Buying Beachfront Real Estate in Mexico

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Buy Real Estate in Mexico

Owning in Baja never felt so good. Alea provides homebuyers with an amenity-rich lifestyle with panoramic views of the Baja Coast. With title insurance policies and financing available, owning property in Mexico is easy.

Backed by a strong commitment from the Federal government and new foreign investment laws, your investment is secure. Title Insurance with the addition of a fideicomiso, or bank trust, make owning your property stress-free while you maintain all the rights of ownership, including the ability to build, buy and sell.

1. Can I own property in Mexico?

Yes. In recent years, owning property in Mexico has become much easier and more secure. Financing is readily available and the process of buying is more streamlined and convenient. Residents of Canada and the United States are now finding peace of mind in owning a home in Mexico. Fortunately, purchasing real estate in Mexico has changed considerably in the past ten years. Mexico’s federal government has liberalized ownership provisions of all property within the constitutionally protected area known as the Restricted Zone.

2. What is the Restricted Zone?

The Restricted Zone includes 100 kilometers along all natural borders, 50 kilometers along all coastlines, and some areas of Baja California. Foreign prospective buyers interested in property such as second and retirement homes, condominiums and timeshare projects now have ownership rights under Mexico’s new foreign investment law.

3. Is it safe to buy property in Mexico?

It is safe to buy property in Mexico when you buy with a title insurance policy. Alea Living will provide homebuyers with options for title insurance for their new homes.

4. What is title insurance?

By definition, a title insurance policy is a private contract of indemnity between a purchaser or lender and a title guaranty company that protects a lender or owner against loss in the event of a property ownership dispute.

5. What is a fideicomiso?

A fideicomiso is a bank trust. This trust is an agreement created for the homebuyer and is achieved between a Mexican bank and the buyer. The Mexican bank is a trustee and has a fiduciary obligation to follow instructions given by the trust beneficiary (buyer). This allows the buyer or beneficiary to enjoy the rights of ownership while the bank holds the title. A fideicomiso can be established for a maximum term of 50 years and can be renewed every 50 years.

6. What is the difference between a lease on the land and a bank trust?

A lease agreement on the land grants only the right to use the land. If a buyer builds a home on the leased land, that home belongs to the landlord. The buyer of the land cannot sell the property either. A bank trust enables the buyers to have all the rights of ownership such as buying and selling.

7. What is the process for a real estate transaction?

Many real estate transactions are "opened" after a written purchase offer is accepted by the seller and when a purchase-sale agreement 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 recommended that a real estate broker or a lawyer be consulted before signing any papers or handing over any money.

In some areas it is common practice to deliver to the seller, as an advance payment, the equivalent to a 20-50% (including the initial deposit) of the total price upon signing the purchase-sale agreement which should contain a penalty clause applicable in case there is a breach of contract by any of the parties.

When signing the escritura or official deed, which needs to be certified by a Notario Publico or notary public, the balance is paid and the property is delivered. This should not take more than 45 days. In certain resort areas the custom of using "escrows" is being implemented.

8. What is a Notary Public?

The Notario Publico is a government appointed lawyer who processes and certifies all real estate transactions, including the drawing and review of all real estate closing documents, thus insuring their proper transfer. Furthermore, all powers of attorney, the formation of corporations, wills, official witnessing, etc. are handled and duly registered through the office of the Notario Publico, who is also responsible to the government for the collection of all taxes involved. In connection to real estate transactions, the Notario Publico, upon request, receives the following official documents, which, by law, are required for any transfer.

9. As a foreign citizen, can I acquire real estate in Mexico on credit?

Yes. You may acquire property in Mexico on credit. However, to do this as a foreigner, you will be required to obtain a Trust Fund for Restricted Areas. A Notary Public will take the necessary steps on closing the deal. It is a simple process.

10. Is there financing available on the homes in Alea?

The developers of Alea have solid relationships with different financing companies that will offer homebuyers the best products and services.

11. Is there a faster way to cross the US / Mexico border without the long waits?

Yes, travelers can apply for a SENTRI pass.

12. What is the SENTRI program?

The SENTRI (Secure Electronic Network for Travelers Rapid Inspection) program, launched by US Customs and Border Protection, are dedicated commuter lanes where prescreened applicants and vehicles are allowed to cross the border northbound into the US more quickly and efficiently. The enrollees have been rigorously background checked and have been determined to be a low risk to the security of the US border. As one approaches the inspection area, photos and information are given to the inspector about the driver, passengers and vehicle from the sticker "transponder" on the vehicle and the information on the SENTRI Portpass card. Secondary inspection is randomly determined by computer or if the inspector senses something suspicious.

13. How do the SENTRI lanes work?

As you approach the inspection station, your SENTRI Portpass card or cards will need to be read by the electronic equipment. You will see a sign showing you where to point the cards. Hold the cards out the window toward the equipment. Since your vehicle sticker "transponder" is permanently applied to your windshield, the equipment will also read it and send the information to the officer. Once you approach the officer, hold out your SENTRI Portpass card or card to him or her.

14. How much faster is the SENTRI line compared to the other border crossing lanes?

In general, the SENTRI is an average of 20 - 30 seconds faster per vehicle inspected and therefore waits, even during rush hour are significantly reduced. Each SENTRI inspection is an average of 10 seconds. The SENTRI is especially convenient during the morning and evening rush hour and on high-travel weekends and holidays.

15. What border crossings have a SENTRI line?

Most border crossings in California, Arizona and Texas have a SENRTI line.

16. Where are the lanes located?

The SENTRI lanes in San Ysidro and Otay Mesa are located all the way to the far right and are sectioned off by concrete dividers and have their own entrances.

17. How much does it cost to obtain a SENTRI pass?

The total fee is $129.00 per person.

  • Application fee $25.00 (or $50.00 total for husband, wife, children)
  • Fingerprint fee $24.00
  • System cost fee $80.00 (or $160.00 total for husband, wife, children)

Other fees:

  • Lost Portpass card replacement fee $25.00
  • Replacement fee for transponder $42.00

Additional fees apply to enroll more than one vehicle into the program (up to 4 vehicles maximum). The fee applies towards two years enrollment in the program.

18. How can I enroll?

Visit the Customs & Border Protection website, or if you prefer you can enroll through Sentri Program Application and Guidance and enjoy special service if you are a proud owner at Alea. Alea offers a one-stop shop for a Sentri pass and Mexican insurance when you purchase a home at Alea.

welcome to club alea

Elevated Lifestyle Rental Program - The developers of Alea are offering residents an exclusive club membership to accommodate those who wish to rent out their homes when they are away. Find out more on Club Alea

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