Title insurance is a special type of insurance that protects the insured from loss on a specific piece of property. A Title Insurance Policy provides security against the loss of land as a result of a title problem. Title Insurance can be purchased with or without limitations and exclusions. When purchasing property in the United States, most Banks and Mortgage companies require Title Insurance prior to granting a loan.
It is equally important when purchasing property in Mexico. A Fideicomiso (Living Trust) DOES NOT take the place of or exclude the need for Title Insurance. (A Fideicomiso can be dissolved in the event of Fraud, Errors and Omissions and certain Gov’t and Ejido claims.) When purchasing Title Insurance in Mexico, be sure to read the master policy thoroughly and check for limitations and exclusions.
Some title insurance companies insure only the Fideicomiso (Living Trust) and exclude fraud, gov’t and Ejido claims, even certain developer liens.
When purchasing title insurance in Mexico make sure that the policy is on the land not just the Fideicomiso.
Two major title insurance companies dominate the real estate market in Puerto Vallarta: Stewart Title Guaranty and First American Title
Rates for Stewart Title are approximately $7 USD per $1,000 USD of property value and with First American Title are approximately $5 USD per $1,000 USD of value. Depending on the value of the property, these fees may be negotiable.A good Estate Agent in Mexico will be able to advise you further about Title
Insurance.
Stewart Title
KEVIN CRISP
General Manager/Gerente
Marina Vallarta
Local C8 y C9
Puerto Vallarta, Jalisco
C.P. 48554 Mexico
Tel: (01) 322 209 1483 (Mexico)
Tel: (1) 713 271 5453 (USA)
Fax: (01) 322 221 3185
First American Title
María Leticia López Sandoval.
Ancla 28, Condominio Marina Las Palmas II,
Marina Vallarta, Pto. Vallarta, Jal., Mex. 48335
Tel: 209 17 90
Cel: 322 135 23 04
Email:
