With mortgages becoming more of the norm in Mexico and with ever-increasing loan options, The Tribune is helping sort through the confusion by having your personal Financing/Mortgage questions answered by our local experts – David Schwendeman and Terence Reilly, Founder’s of MEXLend, an industry-leading Mortgage Broker based in Vallarta.
We invite you to e-mail your questions regarding buying or financing Real Estate in Mexico to buyinginmexico@hotmail.com.
Q: What is a Trust and why is it needed? Alicia M., Vancouver, B.C.
A: For historical reasons, the Mexican Constitution forbade foreigners from buying property in designated restricted zones.
These zones are comprised of areas near the Mexican border and areas near the coast.
The advent of the Trust became a device whereby the government could allow these transactions to occur and bring in an influx of foreign investment.
A Trust behaves very much the same as a trust in the US. The purchaser is the beneficiary of the trust and controls what happens in the future with the property in the Trust. It is automatically renewable in 50 years; it is willable and sellable and in all respects allows the beneficiary or foreign purchaser to treat it as real property.
Actually, it is a terrific tool for protection of your investment as this puts a powerful ally in the path of any questions concerning the deed. For further in depth information, please log on to the website of your realtor or mortgage broker or call them. We/they would be happy to talk with you.
MEXLend, Inc. is a Mexican mortgage brokerage that currently represents 8 different lenders offering 75 different loan options in Dollars, Pesos and Euros for buyers looking to purchase vacation or investment property throughout Mexico – including products specifically for Canadian citizens.
In announced results based upon post-closing client interviews conducted by Mexico’s largest US lender, MEXLend won the #1 mark of distinction for both client satisfaction and fastest closings for the second straight cycle. MEXLend can be reached at 322-132-7991 (in Vallarta), 917-779-9061 (while in the US or Canada), toll–free in Mexico by calling 1-800-3-Mi-Casa or go online at www.mexlend.com
(For US and Euro loans) or www.mexlend.com.mx for Peso loans.
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