These are two of the most frequent questions American and Canadian Expats ask themselves as they plan to acquire property down in Mexico:
- Can I legally buy and own property in Mexico?
- Can the Mexican Government take my property?
The answer to the first is a resounding “Yes!” you can absolutely buy and own property legally in México, just like you can in the U.S. and Canada.
And the answer to the second question is a resounding “No!” the Mexican government cannot just take your land away for any reason.
As a matter of fact, not only can you purchase the property of your choosing anywhere in México, but the Mexican government has also gone to great lengths to ensure that your investment is safe and secure, with a very simple purchasing process.
Expropriation by the Mexican government is another major concern for international buyers who worry about their property being taken by the government for whatever reason, but these fears are completely unfounded in reality. For one thing, since México is part of the North American Free Trade Agreement (NAFTA), which binds the nation to the U.S. and Canada both politically and economically, México MAY NOT directly or indirectly expropriate your property except for a public purpose such as roads or highways.
For this, and only for this reason, could a legal condemnation ever be permitted under the law, and in such rare cases the Mexican government is also legally obligated to pay swift and fair market compensation for the expropriated property, plus accrued interest. This very same process is called Eminent Domain in the US, Compulsory Purchase in the UK, and Expropriation in Canada.
The bottom line? In Mexico, your property purchase is just as safe and secure as it is in your own home country.
10 Steps To Safely Buying Real Estate In Mexico
1.) Contact a professional (investmentpropertiesmexico.com) When buying real estate, people want to work with trusted professionals and feel confident that their investment interests are in the hands of experts. Investment Properties Mexico has a proven track record and has worked tirelessly to become the #1 rated and most successful real estate firm in the history of the country. Click here to see what CNBC is saying about us.
2.) Define Your Criteria. We will take as much time as we need to discuss the type of property, price point and area of México that best suits your lifestyle needs. We have affiliate offices throughout the country, so no matter what area of México interests you we will be able to help you find the perfect property. Click here to see what our clients are saying about us.
3.) Finding Your Property. Once we have established the criteria, we will show you a variety of available properties that fall within your budget and best suit your lifestyle needs. We are the market experts and know where all the best deals are to be had.
4.) Meet Your Attorney. We will refer you to a Federal Attorney who is top-rated in his field and will be available just for you at no cost to answer all of your legal questions and address any concerns. We want you to be informed and comfortable with the buying process.
5.) Putting In the Offer. Once we have located the perfect property we will sit down together and draw up your offer. We will then submit the offer, along with verification of your good faith deposit, and begin the negotiation process.
6.) Price and Terms Agreed Upon. We are 100% Buyers Agents and represent you the Buyer. As experienced professionals we will negotiate the best possible price and terms on your behalf. On average, we save our buyers 10% over and above our competitors.
7.) Attorney Draws Up the Contract. Once the Buyer and Seller have reached an agreement and both parties ratify the offer, we will submit the offer and good faith deposit to your attorney, who will draw up the Contract to Purchase.
8.) Living Trust or Corporation Established. If you are buying the property for personal use or to rent out, a Living Trust called a Fideicomiso will be drawn up. If you are buying the property for business purposes, a Corporation will be formed. Your Attorney will take care of all necessary documentation for you.
9.) Clear Title Issued. Your attorney will perform his due diligence, ensuring that the title to the property is free and clear of all liens and encumbrances. He will then register your title with the appropriate government offices.
10.) The Closing. Once the attorney has confirmed the property is free and clear of any legal issues and all purchase monies as per the contract have been verified, both parties will then sign off on the property purchase. The buyer will then be issued the legal title to their new property.
3 Steps To Buying Property Safely In Mexico:
Step 1: Always work with professional Real Estate experts.
Step 2: Always hire a good Federal Corporate Attorney.
Step 3: Never buy property that does not have a title.
As reported by CNBC, Investment Properties México is the #1 leading Real Estate Expert in the country. We are here to assist you through the entire buying process from A-Z ensuring your investment is 100% safe, secure, and legal.
International +1 (561) 200-6134 Ext. 1114
MX Cellular (984) 156-0197
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