Purchasing oceanfront real estate in Mexico is a process that has been made easier by Cascadas de Manzanillo. In order for non native Mexican to buy real estate in Mexico’s restricted zone, the area within 60 miles of any Mexican border, or 30 miles from any Mexican coastline, the buyer will have to set up a trust through a Mexican bank. These trust work similar to the same trusts used for minors. Cascadas has entered relationships with Highpoint Mortgage and Wachovia Bank to allow US investors foreign financing. Instead of paying cash for your properties, you can now take a mortgage out with either of these two banks. This relationship gives foreign buyers the confidence they need to invest in Mexico.
The real estate trust is still required in order to buy the property. Essentially you get Highpoint or Wachovia to give the money to a Mexican bank. They turn around and purchase your home for you. The bank holds the title to your home and is the trustee, and this enabled foreigners, as beneficiaries of the trusts, to enjoy unrestricted use of land located in the restricted zone without violating the law.
When you buy real estate in Mexico, you would do well to consider taking out Title Insurance on the property. Title Insurance covers you should the property you buy subsequently turn out to have liens associated with it. This especially relevant if the property you are buying has been privatized, having previously been classified as being “Ejido" lands, but even if this is not the case, Title Insurance will protect you if any other previously unforeseen lien or charge is brought against the property before you took possession of the Title Deed.
The process of buying homes in Mexico seems long and tedious, but if you look at the amount of foreign home buyers in the restricted zone of Mexico you can see that the process does not scare people from purchasing Mexican property. Real Estate in Mexico is more popular now than ever before. Cities are growing, and the availability to buy in Mexico has never been this way until recently. With US based financing available in Cascadas de Manzanillo buying in Mexico has become affordable for all American buyers.
For more information about investment real estate in Mexico and other types of real estate in Mexico , please visit VivaCascadas.com.