DATA OF VITAL IMPORTANCE IF YOU ARE A FOREIGNER ABOUT THE ESCROW


Riviera Maya

The trust allows foreigners to buy properties in the coastal areas of the country, which is established through a Mexican bank. This trust insures the buyer foreigner all rights and privileges of possession, and is required to own property of what is known as the "restricted area".
The trust agreement was established by the Mexican government as a means to protect to foreigners who have properties in Mexico. Through the trust there is a review Automatic authorization of the transaction to make sure it is legal. Before the agreement is signed For the buyer, the bank must corroborate the seller's information, such as true possession, insurance, and the right to retain the property until the debt is paid. Everything that guarantees protection to the foreign owner.
The trust is valid for 50 years and can be renewed for another period of the same time, indefinitely. If within this time you become a citizen Mexican, the trust is closed, and the title deed is forwarded.
It is worth mentioning that renewal is not automatic and must be requested in advance. In the event that the term of the trust is reached without its extension having been requested, the trust must be extinguished and the trust properties must be transferred to person capable of acquiring in a restricted area or another restricted area trust.

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