Marla Daily - 4-9-2010 at 07:23 AM
Does anyone have experience with buying a house with an existing fideicomiso and getting 50 years from the time of purchase, on their fideicomiso?
Our fideicomiso with Bancomer was originally for 30 years and it has expired.
Bancomer says by law they are only allowed to give us a 20-year-extension, bringing the total years to 50 to equal what fideicomisos now have.
We have friends who just bought a house in Loreto which had an existing fideicomiso with time ticking. Yet they just received their new fideicomiso
for 50 years from the date of their purchase.
We understand that to change banks there is a hefty fee from the bank holding the current fideicomiso. (They paid no such transfer fee.) Which then
brings up the question: What happens if you simply walk away from an existing fideicomiso and get a new one?
Anyone have some facts??
longlegsinlapaz - 4-9-2010 at 05:03 PM
You can't "walk away" from a fideicomiso. It's a legal document that's associated with a particular property, it gets signed over to any & all
subsequent new owners, time after time. It can however be canceled (for a bunch of fees) in the event the land transfers back to a Mexican national
& they don't want to pay the annual fideicomiso fees.
I've never bought an existing fideicomiso, but I've sold two. To be totally honest, I just assumed that the latest buyer started the 50-year
clock ticking all over again....but I don't know that for certain.
Marla, I've been reading about your Bancomer fideicomiso problems for quite some time here. I think it's time for you to search for a new fideicomiso
holder! How can Bancomer charge you a "hefty transfer fee" if BANCOMER ALLOWED the fideicomiso to expire? They no longer have a living document to
be able to charge you a transfer fee for losing your business to another bank!!!!
Since Bancomer hasn't been forthcoming with an acceptable solution for you, have you tried talking with a Notario for input to your legal predicament?
As an absolute last resort, I'd hire an attorney to get the issue you have with Bancomer fideicomiso department resolved once & for all! From
previous posts I've read, it sounds like you've pretty much exhausted all your negotiations with Bancomer to resolve this issue. I feel it's
important that it be resolved legally, rapidly & at minimum cost to you.
I'm guessing that your friends who bought property & moved into an existing fideicomiso may have kept it with the same bank the seller had it with
originally. But I'm wondering if you might possibly be confusing the "transfer fee" terminology between the bank & the Notario. Both the bank
& the Notario have associated fees transferring the fideicomiso to a new owner. I've never heard of a bank charging a penalty for moving a
fideicomiso to a new bank during a change of ownership. I believe another Nomad did change banks during their ownership....if they don't
post a response here within the next 24 hours, I'll U2U them ask for them to post.
I bank with Bancomer, but have never dealt with them for a fideicomiso.....obviously for good reason!
There's an English-speaking Bancomer contact here in La Paz who has posted several times offering to help anyone with any Bancomer problem. Have you
tried talking with Blanca? Here's her contact info from her BN profile:
http://forums.bajanomad.com/member.php?action=viewpro&me...
Hope something here helps!
Marla Daily - 4-9-2010 at 08:39 PM
Still waiting to hear from those of you out there who bought a house with an existing fideicomiso. Did you get 50 years, or the balance of the years
left on the existing one transferred to your name?
Also, we have been told that fideicomiso cancellation fees (which one does when selling to a Mexican) are about the same as the fideicomiso transfer
fees one has to pay when leaving one back for another. The bank holding the fideicomiso extorts a chunk of change when they are about to lose that
annual fee they get year after year for doing nothing.
larryC - 4-10-2010 at 07:51 AM
Marla
I recently, within the last year, bought a house with an existing fideo. The notario asked what I wanted to do, keep the existing fideo or get a new
one? A new one was more expensive, and there was 46 years remaining on the one I bought, so I stayed with the original. The fee is $500 a year.
Hope this helps,and good luck with yours.
Larry