AJIJIC VILLAGE HOMES
AJIJIC VILLAGE HOMES
Real
estate transactions in Mexico are handled by a Notario Publico, an official who
is a highly respected government lawyer who acts as a neutral intermediary.
Among other things, the notary is responsible for the formalization of the final
real estate contract, collection of transfer and capital gains taxes and
recording of the transfer with the Registro Publico (Public Registry Office).
In 1989, the Mexican government amended the law to allow direct foreign ownership of real estate in Mexico. In the interior of Mexico, where Lake Chapala is located, foreigners can obtain ownership of property by Direct Deed (Escritura) and can have their own name of the title. Effective as of September 1995, foreigners who own property in Mexico were allowed to name beneficiaries (spouse, parents, or offspring).
The deed is the history of the property and will indicate who is the legal owner. The direct Property Deed (Escritura Publica en Dominio Directo) gives outright ownership of the property. The buyer is listed on the deed as the direct owner. There is no yearly or administration fee. However, there is a one-time fee of approximately $350 USD for each foreigner who is registered on the deed. The process of receiving permission for a direct deed from Relaciones Exteriores takes a minimum of two weeks and is taken care of by the Public Notary.
A beneficiary can be designated in a Direct Property Deed. Probate is no longer automatic with a Direct Property Deed an no will is necessary to pass on property if a beneficiary has been named.
