A very intresting subject becomes the ownership of property here in Puerto Vallarta. As per federal law all property within 50 miles of the border and 50 miles of the coast, all foreign property ownership must be held in a irrevocable bank trust, whereby the property owner is the sole beneficerary of the trust. As part of the closing documents the buyer will need to pay for and setup such a trust with the bank here Puerto Vallarta. Fees range from $450-$600 per year including a one time setup fee.
Other than that the property is handled the same as just as it is in the United States with the owner being able to sell or transfer the property to another person. Property taxes are paid annually and the bank trust requires that the owner show proof of such payment.
A legal representative, especially a Mexican lawyer should always be used in the sale of property to make sure that the owner does indeed have ownership of the property via a recorded deed and that their are no liens against the property. The buyer usually pays for these costs and also the closing costs associated with a Notary that is he legal representative to handle the transfer of the property. (Notaries in Mexico are far more than a Notary in the United States. They are always lawyers appointed by the State they office in to handle multitudes of legal documents and recordings for the governments of Mexico)
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