods is undertaken not residential.
Foreigners may be the only shareholders exclusive of a Mexican company owned freehold by way of a good residential area not restricted.
In any type of real estate acquisition in Mexico, foreign purchasers must always register prior authorization participation with the Ministry of Foreign Affairs and must waive their rights to invoke the protection of the foreign government in the event of a dispute regarding real estate.
This is known as the “Calvo Clause”, and its a constitutional mandate, this contains all bank trust agreements. It should be noted that Mexican banks, acting as trustees of a foreign acquirer in a trust, do not guarantee good title to the trust property or makes any restriction in the event of a defective title.
Foreign purchasers should always consult with a Mexican attorney regarding real estate transactions.
They attorney will always answer questions and clarify doubts regarding transmission issues, investigation of title deeds and writings and policies regarding land titles to be followed, and considerations on deposits conditional.
So the answer is:
YES, THROUGH A “TRUST BANK”
To know more about contact:
Attorney at Law
US Phone 520 841 6960
Facebook: www.GuerraFourcade.com
