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Any Americans here own land in Mexico, whether they live there or not? What are the specifics and where can one start to find available land for sale? Is retaining a Mexican attorney required? Not beachfront, not touristy, but within a couple hours drive of the US border.
Husband and I have been looking at land in So NM and West Texas and wondering: can we buy land in Mexico, similar terrain, for a cheaper price?
1 million Americans live in Mexico, so it can be done.
I just got back from Ensenada looking at land along the beach, it is very easy to buy, but I have a Mexican-American wife . Even if I didn't it would not be that hard, you just have to go thru a broker I believe.
Also land comes on a 50 year lease to government or something like that, so you "own" it, but you don't "own" it.
Property Taxes are very low, I saw a quote of like 660 pesos per year, that is like 66 dollars a year.
There are a lot of specifics that I am still learning, but I have no doubt that I will buy a Mansion for around 300k on the beach, rent it out and retire in it later.
Any Americans here own land in Mexico, whether they live there or not? What are the specifics and where can one start to find available land for sale? Is retaining a Mexican attorney required? Not beachfront, not touristy, but within a couple hours drive of the US border.
Husband and I have been looking at land in So NM and West Texas and wondering: can we buy land in Mexico, similar terrain, for a cheaper price?
Yes Americans and other foreign citizens can buy property in Mexico, but there are some things that must be considered. Property located within 50 kilometers of the Mexican coastline or 100 kilometers of a national border (U.S./Mexican border), is contained within the restricted zone "zona restringida", and foreign citizens are not permitted to obtain fee simple title to property located within its boundaries. However, foreign citizens are permitted to purchase use rights for property located in the restricted zone through the establishment of a land trust "fideicomiso" with a local bank. These use rights are good for two increments of fifty year terms, and the owners of these use rights may pass such rights on to their heirs who may then create a new land trust in which they too shall be able to renew their use rights for two increments of fifty year terms.
Foreign citizens can purchase fee simple title to property located outside of the restricted zone, which means your name will be listed on the property deed and you will have complete ownership rights to the property.
As with any major investment it is recommended that you solicit professional advice for the purchasing of property in Mexico. A Mexican attorney, notary and real estate agent are all important sources of information and advice when buying property in Mexico. When soliciting for Mexican counsel for assistance in a real estate transaction in Mexico, I would recommend an attorney who specializes in real estate law. Most attorneys in Mexico are general practitioners, and have limited experience in a broad range of legal areas. There are countless pitfalls often made by foreign citizens buying property in Mexico that can be avoided with the help of experienced legal counsel. Only an attorney with substantial experience in real estate law will be aware of all these potential pitfalls, and know best how to avoid them.
I'd be careful about buying land in Mexico. Some senior US citizen bought some land and built retirement homes near Ensenada back in the 1990s and eventually Mexico retook the land back from they and threw them off their property.
The comment "CamaroGuy" made seems to be floating around. But I must wonder how that particular story really played out. Does anyone have specifics on this particular rumor? Also, to answer gnubler's question. Land can be purchased by anyone from anywhere. The only thing that must be done is to follow the law. That said, plan on locating a trustworthy attorney and that also means one that is a notary since in Mexico that are one in the same, that will insure that all documents are handled properly. The cost will be a percentage of the price of the land and home, but that percentage can vary widely. So ask questions, make sure you have all cost up front before you write a check and above all, don't plan on your purchase taking place start to finish in American time span expectations. The norm could be several months so, plan to allow things to take their course accordingly. Last but not least keep in mind that there are different rules for different areas. The coastal and boarder areas are called the protected zone, you will be allowed a 50 year term on them with a bank as the trustee in your behalf with a fifty year renewal that follows. The inner lands are not subject to these same restrictions, you can purchase those lands and no need for further trust involvement. You would own that land out right and be able to sell or whatever, without question. Yet, you must be sure all that owned the property have signed off. Hope this helps. Good luck!
It is good advice to get a lawyer before buying property in the US, too, especially if you are new to the area. All sorts of title problems can come up, so Mexico is not that different I would guess. It is interesting that in Mexico a notary is the same as a lawyer.
I'd be careful about buying land in Mexico. Some senior US citizen bought some land and built retirement homes near Ensenada back in the 1990s and eventually Mexico retook the land back from they and threw them off their property.
It wasn't exactly Mexico that threw them off their property.
In a nutshell: The place was Punta Banda. A company was selling land there, mostly to retirees, without proper title to the land. Title was contested in the Mexican courts, and after some years of legal wrangling, hearings, etc., it went to Mexico's Supreme Court-- which decided in favor of the original owners. Note that some of the people who bought there did so even though they were advised that title to the land was in dispute.
The original landowners had the Americans evicted. Those evictees who could afford it worked out a deal to pay again for the land, this time to the legal owners, and managed to stay. At the price (beachfront) it was still a good deal. Others lost everything. It was a tragic situation indeed for those people. Do a google search for "punta banda" and you'll find all the details
A similar situation is ongoing right now in Puerto Penasco: Title to the land under the luxury condo project Playa Azul is being contested. This is a recent development; who knows how it will turn out. You can find out about that situation here
http://www.rockypointonlineinfo.com/Buyer_Beware/m_2382/tm.htm (broken link)
This kind of thing doesn't happen often but it DOES happen. So you must be careful and do your homework when buying property in Mexico. The majority of real estate sales in Mexico go through just fine, but as always one should heed that sage advice "Trust, but always cut the cards."
Do your research on owning property in foreign countries, and you'll be astounded at how Mexico can get away with charging you a bank fee for owning land within 29 miles of the coast and 60 miles south of the border. How they get away with this criminality is beyond me as there are much cheaper, more attractive properties for Americans to buy south of Mexico, going all the way south to the end of Chile or Argentina and you won't end up paying those greedy Mexican banks a bank fee for "owning" your land.
I, too, am considering being an expatriate, and I've traveled and researched many spots south of Mexico, and, to me, that's where the bargains are to be had, not in Mexico. And better climate. Check weatherunderground.com and their Trip Planner choice to research what the weather will be like in any chosen location. I did that, and was surprised how cold it can get in winter in northern Baja, even Mazatlan and Guadalajara and even Cabo San Lucas.
Has anyone ever heard of a deal where the government will give you a half hectare to live on? I was having the kitchen tile done, and one of the helpers had recently run across the border from the San Luis Potosi area... coincidental, because that's one area where I've stayed and thought about living. I asked him how much land was going for in the country and he said I could get it for free in the (rural mountain) area where I would like to be. He seemed to think that it makes no difference if you're a Mexican citizen or not. BTW, he also said that you can get a modest 3-bed, 2-bath house built for $10,000 USD.
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. Even if I didn't it would not be that hard, you just have to go thru a broker I believe.
Buying property in Mexico.
