Buying in Mexico

Although the process and terminology are different, U.S., Canadian and other foreign buyers can enjoy all the rights of ownership when buying in Mexico. In the early 1990s, with significant changes in Mexican law and with the introduction of North American Free Trade Agreement (NAFTA), safely owning property in Mexico along the coast became a reality. Today, more than 1.5 million Americans own property 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.

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’s surrounding amenities. At CostaBaja Resort & Marina, we take great pride in the team that has been assembled. Parque Reforma is one of Mexico’s leading construction and development companies and has been in business since 1979.

The firm’s founders are dedicated to preserving the fragile environment of the Sea of Cortez and to developing CostaBaja Resort & Marina as an environmentally sensitive community. Parque Reforma has invested over $65 million in top quality infrastructure at the development, from roads to utilities and the creation of a state-of-the-art marina, resort hotel, and a village of fine shops and restaurants. One visit to CostaBaja Resort & Marina will reveal the high standards that Parque Reforma has maintained throughout the development.

To ensure that the highest level of professionalism is maintained through all stages of the design, construction, marketing, sales, financing and insuring of CostaBaja Resort & Marina homes, Parque Reforma has assembled a team of experts in all those fields. The team includes highly regarded and trusted firms including De Yturbe Architects (leading architectural firm from Mexico City), RNM Design (Newport, California-based master planning and architectural design firm) and U.S.-based First American Title and Escrow.

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’s 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 in Mexico 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.