What are buyers' rights in Mexico when it comes to purchasing property?

 

Owning property as non-Mexican is simple and straightforward in Mexico.  There are many connection points to being a property owner in Mexico, of course.  One of the most commonly asked-about issues is the right as a buyer of property in Mexico.  Let’s take a look at this in detail to understand just how it all works out.

 

Property through a bank trust

            When you buy property within the restricted areas in Mexico, you do so through a bank trust.  While it is confusing to some who are unfamiliar with it, this is considered standard and is done regularly in Mexico.  Owning through a trust means that the property belongs to you via the trust.  So the rights to the property would be a little different compared to if you owned it outright yourself (such as owning property outside of those restricted zones).

 

What Are My Rights as a Buyer of Property in Mexico?

Your rights when holding property via a bank trust in Mexico

            In this case, the property technically belongs to the bank trustees.  Their name would be on the deed itself. Your rights would then be centered around what you do with it.  Most specifically: the right to sell your home, and establish a beneficiary or heir.

            If you choose to sell your home, you do hold the exclusive right to do so.  While the bank holds the deed to the land, the home on it belongs to you and those with whom you choose to share it.  You are able to sell it at any point if you no longer want it or are using it.  You can choose to rent it out to locals or other travelers, too, if you want to.  Again, you are in charge of it.

            The other main focal point is that you are going to be able to add, take off and change beneficiaries and heirs.  You will also be able to add additional owners (such as a partner or child if you wish).  This gives them the same legal rights as you.  This is common in those who have remarried and have separate families from each other, but still have a joint life together with their Mexican home.

 

What it means in practicality

            Essentially, you’ll still be able to have the same rights as a property owner with a deed.  It’s just done through a third party rather than outright with your own name on the actual paperwork.

            Many fear that this bank trust is going to prevent them from doing what they wish with their new home, but this is not the case.  It’s simply a matter of having everything legal and correct as far as the government is concerned.  This means that you will have all that you want, done legally and formally.  This protects everyone’s best interests -- especially yours!

 

            Your property gives you rights, just like it would with your own name on the deed.  While you won’t be paying property tax, you will be paying the equivalent of that to the bank trust, which would be the one formally paying that tax.