There are no restrictions on foreigners buying property in Colombia. Real estate transactions are handled by a notary, and an attorney of the buyers’ choice should write the offer. Foreigners buying Colombia real estate can qualify for a Colombian residency visa as well. There are a couple important points to remember when buying real estate in Colombia as a foreigner. The Colombian marketplace is not over-leveraged. Deals are done in cash and there is no substantial discount for paying in cash, if any.
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Vallarta Rentals
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Puerto Vallarta Real Estate Basics
Before You Buy or Sell Property in MexicoBuyer or Seller Beware. There is no compulsory licensing in Mexico of real estate agents. AMPI, which is the Mexican association of real estate professionals, is the closest organization to the National Association of Realtors and the Canadian counterpart. Members of AMPI work to regulate and elevate their degree of professionalism in the practice of real estate in Mexico. They have education and a code of ethics.
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Things You May Not Know . . .
Facts & Stats – Mexico and North AmericaDid you know? Here’s a few interesting facts and statistics about Mexican real estate, Mexican law, Mexican beaches, and more . . . Your fideicomiso or trust does not need to be probated (contested) if you have named secondary beneficiaries. The 50-year trust, renewable, is held by one of the Mexican banks in their trust department. These trusts are ways for foreigners to own in the restricted zone. The bank trustee grants the primary beneficiaries the right to own, rent, sell, remodel or leave to heirs, the property in the trust.
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Mexican Real Estate Transactions
Who Does the Notary Represent?Who are the members of the team required to transfer property in Mexico? The team in Mexico can include: the real estate agents, notary, attorneys for buyer and seller, transaction coordinator, escrow company. When needed, specialists such as land surveyors, structural engineers, and tradesman such as plumbers and electricians can inspect the property. With foreigners who need a trust, and nationals who choose to put their property into one, the additional team member is the bank administrator of the trust.
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Harriet Murray
Owner / Agent
Email: harriet@casasandvillas.com
USA/Canada: +1 (504) 298-6730
Puerto Vallarta: +52 (322) 223-4027
Puerto Vallarta Cel: +52 (322) 205-7550
