Yucatan Gringos

Exactly - what all is required to make a legal purchase of property in Mexico?. .and to make the move there?. . This is one area of research for us, in particular after finding one simple sentence at sanfelipe.com.mx that states:

“ You must have an FM3 to enter into any binding legal contract in Mexico - for example to sign a contract to buy a house or to lease property.”

Though we are well aware that one must have the FM3 before making the move, this is the first and only time that we have come upon the reference that one must have it before making a purchase. . . . There are so many sites that give information on obtaining the different visas, and purchasing property in Mexico, that I am sure we have not covered but a small portion of them, but in the ones that we have searched out and read, we have found no (other) reference to this requirement. . . Perhaps a reader knows the correct answer??

But, back to the visas - there are three basic different types of visas. . .the FMT, tourist visa, the simple one for a stay longer than 7 days. . .  the FM3, for temporary residents up to 5 years (renewable). . and the FM-2, for permanent residency. .. Each has its own requirements for obtaining, and rather than get into the listing of all that here, which for the FM3 and 2 can get quite involved, I advise checking with a legitimate site for these requirement. .such as the Consulate General of Mexico.

In my post of July 10 - purchasing the property - I hit upon the topic of buying property within the restricted zone (within 31 miles of the water), and the role of the bank trust, or Fideicomiso in making this purchase. . . I had linked one site there (caribpro) where information on this procedure can be had, but another good link is MEXonline.com, where a simple explanation of the Fideicomiso is quoted here:

A “fideicomiso” is a trust agreement created for the benefit of a foreign buyer, executed between a Mexican bank and the seller of property in the restricted zone. Foreign buyers cannot own real estate in the restricted zone due to Constitutional restrictions. The bank acts on behalf of the foreign buyer, taking title to real property. The bank, as trustee, buys the property for the foreigner, then has a fiduciary obligation to follow instructions given by the foreigner who is the trust beneficiary. The trust beneficiary retains and enjoys all the rights of ownership while the bank holds title to the property. The foreigner is entitled to use, enjoy, and even sell the property that is held in trust at its market value to any eligible buyer.
 

In the purchase of our lot, which is beach front, we (hopefully!) followed all the guidelines and rules,  going through an attorney with the realty company, supplying documentation of various forms from here (copies of passports, marriage license, utility bill, drivers licenses, etc.). . . obtained the ‘apostilles’ from the State of Texas (where we currently live), and the use of Fed Ex for expediting the papers. . . We have received our ‘papers’ of legal ownership. . in Spanish . . (translation to English still in the works). . and our next priority is obtaining the FM3. . . .

According to information listed at the Consulate General of Mexico  - there are a variety of FM3’s that one can obtain, for various reasons : for business, for technicians, for retirees, for students, and for other profitable and non-profitable activities. . And, if you click on the any of the categories listed, up comes a list of countries (that one is applying from) that further add to the ‘requirements’ that must be met. .and, the requirements for these visas is quite long and exacting, therefore instead of attempting to list them here, I suggest going to the link above. . . . .

Now I must stop here and get back to the task of preparing for the yard sale this Saturday. . . that and other mundane chores that require my attention on a daily basis. . that and stopping every so often to ‘erase and revise’ the plans of our home. . . which I hope to post in the near ‘future’ . . . . So, good day to all. . . .