Over 70,000 United States Citizens in this day and age now live across the border. Not everyone that lives here does so as a full time resident, many have second homes, others have moved to Mexico permanently to retire and young families, trying to escape the high prices of homes in California, are now purchasing in Mexico with the intent to commute to their jobs in San Diego with the ease and convenience of the SENTRI Pass.
Thanks to low real estate prices, low property taxes, low cost health services, a high standard of services and it's proximity to the U.S., many retirees, pensioners and senior citizens have chosen to invest in Baja and maintain a high standard of living.
Developments in the region, just like NEWCITY Residential, are being built with the same high quality standards used in California, that include all your basic and premium services like cell phones, internet access, satellite TV, private security, among many others.
According to Mexican law, a foreign individual can’t hold a property title in beachfront properties, but current changes have made owning property easier and guarantee a safe investment in real estate.
Owning property requires a “Fideicomiso” (pronounced “Fee-deh-com-ee-so”), which is the most secure way to own property in Mexico.
What exactly is a Fideicomiso?
It is a bank trust. The Mexican bank becomes the Trustee or legal titleholder when the seller transfers property to the buyer. The buyer or beneficiary can utilize and enjoy the property as he wishes, having the rights of ownership but not the “direct dominion” which is held by the bank. A beneficiary can direct the bank to lease, mortgage or sell the property. He can pass the property to his heirs upon the death. So your investment is guaranteed.
The bank trust is never considered as an asset of the bank. The bank is the administrative supervisor of the trust in order to protect the interest of the buyer. It can’t make decisions concerning the property without written directions of the beneficiary. A bank trust provides the beneficiary absolute control over a property. A worst case question to be answered is, “What happens if the bank fails?” The answer is simple: The bank trust is transferred to a different authorized bank.
An individual bank trust offers the purchaser security with its regulation by the government. The paperwork is thick and official. The bank has to pass through extreme security in order to obtain official authorization and it can’t make mistakes. The property has to be legally owned by the seller and can’t have any liens against it. Both the buyer and seller have to have photo identification and proper paperwork. The transaction needs to be witnessed and registered locally as well as in Mexico City.
Feel free to make an appointment to visit NEWCITY Residential and you will discover how easy and affordable is to live in your new residence that has EVERITHING…