1. What are the steps to buying property in Mexico in 2024?

The process of buying property in Mexico involves several key steps: finding the right property, making an offer, securing financing (if needed), conducting due diligence, signing a sales agreement, and completing the closing process with a notary public.

2. Are there any new regulations or policies for buying property in Mexico in 2024?

In 2024, Mexico has introduced new regulations aimed at increasing transparency and protecting foreign buyers. These include stricter due diligence requirements and more comprehensive property disclosure laws.

3. Can foreigners buy property in Mexico?

Yes, foreigners can buy property in Mexico. However, if the property is within the restricted zone (50 km from the coastline or 100 km from the borders), they must do so through a fideicomiso (bank trust) or a Mexican corporation.

4. What is a fideicomiso and how does it work?

A fideicomiso is a bank trust that allows foreigners to hold the title to real estate in restricted zones. The bank acts as the trustee, but the foreign buyer retains all ownership rights and can sell, lease, or transfer the property.

5. What are the closing costs when buying property in Mexico?

Closing costs typically include notary fees, registration fees, title insurance, and legal fees. These costs can range from 5% to 8% of the property’s purchase price.