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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
| Quote: | Originally posted by k-rico
Please elaborate. What problems have you seen with land held within a fideicomiso? |
I think some of the owners out at Punta Banda who were dispossesed of their houses had Fideicomisos.
[Edited on 8-27-2010 by DENNIS] |
I thought that was all leased land. I'd sure like to know for sure if houses held within a fideicomiso were "dispossesed" and if so the details,
especially the bank involved.
Hard to believe. It would be the first time I've heard of such a thing and I've been reading about fideicomisos and Mexican land ownership for over 6
years.
If it happened, it sure is a rare event. But then again, the Punta Banda debacle was an extremely rare event. Too bad it's used as an example of
issues surrounding Mexican real estate transactions.
[Edited on 8-28-2010 by k-rico]
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Udo
Elite Nomad
Posts: 6364
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
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Mood: TEQUILA!
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K-rico:
Please check out the recent thread on the Tenacatita Bay evictions, everything was done by the book, by the owners, including the banks
involved
| Quote: | Originally posted by k-rico
I thought that was all leased land. I'd sure like to know for sure if houses held within a fideicomiso were "dispossesed" and if so the details,
especially the bank involved.
Hard to believe. It would be the first time I've heard of such a thing and I've been reading about fideicomisos and Mexican land ownership for over 6
years.
If it happened, it sure is a rare event. But then again, the Punta Banda debacle was an extremely rare event. Too bad it's used as an example of
issues surrounding Mexican real estate transactions.
[Edited on 8-28-2010 by k-rico] |
Udo
Youth is wasted on the young!
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monoloco
Elite Nomad
Posts: 6667
Registered: 7-13-2009
Location: Pescadero BCS
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| Quote: | Originally posted by MsTerieus
| Quote: | Originally posted by bajamigo
Most of us down here are fully aware that you can't make the landlord "perform," because a lease is just that---it's not an enforceable contract.
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What are you talking about? Of COURSE a lease is an enforceable contract! (subject, of course, to any shenanigans of the local courts, judges, etc.)
The problem is that you cannot go directly after the neighbor; you must go after your landlord and force HIM to go after the neighbor. You pointed
out a good reason why such an action would not be wise, i.e., it would ruin your relationship with the landlord. The situation MIGHT be different if
you could go after the neighbor instead. |
Yeah, you can hire a lawyer and take them to court, and in 10
years when it's finally decided your lease will have already expired and the only ones to have gained from the whole exercise will have been the
lawyers. The only reasons to start a court proceeding in Mexico are to either tie something up for a long time or to drain someones bank account, to
hope for any other outcome is pure fantasy.
[Edited on 8-28-2010 by monoloco]
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MsTerieus
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Registered: 6-8-2010
Location: Punta Banda, Ensenada, Baja California
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| Quote: | Originally posted by monoloco
Yeah, you can hire a lawyer and take them to court, and in 10 years when it's finally decided your lease will have already expired and the only ones
to have gained from the whole exercise will have been the lawyers. The only reasons to start a court proceeding in Mexico are to either tie something
up for a long time or to drain someones bank account, to hope for any other outcome is pure fantasy.
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Well, the same can be said for litigation in the U.S., with possibly one difference being that, at the end of the 10-year period (or whenever),
something akin to justice may be achieved.
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Mulegena
Super Nomad
Posts: 2412
Registered: 11-7-2006
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BUYING REAL ESTATE IN MEXICO
Here are some guidelines for success in a real estate acquisition in Mexico:
1. Be sure the agent you select to represent you is a real estate professional. He or she should be a member of AMPI, the Mexican National Real
Estate Association. Ask for references, check them out. Be satisfied the person representing you is experienced in Mexican transactions.
2. Insist that the person representing you, represent ONLY you, the buyer, and not also the seller unless you understand, agree to and sign an agency
disclosure agreement.
3. Consider only the purchase of PRIVATE property. Ejidal property is often offered at a far lower price but it cannot legally be sold or promised
to be sold until it becomes private property.
4. Be certain that you and your agent are dealing ONLY with the owner of record or his or her legitimate power of attorney. Insist upon receiving a
copy of the seller’s deed as a condition of your offer. If you
and /or your agent don’t understand Spanish, get it translated.
5. . Avoid costly and time consuming litigation, insist upon including a binding arbitration clause in your contracts with the seller and other
parties involved.
6. Get a title investigation and buy title insurance for the full amount of your purchase price. While the initial search may seem expensive for
some areas, the title policy transfers risk to the insurance company, and minimizes yours as the buyer.
7. Think carefully about how you acquire title in order to avoid or minimize probate and transfer costs in the future.
8. Closing costs may run from 13% to 20% of the cost of a $50,000. dll. property! The multimillion dollar property will be about 3.5% of purchase
price. Certain costs are fixed regardless of value. Be sure to budget for closing costs and get a full estimate in writing from the company
supervising your transfer.
9. The major portion of your payment for the property should be withheld or held in escrow until the deed has been signed by the seller and, if
applicable, the bank trustee (if a fideicomiso).
10. INSIST upon receiving a registered title document for your property. If the seller is financing the property, sign a document protecting his
interests in the event of your default. Be SURE you know the amount which is declared in your deed and understand the tax implications of same.
11. Use an experienced neutral third party to supervise the transfer of title to you.
taken from Yahoo Group: La Paz Gringos today
re: settlement-co.com
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BajaBlanca
Select Nomad
Posts: 13237
Registered: 10-28-2008
Location: La Bocana, BCS
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Mulegena - good information. Especially on the Ejido portion.
What I find confusing is why a bank wd hold a fideicomiso on a title that was not valid.
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MsTerieus
Nomad
Posts: 462
Registered: 6-8-2010
Location: Punta Banda, Ensenada, Baja California
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Yes, good advice. I'd add to it:
(1) DON'T agree to dual representation, i.e., having the agent represent both parties.
(2) Consider, especially if there is anything complicated about the way you plan to hold the property, retaining an attorney to review the paperwork.
Frankly, if I find a property on my own, I am not sure how useful a real estate agent would even be to me.
As to why a bank would hold an invalid title: Banks don't do the title searches, and they probably don't care WHAT they are holding, as long as their
fees are paid.
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wilderone
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"binding arbitration" - are there qualified aritrators in the region where the property is? Most land disputes need to be adjudicated in the county
where the property is situated. And never waive your right to a jury trial.
"title policy transfers risk to the insurance company" - absolutely read the title pollicy exclusions - you'll find many.
"If the seller is financing the property, sign a document protecting his interests in the event of your default." What protection of his interests
would this document specify? His right to claim back property through foreclosure procedure? Payment regardless?
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MsTerieus
Nomad
Posts: 462
Registered: 6-8-2010
Location: Punta Banda, Ensenada, Baja California
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| Quote: | Originally posted by wilderone
"binding arbitration" - are there qualified aritrators in the region where the property is? Most land disputes need to be adjudicated in the county
where the property is situated. And never waive your right to a jury trial.
"title policy transfers risk to the insurance company" - absolutely read the title pollicy exclusions - you'll find many.
"If the seller is financing the property, sign a document protecting his interests in the event of your default." What protection of his interests
would this document specify? His right to claim back property through foreclosure procedure? Payment regardless? |
Good point about exclusions in title insurance.
At least in the US:
(a) An agreement to submit disputes to binding arbitration IS a waiver of jury or any other court trial. Such a waiver IS OFTEN a prudent thing to
do, depending on the circumstances, and maybe even more so in Mexico.
(b) The parties may agree to hold the arbitration wherever they want, with whatever arbitrator they want. (I'd guess that a good arbitrator would
be a willing competent and ethical notario or other real estate attorney (if such exist).
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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from the Wall Street Journal:
"In the Mexican judicial system, testimony isn't given in an open courtroom before a jury, but in office cubicles in front of lawyers. Typically,
neither the judge nor the defendant is present. The judge rules based on the transcript and case file."...
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monoloco
Elite Nomad
Posts: 6667
Registered: 7-13-2009
Location: Pescadero BCS
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Avoid the Mexican legal system at all costs, it is a joke, they are still using onion skin and carbon paper. They have one person at the court whose
only job is to bind together all the case files with a needle and thread. I'm not joking about this. The average case takes 10 years to adjudicate.
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