BajaNomad - Fideocomiso AND Land lease?

Fideocomiso AND Land lease?

rhintransit - 7-3-2017 at 02:03 PM

An acquaintance is considering purchasing a house in Baja. He has been told he needs to get/take over a fideocomiso and that the land lease will be $200 US/ month. He asked me...why a 99 year lease from the government as well as a lease from the Mexican family which owns the land?

I've not heard of this but there's a lot I haven't heard about in my fifteen years in Baja. Anyone?

[Edited on 7-3-2017 by rhintransit]

DENNIS - 7-3-2017 at 02:15 PM

Nonsense. Why lease your own land?
Attorney time.

[Edited on 7-3-2017 by DENNIS]

DENNIS - 7-3-2017 at 02:20 PM

Quote: Originally posted by rhintransit

He asked me...why a 99 year lease from the government as well as a lease from the Mexican family which owns the land?

A Fideicomiso is not a lease, Roberta. Tell your friend to lawyer up rapido.

[Edited on 7-3-2017 by DENNIS]

pacificobob - 7-3-2017 at 03:58 PM

there are a ton of common misconceptions out there. he needs an English speaking notary or lawyer.( I'll go ahead and assume he has not taken the time to learn Spanish yet)

Marla Daily - 7-3-2017 at 04:21 PM

Fideicomisos are written for 50 years. They used to be for 30 years. If you acquire one of these early ones, they must be extended for another 20 years.

rhintransit - 7-3-2017 at 04:25 PM

Quote: Originally posted by pacificobob

there are a ton of common misconceptions out there. he needs an English speaking notary or lawyer.( I'll go ahead and assume he has not taken the time to learn Spanish yet)

He speaks fluent Spanish, but thanks for the assumption

Yes, he will consult an attorney. My question is, Is there anyone reading this that has both a fideocomiso and a land lease on the same piece of property?

[Edited on 7-4-2017 by rhintransit]

chippy - 7-3-2017 at 06:09 PM

https://www.youtube.com/watch?v=Bk57K4OGrAg

come and get it

SFandH - 7-3-2017 at 06:26 PM

Quote: Originally posted by rhintransit

My question is, Is there anyone reading this that has both a fideocomiso and a land lease on the same piece of property?

If you have property via a fideicomiso you have full and sole use of the property. The previous owner is gone, out of the picture. Nobody to lease the property from.

However if you're asking can a person possessing property via a fideicomiso, lease the property to somebody else, the answer is probably in the terms and conditions of the fideicomiso, maybe yes, maybe no.

Which scenario are you questioning?

[Edited on 7-4-2017 by SFandH]

rhintransit - 7-3-2017 at 07:50 PM

[/rquote]

If you have property via a fideicomiso you have full and sole use of the property. The previous owner is gone, out of the picture. Nobody to lease the property from.

However if you're asking can a person possessing property via a fideicomiso, lease the property to somebody else, the answer is probably in the terms and conditions of the fideicomiso, maybe yes, maybe no.

Which scenario are you questioning?

He was told that he could/would buy the property via a fideocomiso AND then pay a lot lease for the use of the land. Didn't make sense to me, will question him more about exactly what was said. Didn't make sense to him either, so he's trying to figure it out.

[Edited on 7-4-2017 by SFandH][/rquote]

mtnpop - 7-3-2017 at 08:36 PM

Fideo. is title to the land, he would own the land. The improvements are not listed in a Fideo... If he is buying a house on a leased property he does not need a Fiedo... just a solid lease contract.
Sounds like there is not a current Fideo on the property so a new one would be necessary.. If there is already one you can assume the existing at a lower cost for the balance of years left
Fideo's are generally 50 year renewable/inheritable held as a trust with a bank or trust company.
Even paying the original Mexican owner $200 per month for security/maintenance would be rather high IMHO.....
Depending on where he is hire an attorney... many folks here know good ones everywhere in BAJA

pacificobob - 7-4-2017 at 06:20 AM

Quote: Originally posted by rhintransit

Quote: Originally posted by pacificobob

there are a ton of common misconceptions out there. he needs an English speaking notary or lawyer.( I'll go ahead and assume he has not taken the time to learn Spanish yet)

no problem.

[Edited on 7-4-2017 by pacificobob]

DENNIS - 7-4-2017 at 06:33 AM

Quote: Originally posted by mtnpop

If he is buying a house on a leased property he does not need a Fiedo... just a solid lease contract.

Also......let's not lose sight of the fact the land owner [lessor] owns not only the dirt, but everything a tenant [lessee] fastens to that leased/rented lot. That's a plus for mobilehome dwellers. [one of the few]

ncampion - 7-4-2017 at 07:27 AM

Sounds to me that the current landowner is trying to scam the new buyer into paying the $200/mo for nothing. As has been said, once the Fido is in place, the new owner has full use and ownership of the property (via the Trust) and the old owner has relinquished any and all control of the property. Lawyer time.

Quote: Originally posted by rhintransit

[/rquote]

If you have property via a fideicomiso you have full and sole use of the property. The previous owner is gone, out of the picture. Nobody to lease the property from.

However if you're asking can a person possessing property via a fideicomiso, lease the property to somebody else, the answer is probably in the terms and conditions of the fideicomiso, maybe yes, maybe no.

Which scenario are you questioning?

He was told that he could/would buy the property via a fideocomiso AND then pay a lot lease for the use of the land. Didn't make sense to me, will question him more about exactly what was said. Didn't make sense to him either, so he's trying to figure it out.

[Edited on 7-4-2017 by SFandH][/rquote]

DENNIS - 7-4-2017 at 01:41 PM

Quote: Originally posted by ncampion

Sounds to me that the current landowner is trying to scam the new buyer into paying the $200/mo for nothing.
[/rquote]

Prefreekincisely.

MitchMan - 7-4-2017 at 02:59 PM

A fido is a contract document that stipulates a trustee that has title to "something". and further stipulates who has beneficial interest in that "something". Find out if that "something" is real estate or if that "something" is a leasehold interest in real estate only.

Along the way to finding these things out, you should identify the entity that has current actual title to the real estate. That is, does a trustee bank have the title to the property in its name or is the title holder a human or the government or a corporation.

You need to find these things out in a way that gives you first hand knowledge of who or what holds title in the property. That means, you have to see the valid current document with your own eyes.

That info will give you what you need to know in order to determine the proper steps to get the kind of interest in the property that you want, be it a leasehold interest or be it a fido that names a trustee title holder and further names you as the person who has all beneficial interest in the subject property.

There is something very unusual in a circumstance where both a fido and lease are involved, in fact, sounds a little squirrely. So, get the facts on who or what owns the property.

[Edited on 7-4-2017 by MitchMan]

BigWooo - 7-5-2017 at 07:59 AM

If in fact there is no confusion, and the property owner is trying to get lease money from land he will buy via a fideicomiso, I'd walk away from the deal and find something else. If the guy is that dishonest, it's very probable there are other irregularities with the property that will pop up after he's spend lots of money that he will never recover.

baronvonbob - 7-5-2017 at 09:15 PM

As a Note on Fideo, there has to be an appraisal with survey of the property, there are capital gain taxes to be paid or not but an appraisal is required to prove gain or loss as well as value any additional improvements which increase value. Which would make A lease outside of this rather difficult, the Bank holding the Fideo would not approve of those stipulations in the guaranteed title to the property. Fideo's are not cheap and require a considerable amount of paperwork!