Go to the Public Record Office of Property and Commerce and ask for the processing of encumbrance certificate with a copy of the writing.

By providing key cadastral property in the Municipal Treasury Office a statement of account, www.puertovallarta.gob.mx is received. The key lies in cadastral information obtained from the property, in the deed of sale, on the part of the transfer of ownership.

Yes. Anyone of any nationality can legally buy real estate in Mexico. Many people receive misinformation or think it is not due to the existence of so-called “restricted areas” (formerly called “forbidden zones”).

There are different methods for acquiring property in Mexico. First outside this restricted area foreigners can legally acquire any type of real estate simply paying a fee.

Second, for non-residential properties, foreigners can buy real estate through Mexican corporations (and, under certain conditions, these corporations can be 100% foreign ownership). The two main conditions are accepting foreigners to be governed by Mexican law, and as non-residential property to register with the Ministry of Foreign Relations. This applies to real estate inside and outside the restricted area.

Third, within the restricted area, for residential real estate, the acquisition should proceed through a trust.

Here in the coastal area of ​​Vallarta (or the area of ​​Bahia de Banderas) we are in the restricted area. The restricted area is the land from the coast of Mexico to 50 kilometers (30.5 miles) inland, or from the border of Mexico with other countries up to 100 kilometers (61 miles) from this.

Then, Puerto Vallarta is located in the restricted area, now what? In Banderas Bay and other coastal areas, foreigners can buy real estate but the Foreign Investment Law of Mexico requires them to do so through a trust.

If you are familiar with the trusts in the United States you will see that Mexicans are very similar trusts.

A trust is a sure way to start. This method allows foreign ownership through a Mexican trust and gives the Purchaser all property rights.

The bank acts as an “administrator” of the property and the purchaser is the “beneficial owner” of trust. Trust is not an asset of the bank. The bank simply remains confident.

The Mexican bank or “Trust” has beneficiary´s instructions to occupy, lease and the right to improve it. The beneficiary may also sell the property or leave the property. The initial term of the fund is 50 years, the trust may be renewed for additional periods of 50 years.

60-90 days on average.

No. A trust is not a lease. The recipient basically has the same rights of “ownership” in the United States and Canada.

Yes, as long as the communal lands holder  have followed the procedure for obtaining full ownership, and related documents issued by the National Agrarian Registry, and these are registered in the Public Registry of the Property.

Yes. The Mexican bank has a responsibility as trustee to act for the good of the beneficiary … under penalty of law. The bank simply retain the deeds to the property in your name (or their beneficiaries). You have rights as a beneficiary ownership of it. You can sell, lease, rent, build or do anything else that a legal owner of a property in Mexico can do (obviously must obey zoning and building regulations). Many large and respectable US and international banks like GE Capital, Scotiabank and Santander Serfin, among others, have been and continue to be major players in the trusts in Mexico.

We have heard that we should use one.

The Notary Public plays an important role in the sale of real estate, much more important than in most countries. The governor appoints the notary public as responsible for the implementation of several key aspects of the transaction, such as authentication of legal documents, finding titles and deeds (for liens or other legal and financial issues), tax collection, review of building permits (if applicable), calculation of taxes on capital gains, etc.

The notary is responsible for ratifying basically real estate transactions; therefore, if the property transaction is done without a notary and not based on the public record, then it is invalid, putting the buyer in a position where he or she may lose the property without legal recourse.

Overall, the process of real estate transaction is “open” once the seller accepts a written offer to purchase both the seller and the purchased sign a contract of sale. In some cases a deposit of one broker to convey the offer to the seller is required.

Generally, a payment of 10 to 30% is required as a deposit when the contract of sale is signed. Typically, pre-sales developments and requested a deposit of 30% or more, while for the deposit re-sales will be lower. The remainder is usually paid when signing the deeds before the Notary.

If you are dealing directly with the seller, strongly seek guidance from an attorney or agent before signing a purchase contract or exchanging money (especially since contracts are legally binding in Mexico in Spanish) is recommended.

The transfer tax is paid by the buyer is currently 2% of the sales price of the property.

Puerto Vallarta has a lot of realtors, brokers, builders, developers, property sell posters and indicating that their company is the best. As with any large purchase, it is important that you feel comfortable with people you work with and you are certain that they are looking out for their interests and are not trying to rush you.

In Grupo Vallarta we have a large sales staff, an internal legal representative, close working relationships with notaries and banks. We have a culture and a philosophy in which we firmly believe; above all we are a representative of buyers and will help you find it for you. If you are interested in Real Estate in Puerto Vallarta, just contact us and we will conduct an initial search for you on your behalf.