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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
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Money across the border
Looks like we may actually be approaching a very close closing date on our condo! We have been advised to get a cashier's check made payable to our
developer, to take to the notario for the closing. We have also been told that we need to register this cashier's check when crossing the border. It
is for a very large sum of money. Do you know if we will have to pay any kind of tax at the border on this money? Or is it just necessary to
register it? I'm sure we will be advised, but am curious as to what you Nomads have heard or know. 
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
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Mood: High
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If they want to sell the property, tell them to meet you in San Ysidro. They will.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
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Never heard of anything like that. If it was cash, I wouldn't be surprised.
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woody with a view
PITA Nomad
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Location: Looking at the Coronado Islands
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if it was cash i wouldn't mention to anybody that i was wanting to "register" it. you wouldn't make it to the first tollbooth.
i like Gull's idea.
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Keri
Super Nomad
Posts: 1393
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Location: La Mision, Baja Norte
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Mood: muy contento
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You are supposed to declare $10,000 or more
It is best to meet in San Ysidro as the Gull mentioned. Let them transport it. Another thought might be to do a wire transfer to their bank acct. but
I don't know if that's feasible,k
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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If they are up front and legit, they will accept a wire transfer, probably to a US bank. Will still probably need a CTR that the bank will fill out.
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
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No, it's not cash.....it's a cashier's check made out to the developer's corporation.........we have to meet at the notario's office for the
closing.........the transaction of giving the check and signing over the property will happen simultaneously at the notario's office. Otherwise, we
would have to wire the money to the developer and then WAIT for him to receive it before he is willing to sign off.....something hubby is not willing
to do. Wants to hand the check over at the same time he signs off. Make sense?????
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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I would check with US Customs and determine if a "Cashiers Check" falls within their description of ........more than "10, 000 in cash"....that you
have to declare
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
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Bajaguy,
Would I check with US Customs for taking the check INTO Mexico?
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norte
Super Nomad
Posts: 1163
Registered: 10-8-2008
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As bajaguy said. check with Customs. I registered money taken out of country once and it is no big deal. They only want to track money laundering
which I assume you are not doing.
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
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Thanks for the info. Nope, not laundering any money, just trying to buy this condo we've been waiting for for over three years! Now that the end is
in sight, we just don't wanna make any mistakes......do you register it right at the border where we had our FM-3's stamped the first time?
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by SDRonni
Bajaguy,
Would I check with US Customs for taking the check INTO Mexico? |
Yes, ma'am.......you have to report anything over $10, 000 (cash) leaving the US. Don't know if the regulations include a Cashier's
Check........again. I think I would set up a wire transfer to an Escrow account.......your seller should not have a problem with that......
And before you make the final payment.......is your "punch list" on the condo complete????.....everything done to spec and your satisfaction???
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SDRonni
Nomad
Posts: 481
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Location: Serra Mesa/Rosarito
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Bajaguy,
Yep, we've been "walking through" for the past several months and have even had ceiling fans/lighting installed. Had another U.S. developer go
through it with us and he was impressed with the construction and attention to detail. Now just have to have all the paperwork in order. Working
with our second attorney on this deal and it is good to finally see light at the end of the tunnel. We just may be able to enjoy this place a few
years before we croak, after all! Crazy that it is now finally happening.....right as the frantic holiday season starts!
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Ronni:
Check this link under definitions.......I think your check qualifies under "Monitary Instruments"
http://www.fincen.gov/forms/files/fin105_cmir.pdf
After 5 years are still finding "little things" that need to be corrected by the builder.
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David K
Honored Nomad
Posts: 65408
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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Don't $100 bills have chips so govt. satellites or those devices at the border can locate them?   
Seriously, a wire transfer between banks has got to be the safest way... right?
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Tano
Nomad
Posts: 106
Registered: 10-20-2009
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Above everything else, keep in mind where the actual “transaction” takes place. If in Mexico, any problems that might arise will have to be resolved
under Mexican jurisdiction; if in the US, well, you know. I would consult with a competent attorney before sinking a lot of money into a deal of this
caliber. Do not lull yourself into thinking that nothing untoward will happen. Cover all your bases, but then, that applies to everything in life.
That’s why America got to be what it is, and other cultures did not.
¡Tengan cuidado!
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by David K
........................Seriously, a wire transfer between banks has got to be the safest way... right? |
..............
I would prefer a wire transfer to an Escrow account
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
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Just put the cashiers check in your pocket and go buy your condo. Why make problems for yourself?
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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| Quote: | Originally posted by DENNIS
Just put the cashiers check in your pocket and go buy your condo. Why make problems for yourself? |
That's exactly what I did. Also, Bank of America made it very clear that cashier's checks are just that, checks. I had one made out to me by Citibank
that I took to BofA, my bank, and asked them to take it and make out one for the same amount to someone else. "No way Buddy, your check has to clear
first", says the bank manager. And this was when everybody thought banks were trustworthy, except bank managers apparently. They were worried it might
be a forgery.
I'd certainly understand the hesitancy these daze.
They are not as good as cash.
[Edited on 11-14-2009 by k-rico]
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noproblemo2
Super Nomad
Posts: 1088
Registered: 4-14-2006
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Do you have any neighbors at the condo complex that you can ask how their transactions were done?
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