|Rates per night in USD||In season rates||Off season rates||Spring and Fall break|
|1BD (upper) – 2 people|
|1BD (ground) – 2 people|
|2BD (upper) – 4 people|
|2BD (ground) – 4 people|
|2BD (premium patio) – 4 people|
|3BD (upper) – 6 people|
|3BD (ground) – 6 people|
|3BD Deluxe (upper) – 6 people|
|3BD Deluxe (ground) – 6 people|
|3BD Penthouse premium(upper) – 6 people|
*Maximum persons per condo are determined by bedding provided in the condominium. Extra persons over 12 years of age are $20/person/night.
Children age 12 and under are free. Taxes and fees are not included in the rental amount. Designated holidays may require 3 night min. A $150.00 security deposit is required for all rentals. Effort is made to honor special requests; however, we cannot guarantee a specific condo. OFF SEASON: December, January February – Holidays Excluded. All rates subject to change without notice.
It is a common misconception that foreigners cannot own Real Estate in Mexico. In reality it’s possible to do so; however, there is a restrictive zone, as described below, and we have to consider the following alternatives:
Outside the Restricted Zone, a foreigner or foreign corporation can acquire any type of real estate as any Mexican National, holding the property as a direct owner.
Complying with Mexican law. Within the Restricted Zone, a foreigner or foreign corporation may obtain all the rights of ownership but it must be in a bank trust, known as Fideicomiso.
Another alternative is to purchase non-residential property through a Mexican corporation which can be, under certain conditions, 100% foreign-owned, with a provision in its by-laws that the foreigners accept to be subject to Mexican laws and agree not to invoke the laws of their own country. Also, it is necessary that the real estate acquired be registered with the Foreign Affairs Ministry and is used for non-residential activities. In other words, under said conditions, foreigners can acquire, directly, properties destined for tourist, commercial and industrial use.
The Mexican Constitution regulates the ownership of the land and establishes that’… in a zone of 100 kilometers along the border or 50 kilometers along the coast, a foreigner cannot acquire the direct ownership of the land’. These areas are known as the “Restricted or Prohibited Zones”. Nevertheless, the latest Mexican Foreign Investment Law, which became law on December 28, 1993, makes the allowances mentioned above.
Any foreigner or Mexican National can constitute a Fideicomiso (the equivalent to an American beneficial trust) through a Mexican bank in order to purchase real estate anywhere in Mexico, including the Restricted Zone. To do so, the buyer requests a Mexican bank of his/her choice to act as a trustee on his/her behalf. The bank, as a matter of normal course, obtains the permit from the Ministry of Foreign Affairs to acquire the chosen property in trust. The Fideicomiso can be established for a maximum term of 50 years and can be automatically renewed for another 50 year period. During these periods you have the right to transfer the title to any other party, including a member of your family.
The bank becomes the legal owner of the property for the exclusive use of the buyer/beneficiary who has all the benefits of a direct owner, including the possibility of leasing or transferring his/her rights to the property to a third party or to a pre-appointed heir. During this period, the foreigner is considered as a Mexican National. The trustee is responsible to the buyer beneficiary to ensure precise fulfillment of the trust, according to Mexican Law, assuming full technical, legal and administrative supervision in order to protect the interests of the buyer/beneficiary. Fideicomisos are not held by the trustee as an asset of the bank. For practical purposes, even in unrestricted zones many foreigners and Mexican Nationals, for that matter, prefer to hold their property under a Fideicomiso.
The real estate industry in Mexico is similar in many ways when compared to that of the United States, which is most probably the most advanced in the world. It is developing quickly taking advantage of today’s technology. Mexico seems to be paralleling the system as it exists in the U.S. The only national professional real estate organization in Mexico is the “Association Mexicana de Profesionales Inmobiliarios” or “A.M.P.I.” (Mexican Association of Real Estate Professionals) with 24 chapters in 38 cities. This organization is somewhat similar to the National Association of Realtors (NAR) in the United States.
At this time, there are no Government license laws regulating real estate brokerage and sales in Mexico. Anybody can, in effect, offer properties for sale and, therefore, caution should be taken to search out for an established and reputable real estate company. A potential buyer may want to check with the local Chamber of Commerce Associations or prominent law firm.
Historically, due to lack of capital markets and high Mexican interest rates, most transactions were made in cash. In 1993 and 1994, the Mexican economy picked up to such an extent that annual inflation went down to one digit and interest rates were more or less accessible. Banks introduced attractive mortgage programs and, consequently, sales proliferated throughout Mexico. Due to the devaluation in December 1994, the present situation has reverted and the few banks that offer mortgages do so at such high variable interest rates that very few buyers are in a position to take advantage of them.
The future of financing in Mexico is moving towards a secondary mortgage market, which should open up international financing resources to possible desirable mortgages at reasonable rates. For foreign investors, however, this devaluation has created some excellent values for real estate purchases utilizing foreign funds. We expect during the next year or two that outside financing will be brought into Mexico for financing purposes.
It is the Notario Publico who, in effect, acts as a ‘Holding agent” for the involved parties and for this reason there are few escrow companies in Mexico. At the present time there is no general use of title insurance in Mexico, although some American companies are providing coverage in some resorts areas of the country.
On the other hand, insurance companies do provide full home coverage throughout Mexico.
To find the required property, be it for lease or for purchase, it is advisable to contact a reputable real estate company. Otherwise, be prepared to go house hunting by combing the desired areas on the lookout for lease signs or by going through all classified advertisements in the newspapers.
Most real estate transactions are ‘opened” after a written purchase offer is accepted by the seller and when a purchase-sale agreement (promissory contract) is signed by both parties. In most cases, a deposit is required by the broker in order to transmit the offer to the seller. If the transaction is being conducted directly with the seller, it is highly recommended that a real estate broker or a lawyer be consulted before signing any papers or handing over any money.