ACANTO HOTEL CONDOS : Buying in Mexico Even as a non-resident you may buy real estate in Mexico. This may be owned through a Mexican bank trust or in your own name. With a bank trust (fideicomiso) it is simple to transfer title upon sale through a Mexican notary public. Beneficiaries may be named in case of death. A Mexican will is not required.  | Should you decide to own property in your own name, a deed called an escritura, must be prepared by a Mexican notary public. In some states in Mexico it is now possible to name beneficiaries in the deed, but if this is not the case it is well to have a Mexican will prepared to avoid expensive legal fees and probate at the time of death.
In Mexico, the notary public (notario público) is a public official appointed by the State Governor. He has the capacity to attest and certify documents and business and legal transactions that require authenticity. He also provides for strict security of original records and documents.
In Mexico, every legal document, such as deeds, wills, powers of attorney, constitution of corporations, establishment of trusts and other legal transactions must be made before a notary public in order to be valid. If the document is not notarized by a Mexican notary public it is not legal!
| | |  | When buying real estate and you reach an agreement, go to the notary public first. The buyer chooses the notary public. For real estate transactions you do not need an attorney. The notary public is completely capable and legally authorized to carry out the transaction.
In many cases an attorney will delay the transaction, charge you unnecessary high fees, and have absolutely no bearing on the situation, as it is not of his competence. Before giving any type of down payment or committing yourself to a deal, take a copy of the actual escritura (which should be given to you by the seller with no argument if everything is in order) to the notary public to check the deed's validity.
If buying property from a developer, have the notary public check to see that he has his permits for the development and for construction. A beautifully engraved certificate or formal letter promising a deed at some future time is not a deed, but merely a sales contract.
| | |  | The notary public will need from both parties to the transaction: proof of full names, marriage certificates, proof of dates and place of birth, official identification with a photograph, such as passport or driver's license, and your visa to prove that you are in Mexico legally.
The notary public will need from the seller: 1. his deed; 2. Up-to-date tax receipts, water bills, subdivision (fraccionamiento) fees, and any other public utilities bill, paid up to the date of sale. The notary public will determine capital gains taxes through an official appraisal (Avaluo).
The capital gains tax, if any, is paid by the seller. However, through mutual agreement, it may be paid by the buyer. Make sure you know how much this will be--the notary will inform you of the cost before the transaction, almost to the cent. Cash or money changes hands the minute the seller signs over the deed, usually in the notary public's office. The buyer ordinarily pays notary fees incurred, which also must be paid when the title is signed over.
The process is not over yet -- the notary public must register the escritura in the Registro Público de la Propiedad (Public Registry of Properties). This should be done promptly, as the transaction is not valid until registered. A normal time frame for this is around two weeks. | | |  | Property within sixty-two miles (100 kilometers) of the border and thirty-one miles (fifty kilometers) of the coast must be held in a bank trust. You will need a permit from the Secretary of Foreign Affairs.
The buyer may choose the bank that will handle his trust, and may want to shop around to determine where he can get the lowest fees.
OWNERSHIP OF THE PROPERTY AND RIGHTS OF BENEFICIARY
Upon acquiring a property in trust, the bank becomes its new legal owner, subject to the clauses of the contract granting the beneficiary the rights to use, exploit, rent or sell the property or transfer the said rights to a third party. The formalities involved are straightforward and simple.
| Most condo owners purchase a condo to use part of the time. Well we offer you the opportunity to earn a return on your investment by putting your condo into our rental program. This is an investment you and your family can enjoy while earning a great INCOME.
If you choose to participate in our RENTAL PROGRAM Our on line reservation system allows you to check the reservation status of your condo. We will also send you income and expense reports so you can keep track of the status of your investment. | Some of the requirements for becoming a Mexican notary public are as follows: - must be a Mexican citizen;
- must by thirty-five years of age;
- have a law degree;
- three years experience working in a notary public office;
- must take and pass an examination and
- if he passes, in time the governor will give him an appointment.
There is supposed to be one notary for each 30,000 people. |
|  | STRUCTURE OF THE TRUST
THE TRUSTOR A Mexican citizen or a Mexican corporation with no foreign participation; the original owner of the Real State, it's the party who places the property in trust.
THE TRUSTEE As indicated previously, the trustee is the Banking Institution that holds the trust over the land for the benefit of the beneficiary.
THE BENEFICIARY The first beneficiary is normally the promoter, who acquires beneficial rights in order to develop the property and sell its beneficial interest to other parties in turn. The final beneficiary is a foreigner, since Mexicans will usually acquire (buy) direct ownership.
| | | MOST BANKS WILL REQUIRE THE FOLLOWING DOCUMENTS FOR A TRUST AGREEMENT:
* Title of the property (deed)
* Map of location of the property
* Receipts of the payment of Real Estate Tax
* Permit of Foreign Affairs. | | | CONTINUE READING: Why Hotel Condos?>>>
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