wsdunc - 4-16-2007 at 10:19 AM
I recently bought a lot near La Ribera. OK, didn’t buy but have a fideicomiso, kind of the same thing. I chose this area because I hope that La
Ribera will remain a Mexican Pueblito instead of Gringolandia. Down the road at Punta Arena there are I think 800(?) lots being sold with many
already sold. However few people have built there yet. It is not clear what that area will be like if everyone builds.
I bought a lot in a development called Las Lomas. I actually bought from a friend of mine, Erendida Castro Yepiz, she is the daughter of a man I have
known slightly for years, Don Martin Castro, who worked the front desk of Hotel Punta Colorada. When we originally hooked up with Erendida the
development was just beginning, not all the roads were in, and there was no power or water. She was funding the development with the sale of the
lots, so it went slowly in the beginning. We liked what we saw, the lots were fairly priced, and on the hill above the Sea of Cortez we should get
some of the cooling breezes, and a view of the whole bay. We made a verbal agreement with Erendida and went about getting US title insurance. This
was an adventure, not because of any problems, but because everything takes time:-) and the folks in Baja didn't have much experience with this. But
a couple of years later we were done, and started to finalize the sale. By this time the roads were all in, as well as water and power to the lots.
The price of lots had also more than doubled. But without being prompted Erendida honored our original verbal agreement price. She also hooked us up
with the correct notary in San Jose del Cabo, and facilitated the details of the fideicomiso. She has also taken care of an environmental impact
report on all the lots, and helped us arrange clearing and fencing of our lot. She is currently assisting us with the renewal of the fideicomiso, and
paying property tax, and we are trying to decide if there is an advantage to her getting our FM3s in La Paz, as the bank now wants FM3 information
with the renewal. What I am really saying is that she has made this whole adventure much more pleasant and much less stressful than it would have
been without her.
Erendida is currently developing the last of her family’s property, and if you are interested in property in this area you should look into Las Lomas
II. There is a website (www.laslomasII.com). Needless to say I am not a salesman for Erendida, I do not receive anything in return for this endorsement. I am doing this
for a couple of reasons, at least one of them selfish. Erendida is a friend of mine, an honorable person who deserves to succeed. Erendida can make
the whole real estate process much less stressful for the uninitiated. And I figure I could do a lot worse than to have some Nomads as neighbors.
bill erhardt - 4-16-2007 at 12:15 PM
wsdunc......... I tried the website www.laslomasII.com and got nothing. Then substituted 2 for II and found the site. Those interested should check www.laslomas2.com
[Edited on 4-16-2007 by bill erhardt]
wsdunc - 4-16-2007 at 01:15 PM
Thanx. I suppose I should have checked first
BigWooo - 4-16-2007 at 01:20 PM
Hey wsdunc,
What bank are you with that is now requiring the FM3 copy for renewal?
wsdunc - 4-16-2007 at 01:32 PM
I'll need to check when I get home, I'll get you an answer by tomorrow
wsdunc - 4-17-2007 at 07:44 AM
Big Wooo,
My fideicomiso is with Interacciones Banco. With my renewal I received a form which basically said:
According to Mexican Law published on Nov 28, 2006 the following info should be on file with the holder of the Fideicomiso:
Copy of passport
Copy of legal permanency (FM(?) or FM3)
Copy of evidence of address in home country (copy of utility bill or tax bill)
and a know your customer form which has general stuff like name adddress email adress etc
It worries me a little that this may all be a joint thing with the US relative to reporting of trusts for US tax purposes
fidi
greta-inbaja - 4-19-2007 at 05:41 PM
Hi wsdunc, We will be in la paz paying our fidi next week with the same bank as you have. I was confused with the "FM or FM3" bit also. there are
other typos on our form so I guess we will find out when we get there. I have been curious... how many nomads file their fidi trust with the US
gov???I have been on the irs website and was told to "read the requirements and decide if they fit my situation" So far I have not filed anything
with the irs regarding my lot. and I really do not want to.. I think it is just so they don't miss out on any capital gains if you sell your
property. The extra requirements to renew our fidi do make me wonder..
wsdunc - 4-20-2007 at 07:09 AM
Greta-inbaja,
Would appreciate any info. I currently have decided to supply everything but the FM3 to my friend in East Cape and see if she can renew the
fideicomiso without the FM3. This will still give me time to get the FM3 if I need it.