Guaranteed Sold Real Estate Mexico
Buying Real Estate
in Riviera Nayarit Mexico
Are you thinking about buying property in Nayarit Mexico? Are you looking for real estate buying information? Can foreigners purchase real estate in Nayarit?
Border and Coastal Properties
Mexican real estate law states that yes, Americans, Canadians, and other non-Mexicans are able to legally purchase coastal and border properties if they are owned through a Trust Deed established with a Mexican bank. The property owner has full control of the trust so he or she can move the trust from one bank to another and are therefore not at the whim of any bank’s directives.
Foreigners may directly own rural or urban land in the interior of Mexico with certain limitations on specific agricultural tracts.
When buying property in Nayarit, the Trust Deed is established through a Mexican bank assuring foreign buyers of all rights and privileges of ownership, and marketable title. Foreign Investment Law allows these deeds to be established for a term of 50 years and can effectively be renewed ad-infinitum for a nominal processing fee. This process protects the rights of foreigners and ensures that the transaction is legal and unencumbered.
The trust deed is not to be confused with a lease, which has diminishing value. Property held by way of trust deed are valued no differently than similar property held by way of deed – Their value escalates in exactly the same manner and are taxed in the same manner as property in the United Sates. The rights of property ownership in Mexico are, in fact, more secure for the owner as compared to owning Canadian or American property.
Property Taxes in Mexico
Property taxes on real estate in Riviera Nayarit are very low. Values are determined at the time of every sale as one of the requisite documents needed for a legal closing is the assessment tax appraisal, which is completed by a competent and licensed appraiser specializing in these property valuations. Nayarit property taxes have historically been low for real estate because they were never considered to be a significant source of governmental income.
Property Closing Process
When buying property in Nayarit the closing process generally takes between 30-45 days. The paperwork and escrow processes is coordinated through a real estate office, a liaison lawyer, and a designated Public Notary. The Mexican notary system follows that of the Napoleonic Code in most European countries where the Notary must successfully complete his law degree, take an additional two years of specialized training, serve as an apprentice in a Notary’s office, and then receive an appointment to one of a limited number of Notary offices in any given geographic area. Mexican notaries are required to certify all documents prior to being accepted by the land registry and are also responsible for collecting the various taxes that must be paid as part of the costs of transferring title. The notary effectively acts on both the buyers’ and the sellers’ behalf to ensure that there is a legal closure of all required documentation. Property closing costs are traditionally paid by the buyer, with the seller paying any capital gains taxes and real estate fees. The buyer and seller need not be present at closing, but may be represented by their representative via a power of attorney.
Property Ownership Through a Corporation
Foreign Investment Law now allows Mexican corporations — even those with 100% foreign ownership — to own real estate in the ‘restricted’ area (i.e. 50 kilometers from the high water mark and 100 kilometers from the boarders) as long as it is commercial property. Commercial properties in Mexico carry higher water and electricity rates, plus require additional governmental reporting. There is generally no advantage and often some disadvantages in owning a residential property through a corporation.
Maintaining Your Nayarit Property
For condominium owners, maintenance and security is handled by the Condominium Owners Association, paid for via monthly fees. Homeowners who will be away from their property for any length of time may want to consider a property management company.
Financing Mexico Real Estate
When buying property in Nayarit you should be aware that Mexico real estate buying information can change dramatically over time. For example, Mexican real estate law has changed regarding financing. The purchase of Mexico real estate used to be virtually all-cash transactions, with limited cases of owner financing available. Over the past few years the scenario has changed a lot and financing in Mexico is now readily available. When buying property in Nayarit, your property financing can be approved anywhere from 30 to 60 days, but every case is unique and it may vary. Many individuals arrange property financing in Mexico but they can look for it in their countries as well. American and Canadian banks now lend money for a real estate purchase in Mexico; there are a lot of investment companies who will also lend money for this purpose. One of our many services is to guide our clients during the whole process of getting mortgages in Mexico or their financing approved. For more information, please fill out the form or call us at +52 322-368-6393.
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