Owning and buying real estate in Mexico.

Buying Real Estate in Mexico

This is a quick glance at owning and buying Real Estate in Mexico. This is not a complete summary. Always consult an attorney or a reputable real estate agent before buying any land or home anywhere.

Buying and owning real estate in Mexico is possible for non-citizens of Mexico. When you buy land in Mexico you own the "rights" to the land, but the land itself is owned by a fiduciary. The fiduciary is usually a Mexican Banking Institution. The "rights" to the land are good for 50 years and can be renewed twice. Afterward, they need to be transferred to the name of someone else, a family member, or trust.

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Closing costs are higher than in the U.S. and closing costs on a $30K home average $4,600 not including the down payment and go upwards from there. It is not required that you have title insurance, but more and more companies are offering title insurance. Title insurance is more of an American procedure when purchasing property and not a Mexico requirement. The bank will always own the land; again, you're only purchasing the use of the land.

Financing is available to U.S. Citizens but not to Mexico Citizens. The reason simply being, the U.S. has a "system" available to verify who you are, the amount of money you make, your credit worthiness, ability to pay back the loan, etc.., whereas Mexico does not. That explains why as you drive through the streets, you see all kinds of homes in different states of construction. Some homes are built with cardboard, scrap wood and an occasional block or two, while other homes are nice, two-story homes with block construction. Since there is no "system" in place for financing, the citizen land owners have to "pay as you go". Unlike the U.S. where you don't know if what people have is owned or financed, there is no question in Mexico. Everything you see in Mexico is owned and paid for.

To sum up the housing market, prices range from $30,000 for a small lot further away from the beach to million dollar lots and homes on the beach. The closer you are to the beach, the higher the cost. The three most important words to remember in Mexico real estate are Location, Location, and Location.

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