If you have decided Mexico is the place you want to retire, there are a few things to learn about owning Mexican real estate. The myths that have had people leery in the past about purchasing homes in Mexico can be addressed simply by educating yourself. The risk can be lessened by knowing what to expect and how to handle it.

To protect yourself, especially if you are not familiar with Spanish, you should seek the advice and expertise of a Mexican attorney who can speak English. This will ensure you are aware of all legal aspects of owning property in Mexico.

The laws are different when it comes to real estate agents in Mexico and they are not required to be licensed. The contracts are in Spanish so an attorney is the absolute best way you can protect yourself. The chance of signing something you do not agree with is taken care of when you have the legal representation provided by an attorney who can speak Spanish and English. Understanding Mexican laws when it comes to purchasing real estate will save you a lot of time and money.

What if you have found property and want to deal directly with the owner of the property? This is another reason for hiring an attorney before doing anything. Do not sign the papers until they have been explained to you and do not pay for anything until the contract is legalized. There have been instances, as with anywhere, that properties have been sold by people who did not own them.

You can protect yourself by making sure you have the originals and copies of everything pertaining to the sale. The original deed (escrituras) is number one when you receive your paperwork. A copy of the property’s registration and the history of the property, including the ‘free of liens’ paperwork is required. The physical description of the property as well as any past due taxes, outstanding contracts, mortgages, and utility bills must be a part of the paperwork you receive before purchasing.

Another very important part of purchasing real estate in Mexico is the title insurance. You should purchase this in the United States because there is no guarantee that the notary’s search will be absolutely accurate. They are not held liable if something turns up later unless they purposely misled you and this must be proven.

Another aspect that you should consider is the location of the home. It is illegal for you to own land within 50 km of the ocean. However, it can be done if the bank holds the property you want to purchase in trust. This does not mean you do not own it because you can do anything you want with it. You can sell it, lease it, live in it, or give it away the same as if you had the deed.

Do not let this deter you from purchasing a home in Mexico. As long as you are careful and make sure all the bases are covered, you should have no problem buying and enjoying your new home in Mexico.