PURCHASING REAL ESTATE ABROAD

Before purchasing that dream villa or commercial parcel in the Caribbean or Mexico, prospective buyers need to undertake some serious due diligence. Here are a few basics worth considering:

Laws & Customs: You will face jurisdictions with different laws and regulations which WA and its Alliance Partners can help you transcend. There will also be local customs and in many cases a different language to which you must adapt.

Accessibility: Heading to that remote island or locale which requires changing airplanes a couple of times might be great for that idyllic romantic vacation but might not be the best itinerary each time you want to spend time in your piece of paradise. Location may be key but you have to be able to get there.

Timing: Your search needs to bring you to the locale at the times of the year you expect to be there. Tourist seasons, local festivals and holidays may be factors to consider before making a purchase.

Operating Costs, Taxes & Assessments: The purchase price and closing costs are just the beginning. Think carefully about local taxes, assessments and utility costs. Electricity and water charges may exceed those you are used to paying in the states.

Business Operations: If part of your plan is to operate a business, you should review local requirements with WGLA prior to making commitments.

Rental Income: Many villa purchasers look to derive income from their homes while not in residence. Conduct due diligence on the villa/home management firms available prior to signing any long term agreements. In addition to pricing, look at maintenance procedures, housekeeping, and landscaping services. When you do return to your home, you want it to be in good shape.

MEXICO

Buying Property in Mexico: In addition to the considerations outlined above, there are several other unique issues to manage when purchasing property in Mexico. WA and WGLA have significant experience in providing legal services to purchaser and sellers of property in Mexico.

Holding Property: If you intend to purchase residential property within 100 kilometers of the Mexican Border or 50 kilometers from the coastline, title must be held in the form of a trust naming a Mexican Bank as trustee.

Title Insurance: Some of the major providers of title insurance in the United States are providing their services in Mexico. The cost of obtaining title insurance in Mexico is well worth the price.

PRACTICE AREAS

 :: Business & Corporate Law
 :: Finance & Creditor's Rights
 :: Financial Services Regulatory
 :: Commerical Transactions
 :: Real Estate