Does anyone know for sure whether you can assume another person's fidecomiso (in the process of buying a piece of property)? I have heard both sides
from real-estate agents: You definitely can, and you definitely can't. Of course, an independent attorney would be part of any deal that I did, but I
want to be as informed as I can be early on.
[Edited on 5-5-2005 by Arthur]Bruce R Leech - 5-5-2005 at 10:44 AM
yes you can in most cases, but not always check with the notary in your aria. show him a copy of the F.C. also check with the trust bank.Dave - 5-5-2005 at 11:49 AM
Check the trust fee structure and then shop it. You may be able to save money on a new one.
assumption
tehag - 5-5-2005 at 04:30 PM
Just did that last year. Expensive but doable.Bruce R Leech - 5-5-2005 at 04:42 PM
Expensive but doable.
what dose this mean?Arthur - 5-5-2005 at 04:52 PM
"You can do it, but it costs."
The agent who's pushing that option insists that it's much cheaper than buying a new one. She claims to be the only agent in Baja (perhaps the known
universe) who has done it. The question that remains, however, is what you do about the fact that there might not be so much time left on the one
you're buying. Supposedly they're easy to renew for a second term, but I wonder about an assumed one. Sounds like fairly new territory.Dave - 5-5-2005 at 05:27 PM
Quote:
Originally posted by Arthur
The agent who's pushing that option insists that it's much cheaper than buying a new one. She claims to be the only agent in Baja (perhaps the known
universe) who has done it.
Get another agent. It's done all the time.Bruce R Leech - 5-5-2005 at 05:45 PM
The agent who's pushing that option insists that it's much cheaper than buying a new one. She claims to be the only agent in Baja (perhaps the known
universe)
who is this agent and wear are they you can save many other Nomads a lot of grief.
I agree with Dave if you have an agent that will flat out lie to you about this you better find some one else. bye ling it would stand to reason that
they have something to hide and they suffer from a strong lac of integrate.
[Edited on 5-6-2005 by Bruce R Leech]Arthur - 5-5-2005 at 09:27 PM
Let's wait a bit and see. I'm new to this, so maybe I misunderstood her. I'm not going to slam someone in public until I'm sure of what I'm doing --
and then I'll be happy to do it.latitude26n - 5-5-2005 at 09:48 PM
To assume someone elses fideicomiso wouldn't you still need to do the same steps as originating your own?:
-apply for the "foreign relations permit" in your name
- change the names on the trust
- change the beneficiaries on the trust
- add your purchase price
Then for the sale and title transfer have the seller get:
- a recent Avalou (property assessment)
- the "certificate of no leins"
- the "certificate of no taxes owed"
- proof that the water bill is paid
Pay the transfer tax.
Pay the notary and pay the bank?
I don't understand how assuming someone elses fideicomiso would be less expensive or a short cut
Annual bank fees on some of the older trusts increase with age also, so if you took over the rate that the former owner was paying wouldn't you be
starting higher than if you started from scratch?
[Edited on 5-6-2005 by latitude26n]Anonymous - 5-18-2005 at 10:34 AM
My buddy has a proposed contract or ownership from punta banda. ANy advice?
