The who, what and how of buying Mexican property
FREQUENTLY ASKED QUESTIONS
How safe is it for me to buy property in Mexico?
Although the process and terminology are different, U.S., Canadian and other foreign purchasers can enjoy all the rights of ownership when buying property in Mexico. With the introduction of the North American Free Trade Agreement (NAFTA) and significant changes in Mexican laws enacted in the early 1990s, safely owning property along Mexico's coast became a reality. Today, more than 1.5 million Americans own real estate in Mexico. As a foreign buyer, you obtain all the rights of ownership by setting up a bank trust, similar to a U.S. family trust (known as a fideicomiso). Technically, you are the beneficiary. As such, you are allowed to use, lease, sell, will, improve or encumber your property. A new trust is established for 50 years and is easily renewable.
How safe is it for me to buy property at CostaBaja Resort & Marina?
We know that as a foreign investor/owner, it is essential for you to have trust and confidence in the team responsible for building your new home and the development of surrounding amenities. At CostaBaja Resort & Marina, we take great pride in the team that has been assembled, led by Mexico's leading construction and development companies with long and distinguished histories.
The founders are dedicated to preserving the fragile environment of the Sea of Cortez, and to developing CostaBaja Resort & Marina as an environmentally sensitive community. Over $65 million has been invested in top quality infrastructure from the very beginning of development, from roads and utilities, to the creation of a state-of-the-art Marina, Resort Hotel, and Marina Village of fine shops and restaurants. One visit to CostaBaja Resort & Marina will reveal the high standards that have been maintained throughout the development.
To ensure the highest level of professionalism through all stages of the design, construction, marketing, sales, financing and insuring of CostaBaja Resort & Marina homes, experts in each specific field have been assembled from highly-respected and trusted firms.
What about title insurance?
CostaBaja Resort & Marina is proud to be affiliated with First American Title Insurance Company. First American is one of the largest title companies in the world and has been in business since 1889.
First American Title Insurance policies are issued directly by First American in the U.S. As such, any claims will be handled in the U.S., without the insured having to go through the Mexican court system. That means that First American will stand by you in response to a challenge to your title in Mexico. You simply tender your claim to First American, and they will defend your property rights as insured.
First American was the first U.S.-based company to issue title insurance policies on Mexican land. They have been facilitating complex commercial, industrial and residential real estate transactions throughout the country for over twenty-five years, and have developed time-tested, efficient policy issuance procedures. First American has excellent working relationships with U.S. and Mexican experts, including attorneys, brokers, engineers, appraisers and surveyors, to assist you at every step of a transaction in legal, governmental, banking, tax, and real estate matters.
First American also offers escrow services as an independent and neutral holder of funds. They have an international escrow account arranged through a major U.S. bank ,to securely hold deposits, proceeds from sales and/or purchase funds. Under your instructions, First American will disburse the funds to pay off mortgages, real estate commissions, taxes due at closings, closing fees, and/or the purchase price.