What do I need to know when buying property in Mexico?
When we asked expats what advice they would give a foreigner before buying a property in Mexico, they said...
"1. Be sure to research the local laws and regulations that are in place in the area of the property or development you plan to buy. 2. Make sure to hire a qualified lawyer that specializes in property law in Mexico. 3. Understand the concept of fideicomiso (Trust Agreement) which is a legal restriction that foreign nationals must agree to with a Mexican bank to become a buyer of property. 4. Spend time talking to local expatriates who are familiar with the area and its laws. 5. Determine all closing costs including Mexico's Capital Gains taxes, property taxes and transfer taxes that must be paid by the seller. 6. Consider getting a home warranty that covers the home and its systems for a certain period of time. 7. Be prepared to pay for a land surveyor to come and survey the property, so that it is properly registered at the Mexican courthouse. 8. Familiarize yourself with the title restrictions in the area to make sure you fully understand the property you’re buying," explained one expat living in Mexico.
Other Questions:
- What do I need to know before retiring in Mexico?
- How do I meet people in Mexico?
- What is life like in Mexico?
- Is there a lot of crime in Mexico?
- Is there a lot of diversity? Are people in Mexico accepting of differences?
- What are the schools in Mexico like?
- Is the cost of living in Mexico high?
- What advice do you have for expats having a baby in Mexico?
- What are healthcare services like in Mexico?
- Is the cost of living in Mexico high?
- What type of recreational facilities are in Mexico?
- What is the weather like in Mexico?
- Are there good restaurants in Mexico?
- Where will I buy groceries and do other shopping in Mexico?
- What are the visa & residency requirements in Mexico?
- Are healthcare and health insurance expensive in Mexico?
- What do I need to know when buying property in Mexico?
- Are foreigners allowed to own property in Mexico?
- What appliances are typically included in a rental?
What do I need to know when buying property in Mexico?
If you live in Mexico, newcomers to Mexico would love to hear your answer to this question:
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC
Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
