Mexican Government Takes an Americans Condo
The link below will take you a disturbing article about an unfortunate situation in Mexico. The buyer purchased a condo at a beautiful resort in Puerto Peñasco-Rocky Point, called Bella Sirena. The majority of properties purchased by foreigners down here are perfectly safe if the buyer obtained their “Bank Trust” to protect them as the true owner.
This is the link to the article and I had commented on:
The Mexican government does not take property. Foreigners CAN own property in Mexico.
Away from the coastlines and borders, a foreigner can own property with direct title just like a Mexican citizen. Along the coastline (and borders) a foreigner CAN own through a bank trust. That is full legal ownership. Info:http://www.mexicanbeachbum.com/Bank_Trust…/page_2528681.html
I feel for the condo owner, Donna. Unfortunately she did not receive her title (bank trust) until it was too late. She is paying for the sins of Pelican Partners, who should have made sure she was getting her title/bank trust.
This is another educational opportunity for buyers to learn from, and know they should consult a licensed real estate agent wherever they purchase. There is NO cost for consulting. Your agent will “register” the buyer with the development and then the buyer can consult with the agent to make sure the developer’s process is correct and the buyer is protected. If a buyer goes direct to the development, guess who the development looks out for? There have been THOUSANDS of successful transactions that are never published, so this case is uncommon. There are many, many more good transactions but we never heard about the good ones that get processed and foreigners get their titles successfully. Unfortunately BAD NEWS SELLS but this is still a good opportunity to bring light to a situation that could have been prevented.
ANOTHER ONE! With no Bank Trust. Jason, the CBS reporter said a bank trust is like title insurance in the U.S., why do reporters make up stuff? The homeowner said they have no rights. By not getting their bank trust, they pretty much waived their rights. YES THEY DO have rights. At least listen to what the Mexican Consulate says (in Phoenix) in the video he says these are no reasons NOT to buy here. DO YOUR DUE DILIGENCE if you consider buying a property here, that means using a licensed agent with references. All this hassle CAN be prevented. Enough is enough. Again, bad news sells and the media is always all over it, and they reported it wrong, again.
I am Robin Miller, the “Mexican Beach Bum” and Broker-Partner of Rocky Point Living, Realtors® in the beautiful resort city of Puerto Peñasco, Mexico, where the desert meets the ocean. Just 210 miles from Phoenix or Tucson, and where beach condos start at $95k.
I have been in the Mexico Real Estate Industry for 9 years, assisting clients with their Mexico vacation home buying and selling decisions in Puerto Vallarta and Puerto Peñasco/Rocky Point.
As a licensed broker (as required by the State of Sonora), a member of AMPI, the Mexican National Association for Real Estate Agents, and a member of NAR, the U.S. National Association of Realtors®, and with access to the MLS, I am qualified to represent, and PROTECT BUYERS as they search for and purchase the perfect vacation home.
It is important that a foreign buyer connects with a properly qualified licensed agent for their real estate search and purchase transaction. Licensed agents, AMPI and NAR members are held to high ethical standards; attend continuing education classes, and keeping up to date on current issues so they can help guide their clients through the buying and selling process in Mexico.
Ask me for my FREE guide to safely purchase Mexico real estate.
Office: (602) 539-3124
Mexico Cell: 011-521-638-109-0443