| Pages:
1
2 |
toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
|
|
| Quote: | Originally posted by Paulclark
This would be great for development and make buyers feel more secure -- and save the non-Mexican buyer $1,900 USD |
The Fideocomiso fee is around $6,000 U.S. to set up. Plus the annual maintenance fee.
Wow! Conversion from Fido to Fee Simple could get very complicated. Costs could also be high. It will be interesting to see if title searches will
substantiate the alleged title guarantees that the banks and notorios have attested to in the Fideocomisos. Do you suppose the Mexican government
would stand behind us? I see a can of worms grubbing to the surface.
|
|
|
DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
|
|
| Quote: | Originally posted by toneart
I see a can of worms grubbing to the surface. |
For sure, Tony. The conversion could turn into a yearly event.
|
|
|
Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
|
|
I believe that the idea behind the legislation is to encourage foreign investment. It would be counter-productive if it became a situation where
thousands of folks who purchased under the "old" system were excluded from the new rules.
|
|
|
toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
|
|
| Quote: | Originally posted by Bajahowodd
I believe that the idea behind the legislation is to encourage foreign investment. It would be counter-productive if it became a situation where
thousands of folks who purchased under the "old" system were excluded from the new rules. |
Hopefully you are correct. But then you are using logic. 
|
|
|
oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
|
|
I've had 2 experiences trying to terminate a fide with a bank. One, when we sold to a Mexicana who didn't need to assume our fide, and the other time
when we bought a property and chose to switch to our own bank rather than use the bank of the seller's fide.
Both transactions took over 2 years to complete because of the lack of cooperation from the banks giving up the fides. Months and months of no
responses and no follow through by the banks.
You could feel them hanging on like tug-o-war, not wanting to let go of the cash cow.
In both cases, we ultimately offered an "incentive" to the bank reps who were responsible for signing the final paperwork (at the recommendation of
the frustrated notarios ) so we'd finally get some action.
In one instance we paid for the flight of the BancoCremi fiduciary manager to come from the Mainland to sign, along with his time and entertainment
expenses. We'd probably still be waiting if we hadn't.
Fides are a royal pain but since there will be no motivation for the banks to cooperate and expeditiously transfer the titles if this passes, I doubt
that we'll hold our titles in our hands in our lifetimes.
|
|
|
shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
|
|
INCENTIVE!!! LOVE IT....now there is a great word that doesnt get everyones board shorts in a knot. Sad but true that paperwork requires creative
incentives. As much as many here say they would NEVER contribute to a corrupt system...sometimes ya just have to step up to the plate in order to get
things done.
PS: perdoname por este abducion
|
|
|
wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
Member Is Offline
|
|
The root of the title and eviction problems don't come with the sale and exchange of money from seller to buyer, it comes with fraud in the title and
right to sell it in the first place. Any changes would just make it easier and faster for the buyer to hand over their cash to the seller. And there
are still Ejijo lands under the Agraria (sp?) dominion, requiring ejido members' vote, poor title trail due to poor recordkeeping and lack of formal
procedures or official offices 75 years ago. That won't go away. Even if you "win" some title dispute that may arise, who would want to get embroiled
in it in the first place? Attorney's fees suck big time. More unscrupulous developers with their ridiculous grandiose ideas who make "promises" and
don't follow through because they're just plain stupid. That won't go away.
|
|
|
CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
|
|
| Quote: | Originally posted by toneart
| Quote: | Originally posted by Paulclark
This would be great for development and make buyers feel more secure -- and save the non-Mexican buyer $1,900 USD |
The Fideocomiso fee is around $6,000 U.S. to set up. Plus the annual maintenance fee.
Wow! Conversion from Fido to Fee Simple could get very complicated. Costs could also be high. It will be interesting to see if title searches will
substantiate the alleged title guarantees that the banks and notorios have attested to in the Fideocomisos. Do you suppose the Mexican government
would stand behind us? I see a can of worms grubbing to the surface.
|
|
|
|
GeoRock
Nomad
Posts: 329
Registered: 3-7-2003
Location: Mammoth Lakes, CA
Member Is Offline
Mood: Always have one
|
|
Does anyone know when this is going to be voted upon?
|
|
|
ligui
Senior Nomad
Posts: 837
Registered: 2-9-2008
Location: Fraser co.
Member Is Offline
Mood: love Baja !
|
|
does anone know when this is going to be voted on ? bump ...
|
|
|
MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
|
|
Generally speaking, when there is no financial incentive to do something, that something won't get done. If inaction works in someone's financial
favor, that someone won't act until forced. If someone or some entity is getting money for doing nothing, that entity will not do anything to stop
the flow of money and will do what they can to keep the flow of money going. Also, no political entity will stop a flow or source of money coming in
(particularly if it is already coming in) by a voluntary act or edict without some replacement source of income.
Call it logic, greed, practicality, common sense, need, quid pro quo fairness, or whatever you want to call it, that's the way of value and money
anywhere, everywhere. There are hundreds, thousands, millions of examples of this. So, if fideicomisos are going by the wayside, I will believe it
when I see it. And, if it happens, the change will be structured to generate a direct or indirect financial benefit to the government, to business or
to the economy, or to some certain few individuals or entities.
I can concieve of it happening, but the actual specific rules of the change is what will really be of significance.
Three months ago in La Paz, a Bancomer officer told me that they make mortgage loans with a 30% down payment and an interest rate of 15%. If they do
their due diligence on the property and the borrower, that is a winning deal for the bank.
|
|
|
Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
Member Is Offline
|
|
Mitch, you have a flare for stating the obvious. You will go further on this board than many (you'll outlast me for sure). The bank trust origination
fees plus the annual fee to renew (about $400 U.S.) are CHUMP CHANGE to the banks who will now, very reluctantly, renew your trusts. The total
economic impact of all trust fees is less than 00.0007 percent of all bank revenues in Mexico. Shall we have a meeting of the winner and whiners? No.
WHAT COST PARADISE? What would you pay to live here? $1,000 dollars? $10,000 dollars?, nothing?, $5 million dollars? I hope the law passes, you trust
holders who think you pay too much to live in Mexico might find the new law's rules untenable, the fees too gross and unfair and you might all skip on
back to where you can finally get a straight and honest deal on realty.
|
|
|
wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
Member Is Offline
|
|
From what I've read, the Article 27 law will be changed to allow buyers of personal residences only to purchase outright (no bank trust). How does
this work for developers of condominiums? The condo building is in a bank trust and all the condo buyers are not? Where's the safety in that? Even
if it passes, it will be years before the Mexican counterparts to escrow, title search, title insurance, standard legal forms, procedures, the persons
who will know how to effect a proper sale will become reality. And once all the concerned entities create their origination fees, document
preparation fee, signing fee to notary, escrow fee, recording fee, closing fee, title insurance fee the notorios and bankers will simply shift into
new roles and collect different kinds of fees. And there will still be bank trusts.
PS: Paradise is in the eye of the beholder.
|
|
|
Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
Member Is Offline
Mood: undecided
|
|
About those real estate laws. Sure, they can be changed. Then they can be changed back. Then they........ "The highway goes on forever and the party never ends."
|
|
|
GeoRock
Nomad
Posts: 329
Registered: 3-7-2003
Location: Mammoth Lakes, CA
Member Is Offline
Mood: Always have one
|
|
Does anyone know how one would follow the outcome of this issue? A good website for Mexican news in English? Anyone know when it is to be voted
upon?
|
|
|
woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
|
|
| Quote: | Originally posted by wilderone
From what I've read, the Article 27 law will be changed to allow buyers of personal residences only to purchase outright (no bank trust). How does
this work for developers of condominiums? The condo building is in a bank trust and all the condo buyers are not? Where's the safety in that? Even
if it passes, it will be years before the Mexican counterparts to escrow, title search, title insurance, standard legal forms, procedures, the persons
who will know how to effect a proper sale will become reality. And once all the concerned entities create their origination fees, document
preparation fee, signing fee to notary, escrow fee, recording fee, closing fee, title insurance fee the notorios and bankers will simply shift into
new roles and collect different kinds of fees. And there will still be bank trusts.
PS: Paradise is in the eye of the beholder. |
my eyes just glazed over......
p.s. Paradise is in the eye of the beerholder!
|
|
|
wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
Member Is Offline
|
|
The initiative was proposed March 5, 2009. “The initiative is by no means guaranteed. Mexico’s current congressional session, with the largest block
of seats [207 of 500] in the Chamber of Deputies held by the government's National Action Party (PAN), ends on April 30th, and the resulting lame duck
deputies will be replaced as of September 1st, after July 5th elections.”
“Thus it is likely that the future of this Senate initiative will become clearer against the backdrop of September’s new congressional session.”
“It may not be coincidental that Senator López’s own state of Sinaloa is slated to be the benefactor of the upcoming Pacific Coast Integrally Planned
Center, an expanse of tourist development 80 miles south of Mazatlán that will be twice the size of Cancun and officially funded by the National Trust
Fund for Tourism Development (FONATUR). Development has been planned to begin this year and last until at least 2025. FONATUR committed $5 billion
pesos to the venture, with another US$6.638 billion expected through private national and international investments.”
|
|
|
| Pages:
1
2 |
![[*]](images/xmbforum/default_icon.gif){kind=icon}
