Foreigners can own property in Mexico. The Mexican Constitution establishes a "Prohibited Zone" that extends 100 kilometers (about 62 miles) deep along the coasts and international border. This means that virtually all of Baja California is included in the “Prohibited Zone”. For that reason, owning property in Rosarito Beach requires a Mexican Bank Trust for any Foreigner that whishes to own a home in Baja, which is the most secure way to own property in Mexico.
If you're considering investment in real estate in Mexico, use all the means available to assure your purchase is secure. There are many good Real Estate Agents in the Rosarito Beach area whom are APIR Members and APIR is state-wide recognized Association of Realtors.
If you understand the checks and balances that Mexican Law offers to foreign investors, you will not lose your Home:
"When an offer is made and accepted by all the parties, then we set about to obtain the survey, current appraisal, Letter of Instruction from the Seller to the Bank that holds the Trust to place in the new Buyer’s names, which includes naming their beneficiaries.
We open the file with a Notary. A lien waiver certificate is required at closing, a letter from the bank stating the Bank trust fees are current, the property tax receipt for the current year and a letter from the Home Owner’s Association that all fees are current and there are no pending assessments either with the Association or the Federal Zone.
The Notary verifies the “Chain of title” and will not sign the document until all the required documents are in order and are within the required dates of no longer than 6 months old for the appraisal and survey".
- Baja Tips Newsletter.
Use a Real Estate Professional with a good reputation, experience and longevity in the area. Once you select your property, check the condition of the title, obtain a lien waiver certificate and close your transaction with a Notario or State Certified Public Notary. Any APIR member can advise you on all and any legal requirements and will coordinate all phases of your closing.