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General Real Estate in Mazatlán Information
- Condos, Condos, Condos!!!! Condos are springing up all over Mazatlán. Most are advertising 'full ownership'.
- Another trend is that Americans and Canadians are buying up houses in the Historic Centre. This is close to many art galleries, cafes, and downtown.
For all your real estate needs in Mazatlan and Arizona, Joe's Oyster Bar recommends David Claughton. David is a licensed real estate agent in Arizona. He is very familiar with Mazatlan and Arizona real estate. Se habla espańol. Please call David for any of your real estate needs.
Joe's recommended Real Estate Agent: David Claughton
Buying Real Estate in Mazatlán
- "Bienes Raices" means "Real Estate" in english.
- Foreigners cannot directly own property in Mexico that is within 100km of any border or 50km from the beaches. This is called the 'Restricted Zone'. In order to own property in the restricted zone it must be placed in a trust. Normally, trusts are held by a bank.
- Many foreigners have trusts. I have not heard of any problems happening with them.
- How the trust works is that the owner of the property transfers the title to a 'Fiedeicomiso' provided by a bank. The bank acts as a trustee, holding the property for the new owner's benefit. Currently, the Trust can be up to 50 years, with option to subsequently renew it for another 50 years. The beneficiary of the Trust may use and enjoy the property as they wish. For example: You can rent the property, transfer it to a third party or sell it.
- Requirements for a Trust are a registration form, property tax information, Buyer identification (e.g. copy of passport, FM3). I am not sure if you need an FM3 visa or not in order to have a trust.
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