Foreigners are allowed to purchase property in Mexico, but the process is quite different from the United States or Canada. First, as in Canada but unlike in the U.S, there is no title insurance. The entire process is handled by a Notary Public (notario público). Notary Publics operate differently than in the states-they are completely authorized to handle property closings, and are, in fact, the best way to handle this final part of a transaction. Some attorneys will try to become involved, but they generally serve no purpose and tend to charge high fees and hold up the process.
Once you've found a property that you're interested in, and have completed an Agreement of Purchese through a Real Estate Agent, you will instruct the Agent to close the transaction through the notary public of your choice. All monies will be exchanged in his presence at the Closing. A notary public is to be trusted because he is held responsible by the government for any errors that he makes.
Source: www.expatfocus.com
This website provides Relocation-to-Mexico information, Real Estate listings in and around the Ajijic and
Lake Chapala areas of Mexico, tips for Canadian and American and other Expats retirees, as well as links to
Professionals that Lynda MacMahon works with and whose services she highly recommends. Lynda MacMahon
is a successful and award winning RealEstate Professional with a proven track record. You will also find
testimonials from her clients,articles on retiring in Mexico, maps of Mexico's Lake Chapala area, currency
converters and other information. Featured is an enjoyable video of the Ajijic area.