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MEXICAN REAL ESTATE PURCHASES BY NON-MEXICANS. Robert R. Hendry Florida Bar Board Certified International Attorney Hendry, Stoner, DeLancett & Brown, P.A. 20 N. Orange Avenue, Suite 600 Orlando, FL 32801 Tel: 407-843-5880 Fax: 407-425-7905 E-mail: [email protected]

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mexican real estate purchases by non mexicans

MEXICAN REAL ESTATE PURCHASES BY NON-MEXICANS

Robert R. Hendry

Florida Bar Board Certified International Attorney

Hendry, Stoner, DeLancett & Brown, P.A.

20 N. Orange Avenue, Suite 600

Orlando, FL 32801

Tel: 407-843-5880

Fax: 407-425-7905

E-mail: [email protected]

caveats
Restricted Zone - Foreigners cannot own.

Maritime Zone - within 50 Kilometers of the coast.

Border Zone - Within 100 Kilometers of the border.

Solution - Renewable 50-year trust (FIDEICOMISO).

CAVEATS
other caveats
Ejido Lands - These lands “belong” to the Ejido which is loosely defined as the community in the area, to be used for agrarian purposes which includes both farming, and to a much rarer extent, ranching.

EXAMPLE:

Gringo Gulch in Puerto Vallarta, where foreigners who had inadvertently purchased land claimed as and then determined to be Ejido Land, were assisted by the President of Mexico who got funds from the foreigners, used that to buy other land which he then traded with the Ejido Community with some arm twisting.

OTHER CAVEATS
residential property
Restricted Zone

Establish a Fideicomiso

- The contract should be subject to the satisfactory establishment of the Fideicomiso.

- An escrow has to be established with a Mexican Bank for the purpose of forming the trust.

RESIDENTIAL PROPERTY

LOTS AND HOUSES

residential property6
- Application is to be made to the Minister of Foreign Affairs for a permit to form the trust.

- The Notario, as in a direct closing, determines the Title is proper.

- The Notario determines the taxes and closing costs and assures that they are paid.

- The Notario records the Deed in the Public Record.

RESIDENTIAL PROPERTY

CONTINUE

the closing not in trust
Contract Documents - Should be prepared by a Mexican Abogado (Attorney).

Notario - Handles the balance of the closing.

(A Notario is first an attorney before being appointed as a Notario. This is a position much different from a U.S. Notary Public. Actually, the Notario is, in a way, between a Clerk of Court or County Registrar of Documents and a Judge. They make the determinations on the legitimacy of the Title.)

THE CLOSING NOT IN TRUST
the closing not in trust8
- Examine Documets for accuracy and authenticity.

- Search Public Records, verify Title and determine that there are no liens.

- Collect all Transfer taxes and property taxes.

- If in a subdivision, determine that it is in good order.

- If the property is not residential, and the closing is therefore in a corporation, determine that the corporation is properly formed and validly existing.

THE CLOSING NOT IN TRUST

CONTINUE

business property
Covers essentially all types of Business

Does not include agrarian efforts

A determination can be secured from the Ministry of Foreign Relations. If they do not respond within 10-days, the decision automatically defaults to business.

Within the Restricted Zone, a corporation with a permit from the Ministry of Foreign Relations, can be used to purchase business land instead of a trust.

BUSINESS PROPERTY
visas
Visitante Rentista (FM-3) 6 Months Residence, over age 55.

Inmigrante Rentista (FM-2) leads to Inmigrado after 5 years.

Harder to get, requires more income.

Inmigrado - After 5 years of FM-2. All citizen rights but voting.

Work Permits are available with a great deal of paperwork.

VISAS
time shares
- Time Shares are available in Mexico

- Closing is similar to a Land Transaction

- There is a five (5) day rescission period to protect the buyer, which cannot be waived.

- As in the U.S., be sure to see all the documents and have them checked carefully. Get a Certified English Language version unless your mother tongue is Mexican Spanish or you dream in Spanish.

TIME SHARES
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