What should I know before buying a home in a new housing development in Mexico?
Oscar Hererra - SimplePay
If you are buying a home in a new housing development in Mexico, you have to know two key things. The first one is the credibility of the developer. That is one of the biggest issues here in Mexico because some developers may advertise that, for example, they are going to build a four-tower building, and it ends up being one a half towers because the market crashed or they didn’t sell. The second thing that you need to know is if it is not a big...
If you are buying a home in a new housing development in Mexico, you have to know two key things. The first one is the credibility of the developer. That is one of the biggest issues here in Mexico because some developers may advertise that, for example, they are going to build a four-tower building, and it ends up being one a half towers because the market crashed or they didn’t sell. The second thing that you need to know is if it is not a big development then make sure that the person who is selling to you is truly its owner. I have heard a lot of cases where people see a good deal but if it is too good to be true then think about it twice because people get scammed into deals. Buying real estate in Mexico is different than buying in the States.
One of the things that you need to get in Mexico if you are a foreigner purchasing real estate is a fideicomiso, which is a type of trust. An American cannot own under his name a property in Mexico so he has to use fideicomiso, which most of the time is managed by a bank. It’s not impossible for a foreigner to own land in Mexico. This is not the case. It is just that owning land in Mexico is not going to be under your name; it will be under an entity’s name under fideicomiso. People do that all the time. It is very common.
(Patio in Mexico, pictured.)
Posted November 14, 2015
Liliana Cota - Stewart Title Baja and Stewart Title Puerto Peñasco
If you are buying a home in a new housing development in Mexico, we recommend that you try to investigate who is selling the property to you. These are things that you would also do if you are buying a property in the US. I have known many people who have heard of how things are done in Mexico and they decide to do the same thing. You are going to be safe if you would do the same thing you would do if you are buying a property in the US.You have to make sure that the person...
If you are buying a home in a new housing development in Mexico, we recommend that you try to investigate who is selling the property to you. These are things that you would also do if you are buying a property in the US. I have known many people who have heard of how things are done in Mexico and they decide to do the same thing. You are going to be safe if you would do the same thing you would do if you are buying a property in the US.You have to make sure that the person selling the property to you is authorized to do so. You could go to the public registry and ask for any record and specifics on any specific developer. Go on the Internet and do as much research as you can until you feel comfortable about making the purchase. You could also hire someone to do the research for you; for example, you could also hire a company like Stewart Title. We offer title insurance so we do a title investigation over the property to trace how the property was transferred from one owner to another and how the transactions were done. In this way, you are sure that the title is good. It is more important to do that here in Mexico, especially if you are a foreigner buying a home here, because you are in a foreign country and there could be more issues here regarding title compared to buying a property in the US.
(Logo for Stewart Title, pictured.)
Posted April 16, 2016
Marvin Golden
The new, successful and bigger developments we see here in Mexico could be in the States or in Canada. They build here with concrete and bricks as opposed to drywall and timber there but the homes generally comparable to what you would have in the United States in terms of the electrical, plumbing, and so on. If you are buying a home, I recommend that you talk to a reputable builder and possibly a reputable realtor who can steer you away from builders that...
The new, successful and bigger developments we see here in Mexico could be in the States or in Canada. They build here with concrete and bricks as opposed to drywall and timber there but the homes generally comparable to what you would have in the United States in terms of the electrical, plumbing, and so on. If you are buying a home, I recommend that you talk to a reputable builder and possibly a reputable realtor who can steer you away from builders that may not be as good. We have home inspections, so if a home is being built for you, it can be inspected as it is being built, so that you shouldn’t have a problem later.
(House in a planned community, Ajijic, Mexico, pictured.)
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Posted November 9, 2016