How to buy a Mexican Property
Each year, more than a million Canadians, affectionately dubbed "Snowbirds" migrate to southern climes to enjoy warm weather and sandy beaches. The strong Canadian dollar (CAD) is making the trip more affordable and attractive than ever.
Mexico continues to be a popular destination for Canadians as well as those from the USA, South America and Europe. According to the Mexico Tourism Board, about 700,000 Americans and Canadians live in Mexico year-round or part-time.
Follow are some key points about Canadians or US Citizens buying a property in Mexico. We always recommend using a Lawyer to assist in the buying process and using a reputable source to purchase from adds peace of mind. IPD work alongside a range of developers who have a track trecord of delivering quality projects - resorts and ideal property for retirees and baby boomers looking for second homes.
What legal conditions are the properties bought under in Mexico?
Can I sell my apartment before it’s finished?
Can I let my house to third parties?
For non-residents is there any restriction for acquiring a home?
What is a trust?
How many times can the Trust beneficiary renew?
What guarantees does the Trustee have in the event of the banking entity going bankrupt or suspending payments?
Can the Trustor formalize leases, mortgage loans, payments in guarantee without the intervention of the Trustor.
Does the Trustee require specific authorization in order to act on the property? Is this done by power of attorney?
In the case of sale before the expiration or renewal of the trust, does this affect the remaining term price? Is it customary to pay the market price at any time during the term, regardless of the remainder, as if it were a property in full ownership?
Should I make a will in Mexico?
For the answers to these questions and much more contact IPD today to start your research into purchasing a luxury property in Mexico.
