Buying Property in Merida
A guide to buying property in Merida
Owning property in a foreign country is a lifetime dream for many. If you are a non-Mexican citizen you can still buy property in Mexico. When using a reliable real estate agent (like one from Merida Property Management), it can be a safe and easy process. All foreigners have the full protection of the law with regards to real estate transactions. You do not have to be a resident in Mexico to own property here so there is no need to immigrate or even qualify for resident status in order to invest in property in Mexico. You will need to check with your trusted agent or attorney to see how you will hold property title, prior to purchasing.
The Mexican Constitution had previously banned foreign nationals from owning property within the restricted border zones. This was intended to protect Mexican soil from foreign invasion. The Foreign Investment Law of 1973 was a constitutional amendment, which changed this to allow foreigners to now purchase real estate outright except inside the “restricted zone,” consisting of all lands within 64 miles from an international border and 32 miles from the coastline. For properties within this zone, foreigners need to use a bank trust called a fideicomiso. All real estate transactions involving these trusts are governed by federal law. Merida and all coastal properties fall into the restricted category. Outside the zone, you can own property with a title issued in your name.
It is always recommended to use an escrow company. Property purchases in Mexico are cash transactions. Use your best judgment when carrying out the financial portion of your property purchase in Mexico. You should use an American escrow company to safely hold the funds, just as you would back home.
Buying a home, business or other property in Mexico can be an exciting and stress-free experience as long as you have knowledgeable and trustworthy people working on your side to guide you through the process in Mexico. The owners and brokers of Merida Property Management have been on the buying side of the transaction personally. They draw upon their own past experiences and concerns involving buying in a foreign land to assist in making the process of buying and selling in Mexico as worry-free as possible for their clients.
Merida Property Management is located in the beautiful city of Merida, the capital of Yucatan and the heart of the Yucatan peninsula. With combined experience in the industry handling property sales, rentals and management, we specialize and take great pleasure in finding that dream property for which our clients are searching to call their own.