Mexico is a curious country when it comes to real estate transactions. Non-Mexicans can't hold clear title to property within 12 miles of the border or within twelve miles of the coast- so Gringos must use "bank trusts" and pay middle people every year. Shuffling paperwork is an artform here. Documents are often altered- so you can't always be sure you bought the land from the actual owner.
Hundreds of Americans and Canadians have lost their homes in coastal Mexico because another person showed up a decade later claiming to be the true owner of the land-and they now want it back. People's retirement homes were stripped of everything valuable or sellable overnight while police kept the owners at bay. True story and not good. And just like stateside in New Orleans- there is no shame in Mexico for being a good crook. Alonzo is a Mexican national- so we were able to get clear title to our land with no problem. Once we had the clear "escritu" title in hand- we built, not before.
At the same time Mexico seriously encourages real estate investment by Americans. 12,000 Americans live in Rosarito Beach- a half hour drive south of San Diego.
Yet the Trump Baja investors lost $30 Million in advaace deposits on his Rosarito Beach Condotel project last year. In Mexico you put 30% down at purchase of your home or condo and the balance at delivery. There are no completion bonds- so the money you put downis building the unit for the last guy who bought. I should think The Donald would have a pretty good legal team and he got scalped. . Mortgages are few (weak foreclosure laws so few banks lend) and most transactions are cash.
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