Buying a Property in Puerta Vallarta in Mexico
Buying a property in Mexico's resorts like Puerta Vallarta or Cancun is proving very popular with the Brits at present find out why! As more and more British invest in overseas property we have noticed an increasing number of enquiries and requests for information on property for sale in Mexico.
As more and more British invest in overseas property we have noticed an increasing number of enquiries and requests for information on property for sale in Mexico.
Traditionall the British have been buying property in Europe for many years and have often ventured as far away as Florida and Australia for a holiday or investment home. However, over the past few years we have seen a marked increase in the number of British buying in longhaul destinations like Thailand, Brazil, Mexico and China as more and more people are on the look out for new and emerging investment markets.
In response to this we have included a number of new country directories in the Property-Abroad.com website covering many things like buyers guides, country guides, airports and attractions guides as well as links to solicitors, estate agents, hotels and many other useful resources connected to buying a property in these new markets.
Popular places of interest to the British buying property in Mexico include the main holiday resorts like Cancun, Puerto Vallarta and Acapulco as well as along the main Yucatan Peninsula. The Americans and Canadians have been buying properties in these areas for quite some time now but because of the distance issue the British have been slow to take up the opportunities that have been available to foreign investors until recently.
Owning property in Mexico is easier and safer than ever, because now there are established and well defined rules regarding non-Mexicans owning land in Mexico. These rules are in place to protect your ownership rights and to promote the sale of real estate to foreign investors. The key is a safe, established and perpetually renewable Mexican Property Trust called a "Fideicomiso".
Irrevocable Real Estate Trust Agreement: This is better known as a "fideicomiso" and is the most common instrument for the acquisition of real estate property within the restricted zone, usually for residential purposes. The seller, "trustor", will transfer property to a Mexican bank institution, the "trustee", by means of an irrevocable trust agreement. The trustee will hold the property on behalf of a designated beneficiary (usually the buyer). The bank is obligated to administer the real estate only for the benefit of the beneficiary, who holds the right of use and enjoyment of the real estate, as an owner. The bank holds title to the property but the beneficiary is entitled to use it and even sell the property held in trust to any eligible buyer, providing that he instructs the bank to do so.
For general upto dat information on buying a property in Mexico as well as a list of current propertes for sale in Puerta Vallarta and the Yucatan Peninsula why not check out our details below.
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ABOUT THE AUTHOR
Property Abroad's directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas property investment and buying property in Mexico. With over 400 company websites selling and renting property in almost every country around the world Les is well placed too ffer advice on existing and emerging property locations. Visit their flagship site for more details on property for sale in Mexico.