You Can Own Titled Property at Playa Las Tortugas
Is my property ownership secure in Playa Las Tortugas?
Significant changes in the laws of property ownership in Mexico occurred in 1993, allowing non-Mexican citizens to have property rights similar to those in the United States and Canada. With the introduction of NAFTA (North American Free Trade Agreement), owning property safely along the coast in Mexico became a reality. There are already approaching two million North Americans who own residences in Mexico.
While the buying process is somewhat different, buyers from the United States, Canada and other countries can enjoy the rights of ownership when buying in Mexico. Since non-Mexican citizens are not able to enter directly into contracts to buy coastal real estate, your property rights at Playa Las Tortugas are achieved through a real estate trust with a bank as trustee. This is a trust similar to the type used to hold property for minors as they also do not have the right to contract directly.
How do I obtain title?
As a buyer from another country, you obtain all the rights of ownership by setting up a bank trust, known as a Fideicomiso, similar to a type of U.S. family trust. As in other trusts, you are the beneficiary and are allowed to use, lease, sell, will, improve or encumber your property. A trust is established for 50 years and is easily renewable.
Are title insurance and mortgages available in Playa Las Tortugas?
You will find a number of U.S. lenders and title insurance companies offering their services in Mexico. At Playa Las Tortugas, Collateral International is one of the companies that can provide mortgages and construction loans on villas, while Stewart Guaranty Title and First American Title offer title insurance policies. Our title commitment on the entire development is through Stewart Guaranty Title.
How can I be sure that my closing funds will be handled properly?
The title insurance companies also offer escrow services and maintain international escrow accounts arranged via major U.S. banks to securely hold deposits, proceeds from sales and/or purchase funds. Under your instructions, the title company can disburse funds to pay the purchase price, mortgages, real estate commissions, taxes and other closing costs.
How can my other questions be answered?
We are happy to answer your questions about ownership at Playa Las Tortugas, and traveling to or living in Mexico.
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