rogerj1
newbie
I've noticed the timeshares for sale on ebay are all "right to use" ownerships that expire at some point in the future. Is this true for all Mexican timeshares? Or just timeshares near the coasts?
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Deeded timeshares along the coast?
- Thread starter rogerj1
- Start date
- Joined
- Jun 6, 2005
- Messages
- 2,810
- Reaction score
- 23
- Location
- Florida
- Resorts Owned
- Marriott Barony Beach
What I heard from a very informative Royal Resort rep while in Cancun was that non Mexican citizens cannot own land therefore resorts have the RTU.
Someone may want to clarify this is this is incorrect.
Someone may want to clarify this is this is incorrect.
Re: non-Mexican ownership of land
Non Mexican citizens cannot own land a certain distance from all coasts, to prevent a foreigner from buying land and using it to aid a foreign invasion of Mexico. (This is a historical fact, due to the U.S. invasion of Mexico through Veracruz, in 1914.) The land is therefore bought and put into a trust administered by a Mexican who hopefully would not permit the land to be used to invade Mexico... That used to be a 30 year non-renewable trust, but now it can last up to 50 years, and can be renewed.
The Royal Resorts of Can Cun are technically a Right to Use, with a clause that gives members certain residual rights when the property is sold at the end of 30, or 50, years. This is possible because each membership is assigned a specific villa in a specific week, not a point system or a floating week system, so there is a one to one correspondence of property and membership-owners. At the end of the RTU, members receive an amount known as "residual value" the amount of which depends on the sale price of the property.
As far as I know, all others are typical Right to Use, without any return of money at the end of the contract.
pcgirl54 said:
Non Mexican citizens cannot own land a certain distance from all coasts, to prevent a foreigner from buying land and using it to aid a foreign invasion of Mexico. (This is a historical fact, due to the U.S. invasion of Mexico through Veracruz, in 1914.) The land is therefore bought and put into a trust administered by a Mexican who hopefully would not permit the land to be used to invade Mexico... That used to be a 30 year non-renewable trust, but now it can last up to 50 years, and can be renewed.
The Royal Resorts of Can Cun are technically a Right to Use, with a clause that gives members certain residual rights when the property is sold at the end of 30, or 50, years. This is possible because each membership is assigned a specific villa in a specific week, not a point system or a floating week system, so there is a one to one correspondence of property and membership-owners. At the end of the RTU, members receive an amount known as "residual value" the amount of which depends on the sale price of the property.
As far as I know, all others are typical Right to Use, without any return of money at the end of the contract.
Lindo Mar resort
We were just in Puerto Vallarta and spoke to some American owners at the Lindo Mar resort. They said that resort is the only one in PV (maybe all of Mexico) that is deeded. I don't know the specifics though and how they got around the laws regarding non-Mexican citizens owning property.
We were just in Puerto Vallarta and spoke to some American owners at the Lindo Mar resort. They said that resort is the only one in PV (maybe all of Mexico) that is deeded. I don't know the specifics though and how they got around the laws regarding non-Mexican citizens owning property.
mdkappy
TUG Member
If you consider buying a "fractional interest" you will be getting a deeded ownership. Read up on fractionals at http://www.luxuryfractionalguide.com/article-whatis.php. I have a fractional ownership in San Jose del Cabo that can be passed down for generations. I know that there are several in Mexico.