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TREC LICENSE # 0303291

       

   

       

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  mAIN oFFICE

210-692-0990

   

 

    

 

       

 

     

                              

 

    

Residential Property:

Here the property is residential due to its intended use. This can be because of its classification by government regulation (like zoning) or because of its use (like building a residence on it). The end result is the same. The property is used as non-commercial and/or non-industrial, and for residential property.

The land that is held by private parties for residential use is subject to the federal, state and corresponding municipality (in which it is located) laws, regarding its use, holding, transfer and encumbering.

This land may exist inside the city limits or outside city limits, it may be "campestre" (countryside), suburban (without services or utilities) or urban (with services/utilities).

For further classification on how the regulations regarding foreign investment in Mexico view the difference between residential and commercial/industrial real estate,see RESIDENTIAL VS. BUSINESS PROPERTY CLASSIFICATION FOR FOREIGN INVESTMENT elsewhere on this page.

 

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RESIDENTIAL VS. BUSINESS PROPERTY CLASSIFICATION FOR FOREIGN INVESTMENT

For the purposes of better defining the terms of that set forth in Article 5, Title Two of the Foreign Investment Law of Mexico (regarding foreign investment in real estate in Mexico), it has been determined that real estate used for "Residential Purposes" is to mean any real estate destined "exclusively for residential use by the owner or third parties".

The following activities or qualifiers, without limitation, shall determine real estate as held for non-residential purposes (for purposes of this section): (i) that real estate destined for time-share use; (ii) that real estate destined for any industrial, commercial or tourism activity that simultaneously contain a residential use component; (iii) that real estate acquired by credit institutions, financial intermediaries, and auxiliary credit organizations for the recovery of debts owed to them from their course of business (as foreseen in their corporate purpose); (iv) that real estate used by entities in the course of their business consisting of sale, urbanization (development), construction, subdivision, and all other activities included in the development of real estate projects, until these are commercialized or sold to third parties; and (v) generally, that real estate destined for use in commercial, industrial, agricultural, cattle, fishing, forestry or service-related activities.

When there is doubt in respect to whether real estate is to be considered as destined (used) in residential activities, the Ministry of Foreign Relations (Foreign Affairs) will resolve the corresponding consultation in a period not to exceed 10 business days . If this period has transpired without response to the consultation, the real estate in question shall be understood to be of non-residential activities.

When there is doubt in respect to whether real estate is within or out of the Restricted Zone, the Ministry of Foreign Relations shall resolve the matter, but first it will consult the National Statistics, Geography and Information Institute of Mexico.


DISCLAIMER:  Note:  This is not a legal document.  This write-up may contain errors and omissions and is for informational purposes only.  The above information is deemed correct, but is not guaranteed and is subject to changes and corrections. The property is subject to withdrawal from the market without prior notice.  Seller makes no presentations, warranties or disclosures as to the property except as to title.  The property is sold as is, where is with all faults and without warranty, representation or guaranty as to suitability, express or implied, (as to the condition or fitness of the property) for buyers’ use.

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Copyright © 2008 Jacob R. Casanova
Last modified: November 15, 2011