Assure Success in Mexico Real Estate

Frequently Asked Questions

Your questions, clearly answered.

• Can foreigners legally buy property in Mexico?+
  Yes, foreigners can legally buy property in Mexico through a fideicomiso (bank trust) in restricted zones.
• What documents are required to buy property?+
  You need a passport, proof of address, and a fideicomiso application.
• How long does the buying process take?+
  The process typically takes 30-60 days.
• Can I buy property remotely?+
  Yes, with a power of attorney, you can buy remotely.
• What is the role of a notary in Mexico?+
  A notary verifies and registers the property transaction.
• What is a fideicomiso (bank trust)?+
  A fideicomiso is a legal trust agreement with a Mexican bank that holds the title on behalf of a foreign buyer. The buyer retains full rights to use, lease, sell, or pass the property to heirs. It’s renewable every 50 years and is a common and secure method of property ownership for foreigners.
• Can I own property outright in Mexico?+
  Yes, outside restricted zones, foreigners can own property outright.
• What are the inheritance laws?+
  Property can be passed to heirs via a will or fideicomiso.
• Can I lease my property?+
  Yes, leasing is allowed with proper registration.
• What is a Mexican will?+
  A Mexican will ensures smooth property transfer after death.
• What are the typical closing costs in Mexico?+
  Closing costs are about 5-7% of the property value.
• Are there annual property taxes?+
  Yes, property tax (predial) is low, around 0.1% of value.
• What are notary fees?+
  Notary fees range from 1-2% of the property value.
• Are there hidden costs?+
  No, but maintenance fees may apply in some areas.
• What is the fideicomiso fee?+
  The fideicomiso fee is approximately $500-$700 annually.
• Are there any restrictions on how I can use the property?+
  Yes, zoning laws may restrict commercial use.
• Can I rent out my property?+
  Yes, short-term and long-term rentals are allowed.
• Can I build on the property?+
  Yes, with local permits and regulations.
• Can I live in the property full-time?+
  Yes, it can be your primary residence.
• Are there HOA fees?+
  HOA fees may apply in gated communities.
• Do I need to be in Mexico to buy property?+
  No, you can buy with a power of attorney.
• Is property ownership safe for foreigners?+
  Yes, with proper legal steps, it’s secure.
• What security measures are common?+
  Gated communities often have guards and cameras.
• Are there risks of fraud?+
  Working with reputable agents and attorneys minimizes risks.
• What insurance do I need?+
  Property insurance and hurricane insurance are recommended.