Q: What is “Ejido” land? Can I buy it? Mario B. Chicago
A: Ejido land is communal land that was passed down to peasant communities after the Mexican Revolution. It is typically agricultural type land and is akin to Indian Reservation land in the United States. Ejido properties are off limits to the foreign community, despite the fact that many have “purchased the rights to use” these properties through what is called a “prestanombre” (literally translated, lent name). It is possible to “Regularize” ejido property and convert it into a fully titled property. This allows anyone, including foreigners, to ultimately own the property, but the process requires the agreement of the entire community that owns it. This process can be costly, time consuming (five years is not uncommon) and is not guaranteed. If you are not scared off by the above, find yourself a firm that specializes in the regulation of these properties and seek independent legal counsel as well.
Q: I want to take what is left of my 401(k), come down and buy a place off the beaten track and live like a local. My kids say I should rent a place first, then find an AMPI Realtor, make an extensive search, check out ALL the listings in the local MLS and learn more about the local culture and customs. They also want me to investigate banks, supermarkets, health care and immigration requirements. And if I find something I like, they want me to ask to see title to the property, consider having an inspection and survey and confirm that there are no liens or encumbrances against the property. Finally, they are INSISTING that I do not give any money to a seller before the closing, that I only put my deposit in a U.S. Escrow account and formalize any Real Estate documents in front of a Notario Publico! What advice can you give me in order to stop the nagging, get these know-it-alls off my back and live out my golden years in peace? Free Spirit, Pasadena
A: Kids can be so demanding these days! It is particularly frustrating when you have worked hard all your life to raise them and save enough for retirement. Hey, it is your money and those party poopers’ should just mind their own business. However, a Real Estate purchase is a big undertaking, especially in a foreign country. So here is what you should do: Consider renting a place first, then find an AMPI Realtor, make an extensive search, check out ALL the listings in the local MLS and learn more about the local culture and customs. Then, investigate banks, supermarkets, health care and immigration requirements. If you find something you like, ask to see title to the property, consider having an inspection and survey and confirm that there are no liens or encumbrances against the property. Finally, do not give any money to a seller before the closing, and put your deposit in a U.S. Escrow account and formalize any Real Estate documents in front of a Notario Publico!
Do you have a question about Real Estate in Puerto Vallarta? Just ask!
Active in local and national Real Estate boards; published author and acknowledged expert on Puerto Vallarta Real Estate, Michael Green moved here in 1997 to take advantage of the unsurpassed lifestyle PV offers. Mike can be reached at: Michael@tropicasa.com
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