| We purchased land in Nopolo, near Loreto in 2003, not directly from FONATUR but from a private owner. However, FONATUR was involved in every
aspect of the transaction. We paid for the land, built our house according to FONATUR regulations (which, for some reason did not apply to the
Loreto Bay development), and obtained a right transfer signed by FONATUR Loreto’s former director, Peter Maxwell, that legally transferred all rights
of the property to us. All that was left was the required bank trust that foreigners must have to own land in Mexico. |