When buying Real Estate in Mexico you want to have an active AMPI member and a Licensed Real Estate Agent working in your behalf. Make sure your agent is an AMPI member and is active in the real estate community like SCMAR, the San Carlos Mexico Association of Realtors®. All SCMAR Realtor members are active in the Local multiple listing Service.
There are restrictions on foreign ownership of land within 50 kilometers, or 31 miles, of the coast and 100 kilometers of all borders, including all of Baja California. In most cases, and residential buyer who is not a Mexican Citizen must place the property in a Mexican bank Trust, or fideicomiso, which is controlled by the buyer and easily renewed after 50 years.
Pam is a Licensed Realtor® in Sonora Mexico, she is an Active Member of AMPI National and AMPI Guaymas ~ San Carlos and a SCMAR member.
Most homes sold in Mexico are CASH, although some bank financing has opened up for Mexico Purchases. Once you find your Dream home an offer will be presented, with a copy of the deposit check. The normal deposit is 10% of the offer price, a closing date for final payment is established in the Mexican Contract. A Mexican Notario plays a big role in the process of purchasing property in Mexico weather you are a Mexican national or a foreigner. The Notario is an Attorney who is appointed by the State Goverment in the particular municipal in which they work. The Notario affiliates all paperwork, bills, clear title and prepares the Fidecomiso or escritura.
If you are purchasing from a Mexican National you will be applying for a New Fidecosiso (Trust) with a Bank of your choice. This Fidecosmiso will be for 50 years that is renewable for another 50 years. There is Bank fees associated with started a new trust.
If you are purchasing from a foreigner and the property already has a fidecomiso with the current owners than you will then be applying for a cession of rights, which in layman terms, is that you will be assuming the remainder years on the exsisting trust. If the fidicomisio has only a few years left, you CAN cancel that trust and apply for a new 50 year Trust. This is more costly as the current bank holding the trust will charge a cancellation fee.
Now in San Carlos Sonora we have a Home Inspection Company, “San Carlos Inspections” you can hire to do a home Inspection on your home before you buy. Or when the builder says he is done with your home and wants his last payment of completion. You can hire a home inspector to do an inspection and give the builder a check list of the items that need to be finished before he gets his last payment.
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