BajaNomad

Fideicomiso Questions

DBaja - 11-29-2019 at 11:48 AM

Hello All,

Im new to this community and in need of some advice!

BACKGROUND:
A family member of mine has become ill and can no longer manage his small/modest property in San Juanico. He is now back in the US and the property is in need of help. As a result I am in the process of inheriting the property as well as the responsibility of remote management. My wife and I travel down to Baja at least once a year and are thrilled on this opportunity, but as you all know this isn't an easy task. This is where I need your advice!

I have started working with a reputable Mexican attorney to change my name as the sole beneficiary on the trust. I have the option of altering and continuing the Fidei contract with Banorte or starting a new one and paying the associated fees of canceling and starting new with a different bank.

As I said the current trust is a Fideicomiso through Banorte, whom I have heard mixed reviews about. I have been quoted 2 separate annual fees from 2 different Banorte branches regarding my current dues. Neither match up to the agreed amount on the Fidei. The Fidei started with an annual fee is 350 USD with a max increase of 10% every 4 years. The lowest statement of the 2 given by Banorte is a current annual fee of 491 USD (should be 465 USD according to my math), thats with a 50 year contract. The second quoted statement from Banorte was waaay higher, not sure why that could be. My Mexican Attorney says to simply pay the lesser amount and essentially not concern myself with with inflated statement from the other branch. Now that you have the basic background here are my questions...

QUESTIONS:

1. Do my annual fees through Banorte sound fair to everyone?
2. Should I continue my family members contract or start new and pay the associated fees?
3. Are there any terms worth negotiating if I do continue my family members contract (I was told the annual fee was not negotiable if I want to keep the same Fidei)
4. Any other advice as I embark on this new chapter?


Thanks in advance!!!!

BajaTed - 11-29-2019 at 02:04 PM

Step 1# go to the regional Publico Notario and physically see the Publico Notario Book with the page that has your family fideocomiso and take pictures of it or scan the pages. Take note of the Page#'s and the Book Number#.
Now your attorney has something to work with and your legal document ducks are in a row.
This is the due diligence you gotta do. Hope this step works out for you, I have seen this part go south and then all bets are off.

Me and my two brothers modified a 2004 Santader trust from six grandkids to two, it can be done.

mtnpop - 11-29-2019 at 02:10 PM

Most likely there will be a fee of some kind to transfer the Fidei to your name along with some paperwork. Anyway that is what many we know have run into.
Also whatever the annual fee is there is 16% IVA added to the annual fee... Never have figured out why there is a tax on a trust payment but that is what we have dealt with for years...
If you want it in your name you will have to do the dance with the devil and pay whatever the fees are for the transfer.which could be 4 $$ figure before you are done....

DBaja - 11-29-2019 at 03:58 PM

Thanks BajaTed, thats great advice. Currently I have the original Fidei in my possession, so does my attorney. Right now all said and done Im looking at 6K USD to modify the current contract (taxes, Notary fee, appraisal, capital gains, attorney, etc etc etc). Even more if I decide to create a new Fidei with a different bank. Im just not sure if its worth it?

So at this point my main question is, do I stay with Banorte or should I go with another bank and pay the extra fees in hopes of getting a better contract with a more reliable bank. My current contract doesnt seem that bad but I wanted to get input from others.

I'll be heading down in January to get things going.

All other advice is welcomed as well!

DBaja - 11-29-2019 at 04:03 PM

AHHHH, I didn't account for the 16% IVA tax. That could explain why its not adding up. Still not sure why I would get 2 completely different bills from different Banorte branches.:?:

Warf - 11-29-2019 at 04:33 PM

Even if you choose to go with another bank and a new fideicomiso, you will still have to pay to dissolve the old one. Usually an expensive event.
So you pay to get out of the old one...and you pay to get a new one.
Usually fideicomios have a clause that identifies a substitute beneficiary. If that's you, your decision should be an easy (and much cheaper) one.
Keep the original. Your annual fee to the bank is within a few dollars of what I pay to Scotia Bank.

BajaParrothead - 11-30-2019 at 09:39 AM

Quote: Originally posted by mtnpop  
Most likely there will be a fee of some kind to transfer the Fidei to your name along with some paperwork. Anyway that is what many we know have run into.
Also whatever the annual fee is there is 16% IVA added to the annual fee... Never have figured out why there is a tax on a trust payment but that is what we have dealt with for years...
If you want it in your name you will have to do the dance with the devil and pay whatever the fees are for the transfer.which could be 4 $$ figure before you are done....

I just paid $1800 USD to cancel a fidei and record the property in an escritura.

DBaja - 11-30-2019 at 03:50 PM

Yikes, I figured a cancelation fee would be expensive but that definitely puts things in perspective!

Hook - 12-1-2019 at 03:45 PM

Quote: Originally posted by BajaParrothead  
Quote: Originally posted by mtnpop  
Most likely there will be a fee of some kind to transfer the Fidei to your name along with some paperwork. Anyway that is what many we know have run into.
Also whatever the annual fee is there is 16% IVA added to the annual fee... Never have figured out why there is a tax on a trust payment but that is what we have dealt with for years...
If you want it in your name you will have to do the dance with the devil and pay whatever the fees are for the transfer.which could be 4 $$ figure before you are done....

I just paid $1800 USD to cancel a fidei and record the property in an escritura.



That sounds like a REASONABLE amount to me. To each, his own.

DBaja - 12-2-2019 at 12:39 AM

I’ve decided to alter/keep the original Fidei and not pay the extra fees of starting over. I can update as things progress if anyone’s interested.

larryC - 12-2-2019 at 08:13 AM

Quote: Originally posted by DBaja  
I’ve decided to alter/keep the original Fidei and not pay the extra fees of starting over. I can update as things progress if anyone’s interested.


How many years are left on the existing fidie? That should also be a consideration. When I took over mine there were 44 years left on the existing fidie so it was a no brainer but if there were only 10 years left?

DBaja - 12-2-2019 at 10:08 AM

The Fidei is about 9 years old, so 41 years left! Why was it a no brainer for you? What banks, terms, etc. Please explain, thanks!

Hook - 12-2-2019 at 04:37 PM

Quote: Originally posted by lencho  
Quote: Originally posted by Hook  
That sounds like a REASONABLE amount to me. To each, his own.

I think they're milking the goose; how many person-hours of work you think goes into that process? :D


Since when did hours of work have anything to do with a bank's charges?

How many hours of work go into assessing "points" on a mortgage?

queseyo - 12-3-2019 at 11:57 AM

Just a tangent....
Does anybody have contact information for Banorte in BCS? I'm in LTO.
Just found out Banco Interacciones has transferred our trust. Lourdes gave me a contact email but I've not received a response from that person.... I need to get in and catch up on what is now a past due balance.
Gracias

DBaja - 12-4-2019 at 07:31 PM

Valeria Zetina Perez

ANALISTA OPERACIÓN JR APLICACION

Dirección General Adjunta de Operaciones

valeria.zetina.perez@banorte.com

Directo (624) 1469017 Red 8609 3142


Not BCS but Valeria is in charge of trust collections for Banorte, good place to start

Teresa - 1-17-2020 at 05:16 PM

Hola DBaja, I have my office in Ciudad Constitución and part of my work is about do, change and translate Fideicomisos (trust), Right now I am working with 2 Fideicomisos that I have to transfer the rights, my advise to you for my experience is to transfer the rights and continue with BANORTE, if you want to talk with me or get another information, please contact me my email is fort65@hotmail.com

Valeria Zetina is who is in charge in San Jose del Cabo of the fee of the fideicomisos but who is in charge of the changes and transfer and a new fideicomisos is Julieta Evelyn Roldan, she is in the same office that Valeria


[Edited on 1-18-2020 by Teresa]

larryC - 1-17-2020 at 05:32 PM

Quote: Originally posted by DBaja  
The Fidei is about 9 years old, so 41 years left! Why was it a no brainer for you? What banks, terms, etc. Please explain, thanks!


It's a no brainer because at my age I am not going to live another 44 years so it will be someone else's problem.

DBaja - 1-17-2020 at 08:39 PM

Just to follow up for those who are interested, I recently returned from my trip to handle my Fideicomiso title transfer.

Banorte (who bought out Fiduwhat) now has a set annual fee of 450.00 + tax USD. This is actually a much better situation than my previous 400 + 10% increase every 4 years.

I will be sticking with Banorte for my Fideicomiso.