How to buy real estate in Mexico
Mexico real estate has a lot to offer in terms of great weather, beautiful scenery and authentic Latin American culture. You can find lots of affordable real estate in Merida. It is perfectly legal for foreigners to own Mexican real estate, excluding land and properties located in restricted zones (within 30 miles of the coast and within 60 miles of international borders).
When looking for property in Merida and its surrounding areas, it is important to be aware of what it takes to do so. Doing your research and your homework beforehand will save you a lot of head in the future.
A few things about ownership in Mexico as a foreigner
Technically, as a foreign buyer, you cannot buy property that is within 30 miles of the high tide line or within 50 miles of an international border. Second, you cannot own ejido land. This type of land was established in 1917 as a result of the Mexican revolution. It is not private property but government land granted for use by members of local ejidos, which are similar to Native Americans in the United States and Canada. This land can be converted into private property but the process is long and complicated. It is outright illegal to own ejido land that has not been converted.
Be sure to purchase title insurance. By doing so, you make sure you hold clear title to your property and that, should anybody dispute that title, you will have an advocate who will defend your claim in local courts. Title insurance is always highly recommended, particularly for undeveloped land. If the title insurer you have hired says they will not ensure the property, see it as a red flag and walk away.
An all too common and potentially costly problem in Mexican real estate involves developers who do not get the proper zoning and subdivision permission to develop their land for resale. You may see survey stakes marking the lot lines and have a glossy brochure in your hand with drawings of what the plans entail but unless you can be absolutely sure you will get your own independent title to your lot, don’t buy it. The only way to be absolutely sure is to have a title insurance company investigate the project for you.
There are many things that can go wrong when buying land in any foreign country. It is extremely important to understand the laws in the country you are interested in because real estate laws are different in just about every country in the world. One best and sure-fire way to make sure you are buying legitimate real estate in Merida and its surrounding areas is to find the right real estate agency to be your advocate and help you find the right property for you and your needs. Merida Property Management is a combination of Mexican and American knowledge to ensure you find the best property.
Contact MPM today and let us help you find the right Mexican property for you.