U.S. Title Insurance in Mexico
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The real estate industry in Los Cabos is booming now with subdivided properties, master planed developments, condominiums and homes throughout its 200 mile region. In 1998 U.S. Title Insurance companies began offering title insurance for Trust Deed ownership in Mexico. Today protection for buyers is easily achieved.
Buyers can have more confidence then ever before regarding the security of their purchase. U.S. Title insurance can be purchased for properties in Los Cabos through the services of Fidelity-Global Solutions of New York, Sturat Guarantee Title of Mexico and US based, First American Title.
We at Baja Properties highly recommend title insurance to our clients. A title commitment can be provided prior to closing, however the actual insurance policy is issued to the purchaser when they receive their Trust Deed in their name. Some properties have title insurance commitments in place removing any doubt of the status of the title. Some properties do not meet the guidelines established by the title companies. |
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In 1971, President Luis Echeverria Alvarez wrote a presidential decree allowing Mexican banks to hold property in trust for foreigners. The Fideicomiso is the name for the Beneficial Trust, and you can consider it as ironclad as the deed to your home in the United States or Canada. Today, U.S. mortgage companies offer long term financing using your Mexico property as collateral. United States title insurance is available on all eligible properties from Fidelity Global Solution, First American Title and Stewart Guarantee Title.
As purchaser of a property, you have full ownership rights. You may use and enjoy, build, rent will or sell the beneficial rights in the trust anytime, conforming only the general laws of the country established for all persons. The term of the trust is 50 years, and it's automatically renewable by law. In other words, title to the property may rest in one beneficiary indefinitely, provided that it's renewed within the terms established by the law.
Never before has it been easier and safer for foreigners to purchase real estate in Mexico. With the introduction of U.S. Mortgage Companies now offering long term, fixed rate financing with as little as 20% - 30% down and unprecedented investment protection by US. Title Insurance Companies such as Chicago Title, Fidelity, First American and Lawyers Title Insurance help make your vacation or retirement home both affordable and secure.
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Never before has it been easier, safer and affordable for foreigners purchasing real estate in Los Cabos. With the introduction of financing, U.S. Mortgage companies are offering long term, fixed rate financing for periods up to 20 years using your property in Mexico as collateral. This new chapter in Baja’s history makes it possible for those who could have only dreamed of owning a vacation home in Los Cabos, an affordable reality.
This new market of buyers is having a huge impact in the number of sales taking place in Los Cabos and on property values. Today a purchaser can place a down payment on a mortgage, rather than pay full price out of pocket. Most finance companies will lend up to 70% of the purchase price, with fixed interest rates averaging at 8%. Los Cabos is not longer exclusive to the cash buyer.
Once the U.S. Mortgage company has approved your loan, they will contact the Public Notary to draft the Trust document. The Trust Deed will be registered and you will make payments to the U.S. Company as you would any loan. Interest and other tax deductions apply in the United States.
Currently GE Financing is available through many new mortgage financing brokerages in Los Cabos. A pre-qualification form is available in any one of our Baja Properties office locations which can be approved within 24 hours, during your negotiations. Stop in today. |
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