mtnpop
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Location: Colorado/mulege
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Fideicomiso or Title update?????
Anyone with up to date knowledge on the status of not having to do the Fido process when purchasing property close to the border or the federal zone..
I had heard that the change had passed the first hurdle but have heard nothing else... I am sitting on a contract and would naturallly prefer to not
buy the Notario a new car...
again,,, but I would surmise that they will figure a way to get in my pocket anyway....
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CortezBlue
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Location: Fenix/San Phelipe
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Here is the latest
Earlier this year, in April I think, the Mexican Congress passed a bill to amend the 27th Amendment to allow private individuals, not commercial, to
own, fee simple, property in the zones near natural or international borders.
In Sept or Oct, I have heard both dates, the Senate will vote to pass the changes.
If the Senate passes the changes, then a majority of 32 Governors must ratify the changes.
The question is, if all of the above takes place, how the process will change??
If you have a Fidi, will we have to pay to get it out of the trust?
If you haven't bought and you are not in a hurry, I would tell you to wait, it will save you several thousand dollars.
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DianaT
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| Quote: | Originally posted by CortezBlue
Here is the latest
.......
If you have a Fidi, will we have to pay to get it out of the trust?
.........
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It cost us a couple of thousand dollars to get out of our Fidi and I can't imagine that will change. Too much money is involved for the banks.
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RnR
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| Quote: | Originally posted by DianaT
| Quote: | Originally posted by CortezBlue
Here is the latest
.......
If you have a Fidi, will we have to pay to get it out of the trust?
.........
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It cost us a couple of thousand dollars to get out of our Fidi and I can't imagine that will change. Too much money is involved for the banks.
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Just curious. Why did it cost thousands to get out of the Fidi?
Our fideicomiso contract has a paragraph specifically titled "Termination". The bank fee listed for termination under this paragraph is $500 USD.
What other fees, expected (or unexpected), went into the final total?
[Edited on 8-1-2013 by RnR]
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CortezBlue
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I am not speaking for Dianna, however, I am assuming she changed her Fidi to a Corporation or became a Mexican Citizen
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DianaT
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| Quote: | Originally posted by RnR
| Quote: | Originally posted by DianaT
| Quote: | Originally posted by CortezBlue
Here is the latest
.......
If you have a Fidi, will we have to pay to get it out of the trust?
.........
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It cost us a couple of thousand dollars to get out of our Fidi and I can't imagine that will change. Too much money is involved for the banks.
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Just curious. Why did it cost thousands to get out of the Fidi?
Our fideicomiso contract has a paragraph specifically titled "Termination". The bank fee listed for termination under this paragraph is $500 USD.
What other fees, expected (or unexpected), went into the final total?
[Edited on 8-1-2013 by RnR] |
We never read our fideicomiso contract completely which probably was a mistake. I think I will go back and read the copy we still have out of
curiosity. We know that our yearly fees seemed to be lower than others. I guess they are all a little different in terms??
However, as a part of our closing costs on selling the property, we were told the bank fee for termination was about $2000.00 dollars---I have to look
to see the exact amount. We didn't question it as we have always just trusted the agent who handled the paper work with our power of attorney, and
still do as he has never given us a reason not to trust him.
It sure will be interesting to see what happens in September and October because if it passes, it will save buyers thousands not only in the set up
fee, but in the yearly fees and exit fees. It seemed to pass the house easily, so who knows.
Edited to say about $2000.00 First our agent told us he thought it would be a little over $2000.00 and as it turns out, the agents final accounting
shows it was a few dollars under $2000.00 -- but all to the bank.
[Edited on 8-1-2013 by DianaT]
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DianaT
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| Quote: | Originally posted by CortezBlue
I am not speaking for Dianna, however, I am assuming she changed her Fidi to a Corporation or became a Mexican Citizen |
No, we thought about changing, but never did so. It was just too expensive. The termination fee of $2000. +/- was a part of our closing costs for
selling the property and it was listed strictly as the fee charged by the bank. Later, I will dig out the old copy of the fidi and check it out.
[Edited on 8-1-2013 by DianaT]
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DianaT
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RnR
I looked at our document and from what I can see, it does not include a set fee for termination. From the best I can quickly translate, and that is
not accurate at all, I think it says that the fee would be determined at the time. I will try to translate a bit better later. Thus, the fee we
were charged was just under $2000.00
I guess we should have had it translated at the time, but we didn't and we didn't even think about termination at the time, and I do believe they are
all a bit different. Our yearly fee did go up every year, but it still seemed to be less than I know some people paid.
It will be so much easier and cheaper for buyers if the law does change this year!
mtnpop --- you are smart to sit on that contract as it sounds like it will be settled relatively soon one way or the other.
Curious, since it passed the house so easily, how many think it will pass the senate and gain the approval of the governors?
[Edited on 8-1-2013 by DianaT]
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BajaBlanca
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I think it will pass.
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SFandH
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I spoke with a notario last week about this and he thinks it's going to pass. He said in October.
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rhintransit
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I think the fees for termination include the notary getting a new title and associated fees to cities, etc. the bank charge is just one of many.
reality\'s never been of much use out here...
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DianaT
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| Quote: | Originally posted by rhintransit
I think the fees for termination include the notary getting a new title and associated fees to cities, etc. the bank charge is just one of many.
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Interesting as our statement simply listed, reappraisal fee, bank termination fee, commission and capital gains. So now I am curious and for the
practical purpose of IRS taxes. Besides, what banks are charging would be good information for when and if the law passes.
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