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Ownership

OWNING IN MEXICO
YES! You can own real estate in Mexico. It is not a myth....

Through a trust managed by a bank, corporations and foreign individuals are
allowed to own property in Mexico. The property must be located within a
range of 100 kilometers of the borders of Mexico and within a range of 50
kilometers from coastal areas.

Trusts are legally established by the Mexican Foreign Investment Law, Title
Second, Chapter II, Articles 11 to 14, Fifth Transitory.

In this arrangement, a Mexican bank (fiduciary) will have ownership of the
property, subject to the direction of the foreign buyer (the beneficiary of
the trust). The foreign buyer has the rights to use the property, rent the
property, sell the property, or in case of death, transfer the property to
designated heirs. All proceeds belong to the beneficiary of the trust
subject to paying all applicable taxes.

BUYING PROCESS
Are you ready to purchase a unit at Los Corales?

Let's get started....

STEP 1: The buyer and Los Corales will agree on the unit price and
financing terms

STEP 2: The buyer and Los Corales will complete a reservation form.

STEP 3: The buyer and Los Corales will complete a Promise of Trust
Agreement.

STEP 4: Los Corales will collect appropriate down payment based on initial
contract.

STEP 5: Buyer acquires title insurance, if desired.

STEP 6: Buyer and Los Corales contact a fiduciary institution (a Mexican
bank) to prepare for execution of Trust Agreement.

STEP 7: Buyer and Los Corales identify:
* Beneficiary
* Current citizenship
* Immigration status of beneficiaries in Mexico
* Copy of deed of title
* Statement indicating the agreed transaction price and form of
payment

STEP 8: Fiduciary institution will apply to Foreign Relations Ministry for
the authorization required for the Trust Agreement

STEP 9: Upon receiving authorization in Step 8, the fiduciary institution
will arrange to execute the Trust Agreement deed before a Notary Public.

STEP 10: The Notary Public registers the Trust Agreement deed in the Public
Registry of Commerce and Property.

 

 

 

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