Reputable, reliable and experienced,
Loreto Mision Properties is a
full service real estate brokerage
located in Loreto, Baja Sur.
Jill
Jackson, realtor, has lived and
worked in Loreto since 2004.
Why
choose Jill as your real estate
agent?
She knows Loreto
intimately and lives
here throughout the
entire year. She is
organized, enthusiastic,
professional and
dedicated to
personalized customer
service.
Contact Jill at
jill@misionloreto.com
or visit our website at
www.misionloreto.com
cell phone from the
states: 011 52 1 613 118
2207
Answers To Frequently Asked Questions
About Buying Property in Baja California, Mexico
Are foreigners permitted to acquire property in Baja California, Mexico?
Yes, foreigners may acquire property in
Baja California, Mexico. However, if the property lies within a "restricted zone" such as along borders or in coastal areas, it must be purchased via a legal instrument called a
"fideicomiso" or, bank trust. This trust gives you, the beneficiary of the trust, the same rights and obligations as full ownership.
How do I establish a
fideicomiso?
A fideicomiso must be established and recorded by a
"notario" or, notary public. Your real estate agent should be able to recommend a notario to establish the trust as well as a bank to administer it. Notarios and banks charge competitive fees for their services and the fees depend partly upon the stated value of the property. Most real estate agents work with one notario who works with one bank but are, in fact, able to work with those that you choose. Check out your options and get estimates on fees from a few different notarios and banks.
What information must I provide in order to establish a fideicomiso?
You'll need to provide basic information such as name, address and phone number in the US (or other country of origin), occupation and nationality. If married, the same information will be required of your spouse. You'll need to provide a copy of your passport and tourist visa. The name, nationality, address and phone number of any secondary beneficiary to the trust will also be required.
This trust can be established for
50-year and is
perpetually and renewable. During this time, you have all the rights of direct ownership
including selling or leasing the property. In addition, it becomes part your estate
and can be passed on to your heirs, without inheritance tax.
How much does a fideicomiso cost to establish?
Again, costs vary from notario to notario and from bank to bank. Your real estate agent should help you obtain written estimates from notarios and banks regarding the fees for the establishment and yearly maintenance of the
fideicomiso.
How do I find a reliable real estate agent who will protect my interests?
Ask lots of questions and interview several different agents and/or brokers. Business operates at a slower pace in Mexico so try not to be in too much of a hurry but you can insist that your agent communicate with you regularly and keep you posted during every step of acquiring a property. Real estate agents will tell you that you don't need a lawyer involved in real estate transactions. This is technically true and your real estate agent should be able to translate negotiations for you. However, if you feel more comfortable that your interests, not the interests of the seller, will be protected by hiring your own lawyer then, by all means, do so. Remember, the real estate agent is paid by the seller, not the buyer. There are English-speaking lawyers on the
Baja California Peninsula knowledgeable in real estate transactions.
Can I obtain a listing of homes and
property currently on the market?
A reputable agent should make a list available to you. It's best to be specific about a price range when requesting listings but be flexible too as you may find spending a little bit more will get you a lot more in the long run.
What if I want to buy a home now but I don't plan to live in it until I retire?
There are plenty of property management companies
in Baja who can care for your property in your absence. Again, ask lots of questions and interview several companies. Find out exactly how your home will be maintained and all the fees involved. Property managers should be able to put your home into their vacation rental pool if you desire. Additional fees will be involved in the rental of your home and you should receive a written contract which clearly states all fees or commissions that you are expected to pay as well as outlines how your home will be cared for. The property manager should also provide you with detailed monthly statements of your income and expenses along with original receipts.
So where do I start?
One, don't be in a hurry. Conduct your interviews of real estate agents and/or brokers until you feel comfortable with one - or more. Remember, you don't have to depend on just one agent. Most agents have their own listings and some do not share theirs with others so use all the available resources. Two, talk to friends and acquaintances living
in Baja. Make a point to get to know them and let them get to know you. "Locals" often know of properties for sale which are not listed with any realtor. Later, you can obtain a lawyer to be involved in negotiations and in supervising the purchase transaction. And three, be prepared to make more than one trip to
Baja to find that perfect home. Try to be prepared to make a spur of the moment trip to
Baja should your agent call you with a new listing that fits your needs and price range.
