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  Ask the Cabo Guy !

For full information email ask@caboguy.com or go to www.portusdecortes.com.
 

Cabo’s real estate market is among the fastest-growing in the World featuring everything from high-end estate homes to villas to condominiums all at prices to fit any lifestyle.

Caboguy.com has established an exclusive connection with Ventanas Residencial, an up-scale housing development providing spectacular views of the Sea of Cortez, Landís End, Cabo San Lucas and the Pacific Ocean. Ventanas is a gated community of single family detached homes available from $400-$800k, which includes full title ownership, available financing, granite counters, marble travertine flooring, pools, lawns, double garages, a Club House and a Boat Club plus all the amenities to make your home here especially special.

There are many questions to consider when acquiring property or a home in a foreign country; here are some of the main ones to consider:

1. Can foreigners buy property in Mexico? Yes, owning property in Mexico is quite safe because of government established laws which protect the rights of both the buyer and seller.  The Foreign Investment Law was passed in 1993 allowing foreigners to acquire coastal real estate through a bank trust called a “Fideicomiso”.

2. How does this Fideicomiso work? Title of the property is transferred to a trust with a Mexican bank acting as the trust agent on behalf of the buyer. The Mexican Foreign Ministry formalizes a permit for the Trust Agreement wherein the buyer is designated as the Beneficiary of the Trust in the public record by a Notary Public. The 50 year term can be re-newed and is not to be confused with a lease agreement.

3. What are the buyer’s rights?  The buyer has all the rights as the trustee of the Fideicomiso thus can develop, build, live-in, rent or hold for investment purposes. If one decides to sell the property, this is done by assigning the Fideicomiso to the new buyer.

4. What about Title and insurance?  It is recommended that the Title be insured and that insurance is put on the property. Your realtor will ensure that these steps are taken during the purchase process.

5.  What about capital gains when I decide to sell?  Mexican law requires that capital gains be paid when you sell your home or property thus it is very important to register the value of your property at the full purchase cost. Your realtor will ensure that your Title is registered according to all laws and regulations.

6. Now what?  Once you have acquired your home or villa or just plain dirt, now you can look forward to many years of enjoying “Sunsets Every Day” in Cabo!


If you desire information regarding timeshares or fractional property ownership , ask@caboguy.com can connect you with our representative who will discuss the benefits of these options.

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