Sale of properties in Playa del Socorro is done through a Fideicomiso. The buyer acquires a bank trust though a Mexican bank. That bank acquires the legal title of the land and administrates the property in accordance with instructions from the buyer/trustee. Non-Mexican residents who enter a Fideicomiso enjoy the same rights of ownership as any Mexican national, as to build, tear down, modify, rent, lease or sell the property and all existing buildings.
The Fideicomiso is a 50-year renewable bank trust for Non- Mexican. The trust is indefinitely renewable for another 50 years at any time and can be transferred to another owner/beneficiary with or without the sale of the property.
Currently, over 1,000,000 foreigners securely own property throughout Mexico.
Trustees o Fidecomisarios are required to pay property taxes (which are a fraction to those in the U.S.). When selling your house in Mexico, capital gain exceptions may apply.
TITLE INSURANCE
Title insurance policies are readily available from title companies, on properties located in Baja that are held through Fideicomiso arrangements. Basic policy coverage provides a purchaser protection against loss in the event that title to the property is encumbered or defeated.
Title Insurance is optional. Playa del Socorro works closely with:
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