How to guarantee success at buying a property in Mexico
Mexico has become a destiny for foreign inversion specially in the Real-Estate area of the country.
Foreigners can buy properties in Mexico as long as certain requirements are done.
If any of the acquisitions is made through a bank trust, an agreement will me made in which as a foreigner you must resign to the possibility of summoning your own government’s protection of your acquisitions, besides, it is a mandatory requirement that your properties must be outside a restricted area, this means 100 kilometers away from land borders and 50 kilometers away from the beaches.
Having an expert opinion (real-estate agent or lawyer) will help you to follow the right procedure.
The requirements are the following:
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Permit of Mexican Government
The Mexican Government must grant a previous permit to all foreigners who wishes to acquire properties in Mexico
This formality must be done personally attending the SRE (Ministry of Foreign Affairs) at the General Direction of Legal Affairs at Mexico City, however, through a power of attorney a legal representative can do the formality.
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Present an application.
The applications must be filled by computer or typing machine, plus the annexes must be attached in their original form plus two copies with the petitioner information:
- Name and last name.
- Nationality.
- Number of Immigration document.
- Immigration Status.
- Address (were the notifications will be received.)
- Information of an authorized person who can receive the certificate.
*The application must be signed by the applicant and it must prove the petitioner’s condition of residence.
It also must include the information of the property to be bought:
- Description and location of the property.
- Buy permit.
- Type of payment.
- Attachments with the data describing surfaces, boundaries and measures.
*It all must have the applicant’s signature or the legal representative’s if required.
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Mortgage credits
The purchase must be done through a bank organization, these agencies are typified for giving benefits such as:
- Fixed fees.
- Insurance.
- Fixed installments.
- Co-financing (if the applicant works in the country.)
- Applies for IMSS or FOVISSSTE.
To apply for a mortgage you need the following:
- Prove legal and regular income
- Hand-in the migratory document FM2 or FM3
- Have some time living in Mexico (the time required depends on each bank agency)
- Be over 18 years old
- Be economically active
- Have a labor seniority of at least a year.
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Additional accreditations.
When an application is done through a legal representative you must have a special power of attorney to make the arrangement that allows you to get all the requirements.
When the applicant is a foreign legal person, the legal existence must be proved by presenting:
- Documentation of their home country.
- The translation of a specialized expert if needed.
In your purchase contract, everything that must be on a property agreement must be covered: parts, price, deposit and payment terms, the diligence, classic clauses, no-compliance rules, closure date and signatures, do not buy properties illegally and approach the experts that will help you take good care of your heritage.
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