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1. As a foreigner, can I acquire Mexican property in my name? Yes, for a number of years foreigners could only acquire property through a Trust, but now you are permitted to acquire through a Direct Deed. The legal requirement is to advise the Foreign Relations Department, of your desire to acquire property. All this must be done through a Notary. 2. What is a Trust? A Trust is a way of purchasing for foreigners. There are various banks who handle Trusts. Acquiring through a Trust gives you the advantage of First, Second and Third place beneficiaries. Husband and wife teams can acquire in First Place in a Joint Ownership with rights of survivorship, and normally you would put your children in second place. The advantage of a Trust: You can set it up as you wish. Beneficiaries do not necessarily have to be direct blood line. 3. How many beneficiaries can I have in my deed? In a Direct Deed you can only have direct blood line (children or parents) as beneficiaries. In a Trust you have the option of putting as many beneficiaries in Second and Third place as you wish. 4. How much are utilities? Electricity costs about $600.00 pesos ($60 US) every two months for a normal 2-bedroom home year-round . If there is a pool or spotlights in the garden it increases. Telephones have a monthly rental cost of $180.00 pesos ($18 US). 5. How much are property taxes on a 100,000 dollar home? Property taxes depend on the appraised value of the property. You can expect to pay around $1,500.00 pesos per year ($166.00 US). 6. How much does a maid or gardener cost? Maids and gardeners cost around $20.00 pesos per hour ($2 US). The Mexican Government establishes salary increases every January. 7. Are there cooks available? How much do they cost? Cooks are not easy to come by. Many homeowners use their maids as cooks. But for special occasions and parties you can hire a professional cook to cater your event. 8. Are there chauffeurs available? Yes, some locals chauffeur retirees to Guadalajara and some drive all the way up to the border. 9. Do you have gate-in communities? Yes, there are a many gated in communities. 10. What is a Fideicomiso? A Fideicomiso is a Trust. 11. What can I purchase in 100K price range? A small 1 or 2-bedroom home. 12. What are the city, state, and federal annual taxes on a 100,000 dollar home? $1,500.00 pesos (150 USD) more or less. Property taxes are based on the appraised value of the home. 13. Can I feel safe leaving my property unattended for several months a year? It is best to hire the services of a Real Estate agency to provide a Management service. This way your utilities, maid and gardener are paid and a qualified person will be making a bi-weekly inspection of your property. 14. How can Coldwell Banker Chapala Realty help me? Coldwell Banker Chapala Realty with over 31 years of experience can help you buy, build, remodel, rent or manage a home, lot or condo. Coldwell Banker Chapala Realty provides a Management Service and presently is managing over 80 homes. The services include all utility payments, payment of maid and gardener, a bi-weekly inspection of your home, interior and exterior maintenance, tax payments, trust fee payments, Sub-Development fees and rental of your property if you so desire. We are equipped to handle all your real estate transactions, from purchasing to selling your property. We handle over 100 rentals in the area for long and short term rentals.
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