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 Real Estate—Buying Land in Mexico For information on purchasing real estate in Mexico

 "Real Estate and Time Shares:  U.S. citizens should be aware of the risks inherent in purchasing real estate in Mexico, and should exercise extreme caution before entering into any form of commitment to invest in property there.  Investors should hire competent Mexican legal counsel when contemplating any real estate investment.  Mexican laws and practices regarding real estate differ substantially from those in the United States.  Foreigners who purchase property in Mexico may find that property disputes with Mexican citizens may not be treated evenhandedly by Mexican criminal justice authorities and in the courts.  Time-share companies cannot be sued in U.S. courts unless they have an office or other business presence in the U.S.  Consumers should contact a Mexican attorney, the Mexican consumer protection agency PROFECO, or other consumer information agency for information on companies that operate outside of the U.S.

Ownership Restrictions:
  The Mexican Constitution prohibits direct ownership by foreigners of real estate within 100 kilometers (about 62 miles) of any border, and within 50 kilometers (about 31 miles) of any coastline.  In order to permit foreign investment in these areas, the Mexican government has created a trust mechanism in which a bank has title to the property but a trust beneficiary enjoys the benefits of ownership.  However, U.S. citizens are vulnerable to title challenges that may result in years of litigation and possible eviction and even incarceration.  Although title insurance is available in the Baja Peninsula and in other parts of Mexico, it is virtually unknown and remains untested in most of the country.  In addition, Mexican law recognizes squatters' rights, and homeowners can spend thousands of dollars in legal fees and years of frustration in trying to remove squatters who occupy their property."
 
 
Source:
U.S. Department of State: Tips for Travelers to Mexico:
http://travel.state.gov/travel/cis_pa_tw/cis/cis_970.html#special_circumstance
 
 
 
 

Article tagged with: Real Estate, Mexico

Last Update: 7-21-2014 2:24pm

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