dennis_morris - 8-13-2006 at 11:31 AM
We are purchasing a small lot in Loreto through Alfredo Cristo and we seem to be getting 1/2 the job done while paying 2 times the amount for setting
up a corporation. We have a lawyer in La Paz watching the transaction and he is very concerned that everything is a real mess.
Has anyone experienced a transaction through Alfredo Cristo a real estate broker in Loreto and Wisconsin? Was it completed and did you get complete
title to the land? Should we be worried?
Don Alley - 8-13-2006 at 12:39 PM
Sorry, I have not heard of this Alfredo Cristo.
Since we bought our house just a few years ago things have gotten really screwy in Loreto real estate. There are some shady deals happening, and it's
much harder to tell who is a straight shooter with all the new players in the real estate business. So maybe you should be worried; however, things
can sometimes take time. Our dealings with good honest folks took a good year or more...things happen.
I assume your lot is for a business since you are forming a corporation?
dennis_morris - 8-13-2006 at 12:51 PM
This has been going on for about 9 months. I think we will eventually be okay as we have a lawyer in La Paz that is reviewing the deal; however, now
that the deal is complete from Alfredo's side (he is a lawyer and a broker and has a real estate business in Wisconsin also) the lawyer in La Paz is
saying there is a lot missing (tax ID) and some of the registrations with other Mexican agencies. It will cost us so more to straighten this out.
The corporation is not a business it is for buying and holding the land. The corporation is a Mexican corporation owned by Americans (my wife and I).
It is a different way compared to buying through a bank.
Alfredo owns Loreto Realty. A local real estate company.
We are thinking of building. Do you have any recommended honest contractors that are local?
Don Alley - 8-13-2006 at 09:09 PM
For a contractor, we used Martin Sanchez, for several projects.
A corporation...I've heard of that alternative to a fideocomiso. I think Skeet on this site has suggested that. But, IMO, while a corporation can hold
title to land, it must also be a business, make regular accounting reports and show regular business activity. In other words, one may not use a
corporation to hold title to a personal residence or vacation home, but you can use a corporation if it is a rental purchased to generate income. Just
my opinion.
It is more complex than a fideo, and seems to me as things get more complex, the opinions on how to do something get more diverse, so it may not be
unusual for your agent and lawyer to see things differently. Anyway, good luck I hope things work out. At least you did not use the real estate
company that I know is crooked.
bajajudy - 8-13-2006 at 09:19 PM
where is bob and susan when we need him
Skeet/Loreto - 8-14-2006 at 04:03 AM
dennis-morris;
I would suggest that you do a search on this Site concerning Real Estate Notoria etc. Please u2u me and I may be able to Help.
Skeet/Loreto
Bob and Susan - 8-14-2006 at 05:43 AM
There are two things to buying a property with a corp.
#1 Form the Corp...it MUST be tourist based.
Cost ~$3000 NOW
#2 The New Corp now buys the property.
Cost another ~$3000 now
Took us two weeks to complete the entire process.
We walked the paperwork thru ourselves
The realestate broker really has nothing to do with the purchase or corp except to put the buyer and seller together.
The lawyer will draw up the corp papers and have the Notary stamp them.
Then they need to be filed at the county seat.
The lawyer will then draw up the paper work to file the new deed with the notary stamping this.
Now the deed can be filed.
Now you own the property
The Hacienda number is obtained later from the government. This is done AFTER the property is purchased.
Remember you need an accountant to file taxes and reports when you have a corp because it's a money-making business.
You will get burned if you are buying property with a corp and use it for a primary residence....watch out.
Your lawyer should not be watching but involved!!!
[Edited on 8-14-2006 by Bob and Susan]
Bruce R Leech - 8-14-2006 at 06:22 AM
who is the Lawyer in La Paz? and why did you not use him.
capn.sharky - 8-14-2006 at 09:52 AM
I have never heard of your real estate guy. I use Tony Yee, an attorney. We use the Notary in Constitution and an accountant in al centro. All
papers are filed correctly and total time is about four months. On problem---Tony does not speak english. I would be glad to help you and translate
for you but will not return until 9-27. I will be there a month and a half until 11-14. U2U me for more information. My services are free....it will
cost you about $5,000 for the whole thing. An association will do the same thing for you as a corp. in Mexico.
Julie - 8-14-2006 at 10:37 AM
Don , Bob and Susan are right on. The corp must be for "non residential use only". Google Mex Corps and you will find several sites that explain
this. Many people here in Loreto have been misinformed and are now paying the price for not getting a fideo. The fines are steep.
We have lived here 6 years and I have never heard of this realtor either.
Julie
Iguana Inn