mitsu
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Fideicomiso
Need some information on establishing a fideicomiso and understanding the cost. I own a lot north of San Felipe and have title insurance on the lot.
Want to start to build but need to setup a fideicomiso before I start. Want to understand the process and cost before I start down this process. Also
would like to understand the annual fees and how they are determined.
Thanks for any advice you can give me.
Mitsu
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BajaBlanca
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Location: La Bocana, BCS
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Were I you, I would call our good friend ALONSO LOPEZ
he speaks English
he can explain everything and help you, should you desire his services
cell: 612 142-9590
email: alonsobaja@prodigy.net.mx
we are in la bocana and he comes to our house when we do business with him, I am not sure if he can go all the way to san felipe - ask him ....and
good luck !
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RnR
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| Quote: | Originally posted by mitsu
Need some information on establishing a fideicomiso and understanding the cost. I own a lot north of San Felipe and have title insurance on the lot.
Want to start to build but need to setup a fideicomiso before I start. Want to understand the process and cost before I start down this process. Also
would like to understand the annual fees and how they are determined.
Thanks for any advice you can give me.
Mitsu |
How do you own it now??? The fideicomiso is typically used to purchase the lot in the first place. And second, if the lot is owned by some other
mechanism, why do you want to change?
To answer your question: At least $1,500 to $2,500 in notary and govt. fees plus annual bank fees of $400 to $500.
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Mengano
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| Quote: | Originally posted by mitsu
I own a lot north of San Felipe and have title insurance on the lot. Want to start to build but need to setup a fideicomiso before I start.
Mitsu |
Assuming you are not a Mexican national, if you own a lot north of San Felipe you already have a fideicomiso. If you do not have a fideicomiso, you do
not own a lot. North of San Felipe is El Dorado Ranch. They are on a master fideicomiso. Most everything else around there is ejido land or has very
serious title problems.
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mitsu
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The development we own property in has a master fideicomiso and provided title insuance with the purchase. We need to establish an individual
fideicomiso before we begin construction. I'm hearing cost could be as high as $6-7K which seems high.
Mitsu
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DianaT
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| Quote: | Originally posted by mitsu
I'm hearing cost could be as high as $6-7K which seems high.
Mitsu |
And it can be even more. It is not cheap!
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Oddjob
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There are many, many places for sale in San Felipe (and in all of Baja) so why would you want to build when you can make a good deal on an existing
home? With so few buyers and so many wanting to sell it makes no sense to build.
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Riom
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| Quote: | Originally posted by mitsu
The development we own property in has a master fideicomiso and provided title insuance with the purchase.
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You mentioned you were building in Playa del Oro - don't those lots have individual fideicomisos for each lot? There are some (older) parts of El
Dorado with the the "master trust", didn't know Playa del Oro used that also - maybe it was just some of the very early sales?
Many of the fideicomiso costs are a percentage of the "purchase price" so will vary if it's expensive (I don't know how that works for a valuation of
an older lot). Certainly expect many thousands in costs. Check also if your development has any electric, water, sewer hookup fees that weren't
included in the lot price, they can be significant amounts also.
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mitsu
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When we purchased the lot in 2002 we could have established an individual Fideicomiso but don't as we didn't plan to build until 2012. The
development offered title insurance for the land. Electric and water hook up fees are covers but no sewer hook ups need septic tank. As for the
question regarding why we don't buy an existing home in San Felipe, We have a great lot with no homes between us and the Sea of Cortez. And I want
to build a home to fit my needs and wants.
Mitsu
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CortezBlue
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I didn't see anywhere in the conversation that he mentions PDO?
Also, PDO DOES NOT have a master Fidi.
El Dorado has a master Fidi, maybe it is El Dorado?
| Quote: | Originally posted by Riom
| Quote: | Originally posted by mitsu
The development we own property in has a master fideicomiso and provided title insuance with the purchase.
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You mentioned you were building in Playa del Oro - don't those lots have individual fideicomisos for each lot? There are some (older) parts of El
Dorado with the the "master trust", didn't know Playa del Oro used that also - maybe it was just some of the very early sales?
Many of the fideicomiso costs are a percentage of the "purchase price" so will vary if it's expensive (I don't know how that works for a valuation of
an older lot). Certainly expect many thousands in costs. Check also if your development has any electric, water, sewer hookup fees that weren't
included in the lot price, they can be significant amounts also. |
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Riom
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| Quote: | Originally posted by CortezBlue
I didn't see anywhere in the conversation that he mentions PDO?
Also, PDO DOES NOT have a master Fidi.
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The location was in the other thread (fifth post):
http://forums.bajanomad.com/viewthread.php?tid=55677&pag...
I was also surprised that PdO has a "master trust", as it's always been mentioned that El Dorado is unique for that.
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CortezBlue
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Ok, I'm not questioning anyone about this, however, here are the facts
A friend of mine is the HOA Prez at PDO and they do not have a "master fidi" in fact he told me one of the only developments in northern Baja that
has a master fidi is El Dorado. He also told me that anyone who bought in PDO has an independent Fidi, unless of course, they financed the land
through the developer and havent paid it off.
So I am confused?
Bottom line, in my opinion, I would not build a home on land in Mexico without a fidi in place. Also, I wouldn't build without owning the land. Not
to be confused with a lease, that is different. However, if I was paying the developer, I would pay it off first.
Finally, as a wise man told me when I built, put your Social Security in your name, not your builders name. When you are finished with the building
you are required to have a letter of liberation. Many Mexican builders will hold home owners hostage and ask for more money to get it for you. In
our case, the builder never paid and I had to venture into the Mexican Social Security system to ,ake final payments. It was a very rewarding
experience and far similar than dealing with the USA
I owed $2800 US or at the time, about 28000 Pesos
By the time I left it was negotiated down to $800 US and my letter of liberation
After building a casa from scratch, I would highly recommend buying a finished house over building. Guaranteed one could make changes to "the way
they want it" for far less in the long run!
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mitsu
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To clear up the confusion, I own two lots one in El Dorado Ranch and one in PDO. The lot in El Dorado Ranch is part of the Master Fideicomiso but in
PDO it is not. The property in PDO was financed through the developer and just paid off.
Now we are starting the process of establishing a fideicomiso but trying to clearly understand how the cost of the fideicomiso is determined?
Mitsu
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CortezBlue
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If it is at PDO I would say it will be at least $5k and up to $8k
If you have any questions about building in San Felipe I will help you out anyway I can
It took me about 5 years to finish mine. I know very few folks who got the house they paid for.
Mine was about 80% done when I finished it myself.
Are you on the front row?
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