Owning Real Estate in Mexico
Owning real estate in Mexico is actually not that difficult. There are, however, some important statutes in place that foreign citizens must be aware of before they can own their own home here. Today, foreigners “own” property in Mexico’s restricted regions through a bank trust (fideicomiso) which functions much like trusts in other countries. This is a must for all properties within 100 km of an international border or within 50 km of any coastline, which includes almost all the Greater Merida area. It is therefore necessary that foreign buyers consult an attorney that has experience in foreign ownership of Mexican property within the restricted zones. Merida Centro Real Estate is most pleased to recommend and introduce the most qualified people to help you understand and enjoy Mexican property ownership.
How Long Does it Take to Establish a Trust?
At Merida Centro Real Estate, we partner with notaries for our closings in order to secure your trust. A Notario Publico in Mexico is much different than a Notary Public in the U.S. In Mexico, Notaries are specialized attorneys who act on behalf of the state and federal government in relation to any transaction; they are comparable to a U.S. Clerk of Courts. In most cases you can obtain a trust within 60-90 days. In some cases a pre-existing trust can be transferred in as little as three weeks. We oversee the entire process and make certain you understand each and every step involved.
Transfer Tax
The acquisition tax, or transfer tax, is generally paid by the Purchaser. It is currently 2% of the declared value of the transaction.
Other Costs
These fees are for services provided and include: supervision and coordination of permits, tax payments and the myriad of other details necessary to obtain full legal title. These fees are based upon the purchase price in the transaction. These fees are normally included in your legal bill.