Welcome to the world of Loreto Real estate and all it has to offer!
Our friendly community of Loreto real estate is nestled below the dramatic Sierra de la Giganta, with the warm, clear waters of the Sea of Cortez at our doorstep. Loreto Bay, inhabited by over 800 species of marine life, is protected as a World Heritage marine site. Enjoy kayaking, snorkeling, scuba, tennis, hiking, deep sea sport fishing, and a championship 18-hole golf course. Book a tour to offshore Coronado Island to see dolphins and sea lions, and snorkel off the island. Explore the charming town of Loreto, the first capital of Baja, approximately 10 miles north, with its old-world architecture, historic mission, and variety of shopping. Dine in town at one of a growing number of small restaurants, Or simply relax with a cerveza or margarita on your casa’s private patio or upstairs deck.
Visit our Loreto Real Estate Listings!
In this safe, tranquil haven, you will find incredible natural beauty, an easy-going and relaxed pace, and many new friends. Genuine and Authentic describe our Community and Villas that make up Loreto real estate. Come visit and experience a very special place, still hidden from most of the world. We are here to make your every trip memorable … it’s The Place To Be!
OWNERSHIP
Fideicomiso
In 1994, amendments to the Constitution permitted foreigners to purchase and own Loreto real estate located within the "restricted zone" which is all land within 60 miles of a national border and within 30 miles of the Mexican Coast. This Law permitted ownership through a land trust or "Fideicomiso".
A "Fideicomiso" is a Mexican Trust. The way it works is the Mexican Government issues a permit to a Chartered Bank of your choice doing business in Mexico. This allows the bank to act as the Administrator for the owner of the property. The bank acts as the "Trustee" for the Trust and the Owner is the "Beneficiary" of the Trust. The "Beneficiary" rights are very similar to Living Wills or Estate Trusts in the U.S.
The law authorizes Mexican banking institutions to act as trustees. A trustee takes instructions only from the beneficiary of the trust (the foreign purchaser). The beneficiary has the right to use, occupy and possess the property, including the right to build on it or otherwise improve it. The beneficiary may also sell the rights and instruct the trustee to transfer title to a qualified owner.
Many people refer to the trust arrangement in Mexico as a lease agreement... this is not true. The home or property that you buy will be put into a trust with you named as the beneficiary of the trust - you are not a lessee. You have all the rights that an owner of property in the U.S. or Canada has, including the right to enjoy the property, sell the property, rent the property, improve the property, etc.
The fideicomiso is a Trust Agreement with the Bank; and therefore considered a contract that must have an end date. This is the reason for the 50 year term. A beneficial Owner can renew the trust for an additional period of 50 years within the last year of each 50-year period, and this process can be continued indefinitely, providing for long term control of the asset.
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