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fdt
Ultra Nomad
Posts: 4059
Registered: 9-7-2003
Location: Tijuana, Baja California
Member Is Offline
Mood: Yeah, what if it all goes right
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Actualy, if you want to know what the law is:
- If you are carrying more than US$10,000, or its equivalent in other currencies, in cash, checks, money orders or any other monetary instrument, or a
combination of them, you must declare the amount exceeding US$10,000. You will not have to pay duties or taxes, but you must declare it on the Customs
Declaration form. Failing to declare it is a violation of Mexican Law and such violation is sanctioned with administrative and even criminal
penalties.
http://www.aduanas.gob.mx/aduana_mexico/2007/A_Pasajeros_Arr...
A cashiers check is a monetary instrument!
A well informed Baja California traveler is a smart Baja California traveler!
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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Thanks everyone for all your help! We will declare with US Border AND Mexican Border authorities.
At least some of the other neighbors there are using the developer's financing, so no large amounts of $$$ crossing the border.
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
Member Is Offline
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SDRonnie, don't forget about the IRS Form 3520. Whether or not you need to file is debateable, but look into it and decide for yourself.
[Edited on 11-15-2009 by k-rico]
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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Thanks, K-rico. Yes, looks like we'll have to file this one, too. Checked with a CPA and he said to not do so would be really risky. While I hate
jumping through all these hoops, we don't want to do anything foolish at this stage of the game. Too much to potentially lose. I don't know what it
is going to cost to file this thing and not even sure if Scotiabank (who hold our fide) will do the part they're supposed to do. We shall see.
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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Ferna, check your U2U.............
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BigWooo
Senior Nomad
Posts: 579
Registered: 1-2-2007
Member Is Offline
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It's a bit late for SD Ronni, but for foreign real estate transactions, First American Title provides a reasonably priced way to have true "escrow"
services in Mexico. I didn't know about them when I did my Mexico transactions, but I recently used them in Nicaragua. Last year I sold a piece of
property there and used First American to control all the deposits and disbursements.
All deposits and payment are made to First American. They draft up an escrow agreement that sets conditions which must be met before money is
released to the Notario, buyer, seller, or any one else who may be receiving payments as a result of the sale. First American handles disbursing the
money...only when proof is provided that the conditions of sale have been met.
The cost for their services in my case was about $500.00 USD. It's protecting the buyer so they paid the cost.
Contact info:
First American Title Insurance Company
Sawgrass Lake Center
13450 West Sunrise Blvd., Suite 300
Sunrise, FL 33323
National: +866.680.4639
Fax: (954) 838-9228
Email: mexico@firstam.com
Tony Antón
Director General, México
1702 Kettner Boulevard
San Diego,CA 92101
T 619-615-0163
C 619-251-1688
F 866-695-6012
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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Well, here's what happened! Downloaded the form to be filed at the U.S. Border, filled it out. Went with our cashier's check to U.S. side of San
Ysidro. The CBP officer there said that we did NOT have to report the check! It was a cashier's check and, as such, could not be cashed by us. I
was so unsure about his answer (though he said he had 19 years' experience) that I wrote down his name! The information, even on the CBP website, is
so ambiguous! Sooooooooooooo, we went to enter Mexico, went into the "declare" lane, they took a copy of the check, copy of hubby's passport, we
filled out a little form and we were on our way to the notario's office. The deal is DONE, we are now the happy owners of our condo we have been
waiting for for oh so long! That balcony is just calling us to toast that ocean with a margarita! Can't wait! This has been a long 3+ years!
Thanks to all of you for the info!
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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Good on ya Ronnie!!!!!....Congrats on your new place.
Will you have a Nomad housewarming party between Christmas and New Years???
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
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Oh boy. How great is that? Kudos to you guys. Buena Suerte.
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noproblemo2
Super Nomad
Posts: 1088
Registered: 4-14-2006
Member Is Offline
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CONGRATS & Welcome to Baja
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SDRonni
Nomad
Posts: 481
Registered: 8-28-2006
Location: Serra Mesa/Rosarito
Member Is Offline
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Nomad housewarming party sounds great, but we will probably be out of town between Christmas and New Year's! Thanks for all the kind thoughts and
words! Greatly appreciated!
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
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 Seduced again.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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I am so glad for you that it's over. I'm also so glad for you that it's just beginning.
Bienvenidos a Mexico...your new home.
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
Member Is Offline
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Hey Ronnie,
Check your fidi, are the annual fees stated in dollars and the allowable annual percentage increase tied to the peso inflation rate?
Bankers are scum the world over.
[Edited on 11-18-2009 by k-rico]
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jkruk
Nomad
Posts: 132
Registered: 9-21-2007
Member Is Offline
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wire transfer
a wire transfer to the notario is also an option. I believe your bank will report it as necessary, the contractor will be paid by the notario.All will
be happy????
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
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I used First American escrow service and was not pleased with them.
First of all, their title search isn't nearly as thorough as Stewart's title search. Stewart goes back as fas the the Mexican revolution, First
American doesn't go back that far.
The first American personnel in the Florida office were very nice and apparently accommodating, but when it came to actually reviewing all the closing
documents that it would require in order for them to be certain that all the criterion are met, they took a giant step backwards. They said that they
only were going to review a few items. Well, that isn't good enough for me. I mean, how can you be certain that all criterion are met if you don't
look at the all the documents? So, in order to protect my money, I had to pay a lawyer to be present at the closing in the notario's office to do the
actual checking of the documents and the entire transaction before I would make payment to the Seller's representative. Instead of using the First
American Escrow to hold and disburse purchase money funds, I wired funds from USA to a Mexcian Bank USD account and issued a check to the sellers from
this account on the day of the closing after my lawyer reviewed and witnessed all documents. I did open an escrow with First American Escrow early on
at the time I tendered the offer for the real estate and I paid them their $500 USD escrow fee and then deposited the 5% purchase money deposit with
them. But after I querried them in detail as to what documents they would review at closing, I was not at all impressed. I don't remember
specifically which exact documents they would and wouldn't review, but I do remember that whatever those documents were that they would review, they
weren't sufficient.
[Edited on 11-18-2009 by MitchMan]
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