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16 February
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Buying Property in Mexico: Fideicomiso or Corporation?

Posted by MexLaw
in Legal Services, MexLaw, News, Newsletter, Real Estate

If you are considering buying a property in Mexico, there is more to think about than just the price and location. You need to consider how you will be using the property. Will you be using it for vacations for you, your family and friends? Or will you be purchasing it as an investment with the plan of renting it out. Why does it matter? Because knowing how you will use the property will help you determine what legal process you should use to obtain the property - A fideicomiso (bank trust) or a Mexican Corporation. Fideicomiso (Bank Trust) All foreign individuals...

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26 January
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Closing Costs in Mexico: What to Expect

Posted by MexLaw
in Legal Services, MexLaw, News, Newsletter, Real Estate

Congratulations! You found your dream home in Mexico, and you are ready to put in an offer. But, your lawyer just gave you the breakdown of the estimated closing costs, and you are feeling a bit shocked! Why are the closing costs much higher than you are used to in the United States and Canada? Closing Costs: What to Expect? You should expect to pay the following fees when closing on a property in Mexico: Notary Fees In Mexico, any legal acquisition of property must be administered through a Notary. A Notary (Notario Publico) in Mexico is an experienced lawyer, selected and appointed by...

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13 February
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How Do Foreigners Lose Their Investment in Mexico?

Posted by Mexlaw
in Legal Services, MexLaw, Real Estate

Foreigners investing in Mexican property need to follow the legal process in order to protect their investment.  When you hear reports of a foreigner losing their life savings and getting caught up in a legal battle over the property in Mexico, understand that this situation is entirely avoidable.  If you buy real estate through the correct channels and use a Mexican lawyer during your purchase, buying property in Mexico, it is a safe and secure investment.  These are a few grave mistakes foreigners make when it comes to buying real estate;  They bought the property from someone who is not the legal owner....

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10 February
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Residency in Mexico and Abuse of the FMM – Visitor Card

Posted by Mexlaw
in Immigration, MexLaw

It is relatively common for foreigners to take advantage of the visitor card - FMM (Forma Migratoria Múltiple) as a way to live in Mexico. Many foreigners are entering as a tourist and staying the 180 days granted to visitors and then leaving the country and returning for another 180 days, rather than applying for a residency permit.  For a few years, there have been rumors that Instituto Nacional de Migración - INM will begin to crack down on this practice and regulate the use of an FMM as a way to live in Mexico. It started with some foreigners receiving...

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22 January
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Power of Attorney in Mexico

Posted by Mexlaw
in Legal Services, MexLaw

Power of Attorney- POA in Mexico, like other countries around the world, can be established by granting one or several people sufficient authorization to represent you in one or more acts to be held in Mexico. We recommend that a POA be tailored to whatever your intentions are in Mexico; these can be divided into: Powers of Ownership - Performing acts related to Real Estate. Banking Powers - Performing all kinds of acts related to opening and managing bank accounts. Administration Power - This power will be used for all types of procedures related to any public administration body and even...

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