Posted by admin | Posted in vacation rentals | Posted on 21-03-2009
Tags: austin, condos, estate, furniture, housing
Is it risky for an American to buy a Condo in Aculpaco,Mexico?
I am considering buying a condo in Aculpaco,Mexico its beautiful it near the water facing the water and on the scenic route.
Is there any rish involved in buying Real Estate in Mexico if you are American .
Yes, there is a great risk. Unless the law has been changed, non-citizens are prohibited from owning property within about one hundred miles of the sea coast. However, to get around this, a bank will buy the property, and they will be some kind of trustee for you. The arrangement lasts for 20 years, after which you have an option to renew. You must be a law abiding person. Hilton Hotels had a place in Acapulco, but did not conform to Mexican law. When it was time to exercise the option to renew, people from the Hilton chain could not get a visa to cross the border to exercise their option. Good by hotel. Last I heard, the Hotel is owned by Canadian Pacific RR. They did not buy it from Hilton.
Uptown Charlotte skyline incldg Bank of America & highrises
