Q:
As a foreigner, how do you hold title to your property in
Baja Mexico?
A: You hold title through means
of a Bank Trust because you are purchasing ocean front
property. Oceanfront
property is
considered to be a
Restricted Zone according to the Mexican Law for Foreign
Investment. You must purchase through a Bank Trust if
you are not a mexican national.
Q: How long is the Bank Trust valid?
A: Your Trust is for 50 years, renewable for as many more
50-year periods as you wish. You can list your property in
your will and pass on the
property to your family or you can sell it or rent it in
the same way you would with any property in the US. “Club
Marena” is responsible for providing
the final Bank Trust to each of the homeowners at their expense.
Q: How is “Club Marena” managed?
A: “Villas Marena” is managed by a Homeowners
Association. The Association will follow the same guidelines
and have the same high standard of property management that Americans are accustomed
to.
Q: What are the Homeowners Association fees?
A: Your monthly Homeowners Association Fee starts at $195.00
for the smaller homes and increases depending on the size
of the unit. This includes fire and earthquake insurance
for the building, landscaping and maintenance for all
common areas,
24-hour security guards, and garbage pick up. There will
be an initial deposit of 25% of the total
annual fees of each home to establish the Reserve Fund
for the Homeowners Association.
Q: What are the closing costs?
A: Your total closing costs are estimated to be 3%
of the total purchase price. This includes the Real Estate
Acquisition Tax and all the costs involved
in establishing the Bank Trust. The Bank will not issue any
Trust before thoroughly investigating the property
as well as the owners/
developers. Therefore, the Bank Trust also functions as Title
Insurance. Nevertheless, Title Insurance is available to
the buyer at the buyer’s
expense.
Q: What are the property taxes in Baja Mexico?
A: Your yearly property taxes will run you about ¼%
(0.25%) of the total purchase price.
Q: Can I get financing through you
A: Financing is available direct through Club Marena
at 10% per annum with 30% down. Collateral Mortgage also
offers local financing.
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