How to Buy Property in Mexico, a Few Tips!!!
I Live and play in San Diego and I've often thought, it would be fun and unique to own some property "next door", or shall we say, MEXICO! However, they say proceed with caution and don't buy anything without first contacting and getting advice from a professional and talking to someone who has been there/done that.
Foreigners can't own Mexican property in a zone they call, the "restricted zone". Its 32 miles from high tide and 64 miles from any border.
Instead, a real estate trust must be set up. Otherwise called "fidelcomiso". It is executed between a bank in Mexico and the Seller. All properties within this Zone. The bank acts for the foreign buyer, buying and taking title, however the buyer retains all rights of ownership, such as Use and is Not Restricted from using the property.
Foreigners must obtain a permit from the Ministry of Foreign Affairs. You open your trust account, have your accepted offer for purchase, photo ID and a mere 10 percent of the purchase price. Do not give your money to anyone other than the bank escrow representative. This is done when you sign the bank contract. Closing takes 30-45 days.
The next step is then to have fun!! With your own unique property in a foreign country.