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Mexican Financing: Commonly Asked Questions,
Title |
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- How do I hold title?
Foreigners, in most cases, hold title with a "Bank Trust." It is fee simple and the only
difference between holding title on most
property in the States is that a bank holds
the title. When lending for a first deed of
trust, the lender holds the Bank Trust until
the loan is repaid.
- Who makes sure my title is clear?
The Notario is responsible for insuring the
chain of title is clear. The Notario job
pays very well and is a very prestigious
position so most Notario’s are very thorough
in their title exams. Once the exam had been
completed, the Notario will issue a Libertad
de Gravamen (Freedom of Liens). If you
desire, you can purchase an owner's title
policy that will cover errors in title with
certain exceptions.
- Do I need title insurance?
No, but most would recommend it as in the
opinion of many there is little relief if
the Notario were to make a mistake.
- Do I need a passport to own property
in Mexico?
Yes, you will need a valid US Passport.
- Is the property owned in a 99-year
lease?
No, the property is owned in a trust held by
a Mexican bank owned by an American
Corporation. 99 year leases are not legal in Mexico.
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