FAQ
Yes. In recent years, owning property in Mexico has become much easier and more secure. Financing is readily available and the process of buying is more streamlined and convenient. Residents of Canada and the United States are now finding peace of mind in owning a home in Mexico. Fortunately, purchasing real estate in Mexico has changed considerably in the past ten years. Mexico's federal government has liberalized ownership provisions of all property within the constitutionally protected area known as the Restricted Zone. The Restricted Zone includes 100 kilometers along all natural borders, 50 kilometers along all coastlines, and some areas of Baja California. Foreign prospective buyers interested in property such as second and retirement homes, condominiums and timeshare projects now have ownership rights under Mexico's new foreign investment law.
What is title insurance?
By definition title insurance policy is a private contract of indemnity between a purchaser or lender and a title guaranty company that protects a lender or owner against loss in the event of a property ownership dispute.
Is it safe to buy property in Mexico?
It is safe to buy property in Mexico when you buy with a title insurance policy. All Crystal Beach Villa homes have a title insurance policy from Stewart Title included in the price of the villa. The other properties within Baja Diamante development do not include a policy, but homebuyers can easily obtain one through Stewart Title directly.
What is a Fideicomiso?
A fideicomiso is a bank trust. This trust is an agreement created for the homebuyer and is achieved between a Mexican bank and the buyer. The Mexican bank is a trustee and has a fiduciary obligation to follow instructions given by the trust beneficiary (buyer). This allows the buyer or beneficiary to enjoy the rights of ownership while the bank holds the title. A fideicomiso can be established for a maximum term of 50 years and can be renewed every 50 years.
What is the difference between a lease on the land and a bank trust?
A lease agreement on the land grants only the right to use the land. If a buyer builds a home on the leased land, that home belongs to the landlord. The buyer of the land cannot sell the property either. A bank trust enables the buyers to have all the rights of ownership such as buying and selling.
Is there financing available on the homes in Baja Diamante?
Yes, financing is available on your home in Baja Diamante. For more information, please contact Director of Sales, Kyle Crawford.
Debunking The Myths of Ownership in Mexico
Baja Diamante
Director of Sales
kcrawford@bajadiamante.net
1.866.341.0167