This is my sixth year in Mexico, and I’ve never seen real estate action like I’m seeing now. And, the number of Live and Invest Overseas readers who’ve chosen to live or buy property in Mexico is unprecedented in my experience. I don’t know if it’s due to the pandemic, politics, or just an idea that’s catching on… but more people are taking action than ever before.
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With so many people buying in Mexico, it’s time to take an updated look at some of the quirks and pitfalls of buying here.
Mexico is very familiar, compared to most foreign markets… and that can be a problem. That familiar feel can lull us into believing that we have the processes and protections that we enjoy in our home countries.
And that’s not true.
I’ll divide this discussion into two parts. First, we’ll look at a few general areas to be aware of before buying in Mexico. Then we’ll look at the buying process, along with an idea of the costs involved.
Here are a few things you should know about buying in Mexico… ways in which Mexico is different from what you might expect.
Without the issue of ejido land (pronounced eh-HEE-doh) there wouldn’t be anything exciting to talk about when it comes to buying Mexican real estate.
Ejido land is the source of almost all the stories you’ve heard about confiscation of property from foreigners in Mexico. Ejido land can be a terrific bargain, because after buying it, it’s not really yours.
Above all, ejido land is communal agricultural land, which was granted to a community… often an indigenous community. Much of this land, while not worth that much at the time, is now prime, sought-after beachfront property.
In order to buy some of it, you would need the approval of 100% of the community members, separation of your parcel from the ejido, and conversion of that parcel to a freehold title. (And that’s over-simplified… simply identifying the community members and their descendants who should have a vote can be hard.)
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