Thursday, November 10, 2011

Mexico: What to Know About Real Estate

Bloomberg highlighted some challenges to retiring abroad, take a look at this example of what to know about real-estate in Mexico:
When Jane Walsh moved from Arkansas to Mexico's Baja California, she loved her "gorgeous" new home, with its white stucco walls, red tile roof, air conditioning and proximity to beautiful beaches. Yet she didn't own the land the home sat on. Like other foreigners who buy real estate near Mexico's coasts or borders, Walsh had to lease the property from a bank trust.

Government rules and regulations for buyers can vary from area to area. It might not be easy to get a mortgage, particularly if you're not working. Network with acquaintances to "get a good local lawyer who's going to understand the red tape," says AARP The Magazine Executive Editor Ken Budd.

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