In this latest episode of Nick Fong’s Q and A, Nick Fong, the broker and founder of Ronival Real Estate, presents just how long it takes to purchase a property in the real estate market of Baja California Sur. And being the leader both in real estate and property management in Baja California Sur, Nick Fong really understands the market throughout the area.
Now to answer the simple question: How long does it take? In the video, Nick says that it takes 60 to 90 days to close a sale in Baja Sur. But if you’re a foreigner, like from Canada or the United States along with any other country, it takes a little longer.
To begin, you must set up a fideicomiso or Mexican corporation. Continue reading to uncover the details and the process.
Fideicomiso: Mexican bank trust
Typically, the average cost is about $2000 USD to set up, and about $500 USD per year to maintain. The cost does NOT vary based on the amount of the purchase of your real estate in Baja Sur.
Within the Mexican Constitution, Article 27 requires that foreigners purchasing residential property in the restricted zone must obtain property rights through a Mexican bank trust, known as a fideicomiso.
This zone is 50km (31 miles) from the coastlines and 100km (62 miles) from the border. And, this type of bank trust is good for 50 years and is renewable thereafter by you or your heirs.
See the requirements for buying real estate in Baja Sur
As Nick and his team of professionals will walk you through, there are only a few requirements to follow when you purchase real estate in Baja Sur. And, it isn’t complicated.
Your Ronival real-estate agent in Baja Sur will help you through the entire process. So, don’t be vexed! Your attention should lie in finding the right Baja Sur real estate that fits all your needs and desires.
The list of requirements:
- Attain a Mexican Tourist Visa (min. requirement) or a Temporary Residency Visa.
- Provide your Passport from the country that you come from.
- Purchase a fideicomiso, which is a bank trust, held by a Mexican bank in your name.
After completion, a Mexican bank will then hold the trust deed for you. And most importantly, you’ll become the beneficiary and retain full ownership of that real estate in Baja Sur.
Really, that is all there is to it!
Mexican Temporary Residency Visa
Obtained at the airport when you enter Mexico, you may purchase real estate in Mexico with a Mexican Tourist Visa. Of course, if you wish to stay in Mexico, it’s a good idea to obtain a Mexican Temporary Residency Visa.
The Temporary Resident Visa will only be granted for one year when you first obtain it. Then, after the first year, temporary residents may apply for one, two, or three years renewal of their temporary resident card.
Foreigners who intend to stay in Mexico for more than 180 days must attain their Temporary Residence Visa. First, you must prove your income and show that you can support yourself while living in Mexico. Of course, if you’re an investor, or you already own real estate in Baja Sur, you probably already qualify for a Temporary Residency Visa.
Baja California Sur real estate
Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.
Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!
If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions. You can also schedule a time to show you around this breathtaking location.
Ronival on YouTube
Thank you for reading Learn about the purchase process and closing time for foreigners in Baja Sur. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.