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Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Things You May Not Know . . .

Facts & Stats – Mexico and North America

Did 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.
  • Any gain or loss you have when selling is based on the peso rate recorded in your escritura when you bought, in relation to the peso rate of your sales price. It does not matter what currency you use to buy or sell, that currency is converted to Mexican pesos.
  • You can make a contract with a buyer agent. Sellers have contracts with their listing agents. You should certainly interview anyone you are going to hire to help you find and buy a property. Representations made to you can be made into a written agreement.
  • The United States of Mexico, along with Canada and the USA, are North America.
  • Escrow of purchase funds is rare in Mexico, and there is very little escrow law to oversee the escrow contract. It is important to understand the jurisdiction in case there is a dispute.
  • Mexico has Consumer Protection Laws which include sections on preconstruction of real estate. Developers are required to have specific clauses for the consumer in their contracts.
  • 2019 Happiness Index by Population ranking is 9th Canada, USA 19th, and Mexico 23rd.
  • Local busses are not municipal or owned by the city. They are owned by a syndicate(s). Their condition, schedules and drivers are overseen by private owners.
  • There is clear and comprehensive condo law in Jalisco and Nayarit, even though they are some differences between these states. Legal condominium associations are required to meet once or more per year, preferably in the first quarter.
  • Currently real estate agents are not required to have licensing. AMPI and Ampivac are two private organizations whose members pledge to follow a code of ethics and training provided by the members national and local chapters.
  • Beaches are public in Mexico. “Windows to the Sea” are required to allow the public into beaches without having to go through private property.
  • Beach concessions in the maritime zone allow homeowners, hotels, restaurants to offer private palapas and chairs not available to the public. Concessions are formal agreements for a period of years and cost money annually for the holder.

 

North American and World Stats

How does Mexico rank compared to US, Canada and World?

  • IMF 2020 Ranking GDP by population is 1 USA, 10 Canada, and 15 Mexico
  • Education Rankings according to US News: 2 USA, 3 Canada, 36 Mexico
  • United Nations Office on Drugs and Crime by population 15-64 years: 7th USA, 38 Canada, 103 Mexico
  • S. Energy Information Administration – Ranking of oil production: 1 USA, 7 Canada,12 Mexico
  • World Data Atlas reports top countries exporting crude oil: 3 USA, 4 Canada, 58 MexicoCivil Notary Law is present in 86 countries around the world and in 22 of the 28 European countries, covering over 60% of the world population.
  • Most spoken languages worldwide by population 2019 in order: Chinese, Spanish, English, Hindu.

 

 

 

VIEWPOINT®
Puerto Vallarta Real Estate Blog published every week
read it here: https://casasandvillas.com/blog/

and in the PV Mirror:
http://pvmcitypaper.com and at newsstands throughout Puerto Vallarta

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This article is based upon Flex MLS reporting, legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review. If you have any other questions, contact me through my website.

Harriet Murray

harriet@casasandvillas.com

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