Property Ownership in MexicoThe changes in real estate ownership in Mexico have created the Baja boom. In 1971, President Luis EcheverrIa Alvarez wrote a presidential decree allowing Mexican banks to hold property in trust for foreigners. The Fideicomiso is the name for the Beneficial Trust, and you can consider it as safe as the deed to your home in the U.S. or Canada. As beneficiaries of a property, you have all the rights customary to full ownership. You may use, build, rent, will or sell the beneficial rights in the trust at anytime, conforming only to the general laws established for all people. The term of the Trust is 50 years, and it’s automatically renewable by law; in other words, the title to the property may rest in one beneficiary indefinitely, provided that it’s renewed within the terms established by the law. Today, the availability of U.S. long-term financing, combined with U.S. Title Insurance, continues to have a profound impact on the market broadening the previous cash-only market. U.S. mortgage companies offer long-term financing using your Mexico property as collateral. U.S. Title Insurance is available on all eligible properties from Fidelity Global Solution, First American Title and Stewart Guarantee Title. Los Cabos continues to captivate all who visit this tropical desert paradise. It is a unique resort destination rich in natural beauty and opportunities — take time to look around.
|
