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Frequent questions
Frequent questions
1. Can I buy property in Mexico as a foreigner?
Yes, you can buy property in Mexico as a foreign citizen!
Foreign citizens are legally allowed to buy property in Mexico in the restricted zone. The restricted zone is 100 km along any border and 50 km from the coast. To make a purchase in this area, a bank trust is needed.
2. What is a bank trust?
It is a property authorized by the Mexican government and insured by the Central Bank of Mexico. The trust is authorized through a permit issued by the Ministry of Foreign Affairs and in accordance with the 27 articles of the Mexican Constitution.
It is important to mention that properties held in bank trust are not assets of the bank and the bank acts on behalf of the buyer and holds title.
The bank has a fiduciary obligation to follow the instructions and wishes of the foreign buyer. The foreign buyer can enjoy, use, rent, improve, expand, build and sell the property and obtain 100% of the benefits.
3. Can I buy property in Mexico through a foreign company?
Yes, with the authorization of the trust bank and the Ministry of Foreign Affairs, through a residential trust.
4. How much are the closing costs (obtaining the deed) for the property purchased?
Closing costs are proportional to the cost of the property. Around 7-9% of the cost, which includes notary fees, taxes, fees and escrow fees (if you are a foreigner).
5. Can I transfer the property and inherit it?
Fiduciary rights can be assigned to transfer ownership of the property. At the time of establishing the trust, it allows buyers to designate substitute beneficiaries. They will become the beneficiaries of the trust and the property in the event of the death of the original beneficiaries.
6. What are the steps to buy a property with TAO Mexico?
1. Reserve a unit: We will ask you to pay a refundable deposit of $5,000 USD, which will help reserve the unit for a period of 15 days, while also freezing its price.
2. Reservation Agreement: We will ask you to fill out and sign the reservation agreement that contains the payment plan for your property.
3. Purchase and sale contract: You will receive the purchase and sale contract from our in-house lawyer.
4. Initial payment: After accepting all the conditions of the purchase and sale contract, we will ask you to proceed to make the initial payment of 20% after signing the purchase and sale contract.
7. Are there any restrictions on renting my property?
There are no restrictions on renting your unit, unless the majority of owners vote rent-free, which we don't think will happen. Most of our clients have bought their properties to rent them out.
8. How can I manage and rent my property if I don't live in the same place?
You can consider this one less thing to worry about. Most of our clients hire a property management company (Property Management Company) in the area where their property is located.
At TAO México, we can share a list of several companies so you can compare and choose the one that best suits you. to what you want.
9. What are the maintenance fees and what do they include?
HOA dues are monthly or bimonthly fees that are charged to all units depending on their expenses, and are divided according to the size of each unit. They cover general maintenance such as: maintenance of amenities, gardening, concierge, 24/7 security , elevators, etc. These fees depend on each development.
10. Why do our clients trust TAO México?
We have more than 17 years of experience in the real estate sector with more than 1,700 properties sold. In addition, we have excellent customer service, we love to guide our clients to find the best real estate opportunity according to their needs.
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