In this case, the prospective buyer is usually represented by a Mexican bank acting as a trustee. The bank only has title to the property, but the beneficiary (i.e., the buyer) has the right to use and sell it. Within the confines of the law, the buyer can also develop and use the property to his or her liking and benefit. He only needs to notify the bank about his proposed strategy. In real estate agents and brokers are not required to have a license.Do you want to learn more? Visit NJOI Trujillo Announces Luxury Real Estate for Sale in Honduras
As a result, if you’re looking for a condo for sale in PV, it’s a good idea to seek legal advice. In Mexico, all legal real estate transactions are conducted in the Spanish language. As a result, hiring an attorney to draft contracts and review the contract’s terms and conditions in relation to the home for sale in question is essential. Those who are not natives of Mexico who are looking for Mexico Beach real estate for sale or who want to own Mexico Beach property should almost always use a bank trust. A fideicommissa (pronounced fee-day-comes) is a type of irrevocable trust that allows the buyer to serve as both the director and the beneficiary. Without getting too technical, the US Securities and Exchange Commission and the California Department of Real Estate have determined that this trust is equivalent to a simple title, just like when you own real estate in the US. When a non-Mexican decides to buy Real Estate for Sale Playa del Carmen, Cancun Real Estate, or Puerto Vallarta in Mexico, a Mexican bank (also known as the fiduciary) will have temporary ownership of the real estate property, but will also be subject to the foreign buyer’s instructions (who is also known as the beneficiary of the trust). The foreign buyer then has the option of starting to use the property, renting it out, selling it, or transferring it to his or her designated heirs in the event of death.