Properties for sale in Riviera Nayarit – Mexlife

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Mexlife Riviera Nayarit

Veronica Urbina Fernandez
Google

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.