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bajafreaks
Nomad
Posts: 401
Registered: 3-27-2007
Location: Gardnerville, NV./ Los Barriles BCS
Member Is Offline
Mood: No Bad Days !!!
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We're almost there !!!
We started our lot purchase in March 2006 and we're just about done. It's in Buena Vista on the east cape. The lots that were for sale had to be
subdivided with seperate tax numbers, recorded, etc. We are now getting ready to start the "fideo" process, we are working with a local realtor who is
doing all of the work. We plan to purchase title insurance thru Stewart title. So the big question, is there anything I'm missing here??? Thanks for
the input.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Prayers never hurt.
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Al G
Ultra Nomad
Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
Member Is Offline
Mood: Wondering what is next???
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That is funny to me, but for a guy maybe thinking he is at risk.....
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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Al G
Ultra Nomad
Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
Member Is Offline
Mood: Wondering what is next???
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"we are working with a local realtor who is doing all of the work. We plan to purchase title insurance thru Stewart title"
I would do some asking around...some leg work...so you are really comfortable with your Realtor doing all the work. I don't don't know more then I
have read here...but there are some not to trustworthy.
Then I would Pray.....
[Edited on 6-28-2007 by Al G]
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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bajafreaks
Nomad
Posts: 401
Registered: 3-27-2007
Location: Gardnerville, NV./ Los Barriles BCS
Member Is Offline
Mood: No Bad Days !!!
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We actually have done alot of checking around, the realtor specializes in title services etc. and we haven't heard anything negative so far.
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Al G
Ultra Nomad
Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
Member Is Offline
Mood: Wondering what is next???
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The only other thing I can think of is are you sure you have all rights...Minreal...water etc. I heard Realtor was assigning them to himself
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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Al, in Mexico those rights are retained by the Mexican government - never go to landowners.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Marie-Rose
Senior Nomad
Posts: 894
Registered: 10-2-2003
Location: Victoria, B.C. and Todos Santos
Member Is Offline
Mood: Worried...
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Welcome to the Nomad board bajafreaks.
Good luck with the purchase. It is such a grueling process and at times I know we wondered if we were doing the right thing. IF you have done
research, research , research... talked to many of the locals before you who have gone thru similiar purchases, you can really not do much more.
When it is all over and you are relaxing in your new home the experience will be worth it!!
Remember, when in Mexico, yes may be no and no may be
maybe!
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roundtuit
Senior Nomad
Posts: 607
Registered: 12-21-2004
Member Is Offline
Mood: Wife's Job
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Possibly want to talk to a Nortario. Seems that a Notario ranks above
an attorney, in Mexico. Seems his role is primarily giving legal advice, but he is not allowed toactually represent a client, or advise attorneys who
may be engaged to represent the client. Meet with one in Loreto who dealt primerly in realestate. Very sharp and intelligent...
Never learned from a book-Only from mistakes, mine and yours
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
Member Is Offline
Mood: Sling time!
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wait - i am confused here......you already bought the property but you are just now seeking title ins from Stewart??!!
that's a tad arse backwards buddy, no?
formerly Ordained in Rev. Ewing\'s Church by Mail - busted on tax fraud.......
Now joined L. Ron Hoover\'s church of Appliantology
\"Remember there is a big difference between kneeling down and bending over....\"
www.facebook.com/michael.l.goering |
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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capt. mike, if he is just starting the fideicomiso process, then he doesn't OWN the land yet! Actually he said he started the purchase PROCESS in March 2006, but it had to be subdivided, etc., etc., which
is typically a long process, but having it take more than 14 months would toss a red flag out there for ME.
bajafreaks, I'd be asking what problems were encountered in that process. It's possible that the seller wasn't in any rush?? Or possibly there
were/are undisclosed legal problems with the land before it could be sibdivided??? I assume the seller has his down payment, so he's in no rush for
the time being...and the realtor is getting a commission, so he's basically in a conflict of interest position if he's the one who originally
represented the seller in listing the property. Just food for thought.
Questions to ask: Was the land use status changes to Urbano (Urban...which means it can be built on), if so, you need copies of that paperwork &
the receipt. Get copies of the official survey of the subdivision to minimize the possibility of your having to pay for another survey. An
Environmental Impact Study SHOULD have been done for the subdivision, if it was, get copies of that paperwork & the receipt as well...that alone
can save you about $10K(equiv USD) and up to 6 months of delay since you can't touch your property without it having been done...unless you're willing
to pay a $100,000 peso fine!
I realize you're probably in the states, but try to talk with as many people who've bought in the area as possible. They'll be a wealth of
information. Hang on...it can be a wild ride! But well worth it when all the dust settles!
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
Member Is Offline
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Mike, why would you buy title insurance on property you don't own yet?
Others: what kind of research would you do? How would you do a title search on your own? Who do you trust for realtor references? As to the
notarios: they pretty much know how to prepare the fideo, take the cash, call the valuador, effect the sale, put your name in the big book. They've
done it a thousand times -- just check around to get the best price. THIS IS NOT THE U.S. AND I'M SURE GETTING TIRED OF HEARING "do what you would do
in the U.S."
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
Member Is Offline
Mood: muted
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Based upon my experiences:
You'll need a FM-3 to get a fideicomiso.
You say you're almost done with the transaction but your just starting the fideicomiso process? Obtaining the fideicomiso IS buying the property. If
you have forked over money and don't have a fideicomiso, hire an attorney now.
If your fideicomiso fees are in dollars make sure that annual increase in fees isn't tied to a peso inflation index. All dollars or all pesos, not a
mix.
Hire an attorney now to read whatever you have signed so far and assist in the fideicomiso. Better late than never and he can represent you when
dealing with the bank about the trust setup. I paid mine $500 and he did a lot of the leg work, was at all meetings with the seller, notario, and the
bank. Very meticulous guy.
I asked him about title insurance and he said I'd spend all my money sueing the title insurance company (Stewert) when they didn't pay the claim. So
that was his cut on title insurance. You should know the best you can the title history of the property.
I'm curious, what are the property taxes in that neck of the woods?
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
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While I'm at it what makes you people think buying realty in Chicago is the very same as buying it in Elephant's Breath, Montana? Giving realty
advise should be left to the realtors I guess --- you could all tell the tale about how you bought your retirement home lot in Baja California and the
Bajafreaks would learn little from the rainbow of differences between the transactions -- who handled them, what it cost, etc. How many of you know
of innocents who bought a piece of such land, lost all the money, didn't get the land?
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
Member Is Offline
Mood: muted
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One other thing, since you've bought the property, name an alternate primary beneficiary in the fideicomiso in case you buy the farm.
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
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Mood: muted
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| Quote: | Originally posted by Osprey
Giving realty advise should be left to the realtors I guess
How many of you know of innocents who bought a piece of such land, lost all the money, didn't get the land? |
It's my understanding that there are no "realtors" as we know them in Mexico. No licenses, no brokers, no legal responsibility, etc. Be really suspect
of Americans selling real estate in Mexico. They're the biggest thieves because other Americans trust them for some strange reason.
I met a guy one day almost in tears. He had "bought" a beach front lot south of Todos Santos. Turns out the property was in the Federal Maritime Zone
and he couldn't get permits to build. The Cabo San Lucas based "real estate agent" he gave the money to was long gone.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Oldhippie----
Very true. Your assesment of the credibility factor is right-on.
What puzzles me is that there is no readily available written information on the subject of buying property in Mexico. I know that through
painstaking research, it's all there but, I'm referring to a booklet of comprehensive, understandable laws, rules and steps to be taken in
property purchase. A pamphlet, booklet or book, whatever it takes, should be readily available. Real estate has been changeing hands at a rapid
rate and it remains a mystery mainly because the American buyer doesn't want to believe that this is Mexico and things are different.
There you go, oldcreativeone, a project for you.
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capitolkat
Senior Nomad
Posts: 510
Registered: 3-9-2006
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Olhippie
I have a fidecomiso and no FM3. I know lots of folks in the same boat. The Notario asked for and was shown my tourist visa to satisfy his need to know
I was in the country legally. Remember the notario is an agent of the Mexican judicial sytem and the fidecomiso process is part of the Mexican
constitution
I talked to a mortgage broker in La Paz and one of my old contacts at First American Title about buying title insurance and he and she both advised
that there were so many exceptions to the insurance that it was essentially worthless. No one in the business in Mexico , except those selling title
insurance, say its worth much if anything. The fidecomiso supposedly insures the clear title, teh lack of back taxes, and with the thousands of
immigrants buying property in Baja it would be a disaster to find the fidecomiso process is corrupt or delivers anything but clear title.
Life is too short to drink bad wine
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Capitolkat ---
You illustrate my point perfectly. Just when someone thinks they know, they don't.
There has to be, or should be a guide which reflects the law.
I've been here long enough to know that the law can be a can of worms and even the lawyers don't know but, I can't help but believe that it can be
clearly presented. Mexico is a mysterious land but, this is too much.
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
Member Is Offline
Mood: muted
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capitolkat
The Notario and the bank I worked with required a FM-3. Which made sense to me. I'm buying a house, I'm going to reside here, tourist visas don't cut
the mustard.
Perhaps the fideicomisos obtained without one do not conform to law and therefore are invalid. You should look into it. Could be future problems. Like
my mother used to say: "Just because other people jump over Niagara Falls doesn't mean you should." - She was from that area.
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