The State of Sonora was the first State in Mexico to require a real estate license. Ask your Puerto Penasco (Rocky Point) Real Estate Agent to identify their license, all AMPI Agents must be licensed.
Foreigners can now buy land or homes within the restricted zone, 50 kms (31 mi) of the coast or 100 kms (62 mi) from a border, through a Mexican Corporation or a Fideicomiso (a Mexican Bank Trust). Puerto Penasco is right on the ocean and is within 100 kms of the border, so Foreigners can buy through a Bank Trust. The bank acts as the Trustee working on behalf of you, the Beneficiary (buyer). A number of issues can be covered through a well written Bank Trust, which is really a title contract. The Bank Trusts can be held by one or multiple Beneficiaries whose ownership can be split in almost any shares and this tool is used to spell out an inheritance without having to pay additional taxes. Read more in the Mexico Resort Report.
Mexico has special laws to protect renters of a property and these sometimes conflict with owners rights. These issues can be documented clearly in the Bank Trust and then the actions to resolve these issues become quicker and easier. Bank Trusts can be established for situations where you have a bank mortgage or even a private loan from the seller. This type of Bank Trust is called a Warranty Bank Trust and can be used spell out the associated conditions and limits including foreclosure rules and steps. Bank Trusts can also include conditions and consequences, which help deal with various real estate risks that both parties can come to agreement on during the sale of the property.....read more
Title Insurance can be purchased for your property which will provide another layer of protection in the event another person claims ownership to your property. All property transfers require a Notario; in Mexico this is a very specialized legal position appointed by the government. Records are checked by the Notario as part of this transfer, but errors that occurred during older transfers may get missed and become problems that Title Insurance can protect you from....read more in theMexico Resort Report.