Bahía de Banderas, with its exuberant vegetation and pleasant weather, has accomplished to be consider as an important destiny among foreign investors that wish to acquire real property for relaxation purposes, as well as to take advantage of the great opportunities to do business.
According to Mexican Law, the procedure to acquire rights over real property for a foreign is through a trust agreement, entered into by an between a Mexican Financial Institution, said agreement guaranties legal certainty over the acquisition of rights over the real property.
Notwithstanding, there are important peripheral aspects of the operation that must be review and revised carefully.
First of all, we must analyze the title of property, that is the document that proofs that the person offering the house for sale is a real owner, such document must state the surface of the lot and the description of the constructions, as well as the recordation data in the Public Registry of Property.
It is necessary that the possible buyer request a license to construct, a plat of the lot and verifies that the property is in good standing and has all services and taxes paid, and of course, free of all liens and encumbrances.
Another important aspect to be aware of are the workers that have render services in the house; the previous employer must have terminated the labor relationship before the Conciliation and Arbitration Board, therefore the new owner will not acquire labor responsibility whatsoever.
It is recommended to carefully review and revise the situation of the Federal Maritime Zone, in the cases of residencies, condominiums and hotels adjacent to the beach.
Several meteorological phenomenon – such as “el niño” -, have affected the bay in the past years, causing maritime movements that modified the federal zone, therefore there are real properties that were constructed originally over private property and now are located in the nations property.
Such properties must have a current concession title, issued by the current Environmental Department or at least, exhibit the evidence of initiation of the procedure to request such concession, along with evidence of payment of the duties for the use of the beach for the last 5 five years.
The properties invading Maritime Federal Zone need special attention, since the terraces, pools, bedrooms, contention walls and paths that are commonly located in federal property, must have a permit authorizing the construction or evidence of the regularization.
Even though the Ecological Provisions have been published for several years, the authorities have just started in recent times to review and revise its applicability, therefore the Environmental Agency has imposed several fines, closings and in some cases demolition orders against real property erected in violation of the law.
The highest value of the houses represents an important investment to the person that acquires it and a considerable income to the transferor; it is necessary for the parties to have a legal certainty that protects their interests.
There are several Mexican Laws that determine this type of transactions and are also complex to those not familiarized with such matter, therefore it is recommended for the seller as well as the buyer to be advised by a licensed attorney as well as an expert on the matter.
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