Can the names on a fide be changed/added/subtracted without having to get a whole new fide for the $$$$ it costs to get a fideicomiso?
If so, how much?
Thanks-bajafreaks - 1-24-2011 at 05:45 PM
Not to hijack this thread but on my fideo. they mis-spelled my last name should I be concerned or have it fixed as well.
Thankslonglegsinlapaz - 1-24-2011 at 05:52 PM
Short answer is.....NO.
Detailed answer is that any change to a fideicomiso is viewed as a change of the entire document & as such requires rewriting it,
associated Notario fees & associated bank fees (last I heard it was $400 or $450 just to obtain the banks signature on a fideicomiso correction or
modification). The filing fees would all apply since whatever the change was would also have to be filed with all the appropriate agencies. This
includes changing beneficiary.
A friend won a legal dispute over some land that affected his legal meets & bounds....the bank fideicomiso manager recommended that the property
owner just keep all the other legal documents regarding the true land dimensions safe & have the legal meets & bounds changed when & if he
ever sold. Same is also true for what we'd consider to be adding an addendum....no go, it must be incorporated into the fideicomiso.
I also had casa #1 meets & bounds corrected when I sold it because I refused to pass on the incorrect dimensions to a new buyer....buyer paid, but
it didn't impact the amount!
bajafreaks....since you didn't catch it or insist it be corrected at signing, you'd have to pay all associated fees again to have it
corrected now. They screwed my name up as well, but I insisted they correct it before I'd sign.
Name change
tehag - 1-24-2011 at 08:14 PM
In 2004 I had the name changed on a fidiecomiso. The deal on the property was done separately and all that was needed was the name change. Used an
attorney, followed the rules, cost $14,000 US before it was over. There was a formula having to do with ownership spanning the great peso devaluation,
where they whacked 3 zeros off. I got hit for 10G right there. The notario showed me the computer printout, and it appeared to be a tax on
appreciation as a result of having the property re-evaluated during the inflationary spiral. The rest was Bank/Notario/Municipio/Federal BS. The
attorney charged $1,000, and the rest was slurped up by the bank and the notario. How much of that was legit is anybody's guess. Good luck.bajafam - 1-24-2011 at 08:57 PM
So glad we didn't have to deal with all that. What a headache.Lauriboats - 1-25-2011 at 07:59 AM
We had to remove our ex-partners name from ours, when it was finally completed the cost was around $3,500. That was a few years ago.captkw - 1-25-2011 at 09:19 AM
OUCH,sound's like the lawer's,and the note guy's have a good racketVince - 1-25-2011 at 10:04 AM
What if it is in the name of a corporation, such as a Nevada corporation in which one changes the officers of said corporation. Is that the same as
changing a name in the fedeicomisa?longlegsinlapaz - 1-25-2011 at 10:34 AM
Vince.....look at your fideicomiso.....does it just list the corporation name, or does it list the individual officers names under the corporation?
If it's at a corporation name level, then no need to change anything, but if it's defined down to individual officers names, then it'd be considered
changing the entire document. ANY change, including
correction of a hereto forth uncaught typo or missing punctuation mark is considered to be a change of the entire document & Notario & bank
fees apply.
Unless the change could or would involve immediate potential serious legal ramifications, the common practice is to leave the fideicomiso as it is
until the property is sold & have it corrected on the buyers fideicomiso. Just keep all the legal paperwork documenting the change, showing the
former & the new information & present it to the Notario at the time of sale & they'll incorporate those changes going forward.
Please note....this is not meant as legal advice....it's simply personal experience & knowledge of how things have been handled in the La
Paz area.bajafreaks - 1-25-2011 at 10:48 AM
Unless the change could or would involve immediate potential serious legal ramifications, the common practice is to leave the fideicomiso as it is
until the property is sold & have it corrected on the buyers fideicomiso. Just keep all the legal paperwork documenting the change, showing the
former & the new information & present it to the Notario at the time of sale & they'll incorporate those changes going forward.
Thats exactly what I plan to do, on the 20-25 places in the fideo that lists my name its misspelled 3 times and its just my first name so I'm good,
and don't plan to sell ever anyway. My kids can deal with it after I'm long gone.BajaNuts - 1-26-2011 at 11:27 AM
thanks for the replies and non-legal input.
The $3,500 paid by lauriboats sounds a whole lot better than tehag's nightmare!bajatravelergeorge - 1-26-2011 at 05:11 PM
So, if I want to add a beneficiary to my fidiecomiso, I have to start over from scratch? What happens if my wife passes away and I want to take her
name off of it?longlegsinlapaz - 1-26-2011 at 06:10 PM
Quote:
Originally posted by longlegsinlapaz ANY change
bajatravelergeorge, no, you don't have to start from scratch, they'll revise your existing fideicomiso....at a cost nearly equal to
what your original cost....so don't disown that beneficiary just yet & tell your wife to think twice!
