Mexico Attracts U.S. Vacation-Home Buyers

15 03 2006

A growing number of U.S. vacation-home buyers and retirees are seeking cheaper waterfront properties in Mexico. In addition to lower property prices, buyers are drawn to the warm climate, low cost of living and laid-back lifestyle.

The country has relaxed its real estate laws for foreigners in recent years, enabling outsiders to purchase coastal properties through Mexican bank trusts. The trusts usually are for 50 years, providing owners the chance to extend the agreement for an additional 50 years. The owners can legally transfer the title and improve the properties, provided that they comply with local zoning laws. The properties must be resold through a trust, after which the owner can pocket the equity.

However, realty transactions are not regulated in Mexico; and agents and brokers are not required to have licenses. As a result, those interested in making home purchases south of the border should take the phrase “let the buyer beware” to heart.

Source: Planet Realtor



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