El Paredón elevates home ownership to a whole new level of hassle free enjoyment by offering the exceptional services that ensure enduring value. Complete property management and hospitality services are offered by a highly trained property management staff.
Currently there are 3 "full ownership" options for purchasing a residence in El Paredón.
Inside the “Restricted Zone”.
In order to encourage foreign investment in this “restricted zone”, the Mexican government provides a special bank trust called Fideicomiso. Its purpose is to help non-residents to buy real estate everywhere in the country and ensure a safe and secure transaction.
Outside the “Restricted Zone”.
Properties outside the “restricted zone” are not subject to any restrictions. Land can be acquired directly without the need for a bank trust.
closeA Fideicomiso is a Mexican bank trust. It can be done through any authorized bank.
The bank, in this case, works on your behalf on all matters related to the property, and records the trust at the Public Registry of Property. You, as the beneficiary, retain all rights, usage and control of the property without restriction to improve, lease, sell or pass on to your heirs. One thing to remember is that the title of the property is not guaranteed by the bank, so any damages or little defect is not their responsibility.
closeNo, the deed to Mexico real estate property is simply held by the bank for you. It is not considered an asset of the bank, and for all intents and purposes, the property is yours.
closeTypically banks charge $1,500 USD as a set-up fee, $500 USD to register the trust and then around $500 USD each year thereafter. The annual fee covers all legal obligations and filing of necessary documents on your behalf. These fees may vary from bank to bank, so it is a good idea to do your research.
closeThe duration of a trust is currently 50 years, and the term may be automatically renewed for another 50 years upon request.
closeIn Mexico, unlike Canada and the US, a Notary Public (Notario Publico) is a public official appointed by the State Governor. They handle all legal aspects of your transaction, and oversee the security and filing of documents with the Public Registry of Property (Registro Publico de la Propiedad). You can also use a lawyer or a closing agent. Every transfer of a Mexican property must, by law, be made before a Mexican notary public.
closeTitle insurance is becoming more and more common in Mexico. There are several US-based companies that will insure your title. Obtaining title insurance would be considered a wise value-added option, considering the relatively low cost.
closeDisclaimer:
The information contained herein should be considered a guide. Although the information provided herein is believed to be reliable as of the date prepared, the author makes no such representation. Rules and laws pertaining to real estate are subject to change at any time. Readers are advised to retain qualified legal counsel before buying or selling real property in Mexico
