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Lobsterman
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Spot on lookingandbuying!
[Edited on 3-24-2011 by Lobsterman]
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ramuma53
Banned
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Jesse the clown liar
As always, you just spill lies that you are unable to support and ignore direct questions like the ones lookingandbuying is making to you, why don´t
you answer them???
Also, your advice is completely wrong and I will tell you why:
You advice to ´disregard all the information about a place and buy where wealthy Mexicans do it´ is completely wrong and I will make just one example.
In Ensenada, the extremely wealthy Baja Governor´s cousin, allied himself with the local ejido and took land from some unknown and not at all wealthy,
private National Land owners, he was and is actually very wealthy, since he owns the shopping malls in Rosarito Beach too and he tought exactly the
way you do; he put his big reputation behind the Punta Banda development and convinced several Americans to build big expensive houses there.
Those Americans were not that closed minded, they asked for advice to the American Consulate in Tijuana, who consulted me, I told them that they were
over National Land and that the private property owners would at the end win in court; also they consulted the Baja Governor Ernesto Ruffo Appel, the
developer´s cousin and he told them, that there would be no problem there, that he would see that the land problems, never reach the American buyers
and the American consulate disregarded my advice.
Of course the Baja Governor made a big effort and talked to the SRA Secretary and they together slowed the legal process and fought the private
property owners in court all the way to the Supreme Court, where the Supreme Court ordered the SRA Secretary, to put the private owners in physical
possession and gave him 15 days to comply with the court order or leave his job.
The last day, at 11 PM, the SRA Secretary, put the private property owners based on National Land title in definitive possession and the American
buyers from a wealthy influential Mexican, lost their houses and I think I made my point here.
It is true, influential people in Mexico and in any place in the world, included the USA can go away with a lot of things against poor ignorant
people, most of the time, but if the people who are being taken advantage from, are not so poor or are very well informed, the influential people burn
themselves; because they use public officials who put their job on the line for them and if they cause the public officials to have a big public
problem and in some cases lose their job, the influential people no longer has influence and the public officials prefer to have their jobs, than to
commit political suicide in an influential people benefit, even if they already received money for it; in that case, they just stop taking the
influential people´s telephone calls and if he try to see them in person, they are just in a very important meeting.
Another example happened near Tijuana, where some of the wealthiest guys in Tijuana and also the biggest landowners, tried to take the land from the
then 5th Army battalion installations, they supposedly had a lot of political power and the Baja governor was behind them; they took the army to
court, with some of the most expensive and influential law firms against them. The Army consulted me and we told them, that that land was also
National Land, because it was out of the Tijuana Ranch, they went to court with the information and you can see, that the Army is still there and not
only that, they took all the land from the supposed owners around there and grew the installations, while the land supposed land owners were not able
to locate the then Baja Governor for more help.
Wealthy Mexicans are not exempt from land problems, they are part of the problem, because they know the problem for a long time, but they profit from
it and I am not at all, defending them here, I am defending the buyer, who have a right to know that they are buying land problems and more when they
are guests on this country, but also if they are Mexicans.
We all can notice that you as the developers advocate, want to desvirtuate this information, but you have to do a better job, or they will certainly
not pay you, also if you are going to attack me, you have to provide exact information or proof, that is part of your job, any other way, the only one
who will get another liar brand, will be you again.
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Woooosh
Banned
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| Quote: | Originally posted by Lobsterman
Spot on lookingandbuying!
[Edited on 3-24-2011 by Lobsterman] |
SECONDED!
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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ramuma53
Banned
Posts: 793
Registered: 2-27-2003
Location: Mulege B.C.S. Mexico
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SDRonni
´So, in your opinion, should all fideicomiso holders of condos in Las Olas I, Las Olas Grand and Mar Y Sol be shaking in their boots?´
Yes, before those developments existed in 1992 to 1994, the land was sol to Tomas Corona Rodriguez and then he gave the right to Maria Elizabeth
Espinoza Montaño who finished the National Land Procedure and is in the brink of getting her National Land title and when that happen, she will come
with the Federales and take the land back from those developments, exactly like in Punta Banda.
Those developments belong to the Hugo Torres Chavert group with one of his cousins as front and he know for a long time the National Land procedure,
because he bought the National Land owner attorney Fernando Gomez Chavez to lose the legal case, he gave him a condo in one of his towers where he
lives to this day, but the National Land procedure is not subjected to time limitations of legal maneuvers and has continued in the SRA where it is
being finished at this time.
A lot of people on those developments knew about the problem and asked for their money back but some remained and new buyers were convinced by the
Torres group publicity and those people are going to have to live through another Punta Banda and of course they will again cry that they are being
taken advantage from and blame Mexico.
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lookingandbuying
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| Quote: | Originally posted by mtgoat666
| Quote: | Originally posted by JESSE
jesse:
people that ignore opinions about ramsanus53 and listen to his advice deserve what they get. |
Goat,
I tell you what...I for one would rather fully understand the issues about buying property and trying to do so in a safe manner to avoid future
problems.
Please tell me, exactly what is going to be the problem that people are going to have if they "don't ignore the opinions about Rumana53?" What bad
thing is going to befall us if we adhere to Rumana53's advice about FIRST checking the National Land title issue if we are planning on buying a
property? Please try to be as specific as possible.
I find the picture that both you and Jesse have attached offensive for what it portrays and it truly does not add any value to the discussion.
Furthermore, the jab by misspelling the handle used by Rumana53 on the board does not really help with understanding this subject either. Why does
there have to be such insults over a serious, interesting and very important topic?
As this is a very serious discussion and issue, what are you guys trying to hide, and why? I would find it more appropriate if you could respond in a
manner that adds value to this important discussion. If there is something more specific please add it.
I for one would prefer to learn about the issues that may cause problems before buying a place versus letting the money fly and discovering that I
have a problem later. As it stands now, many many people have lost money and their homes as a result of the title issues in Baja. Let's try to fully
understand this problem so we can save our own arse and maybe also help someone else down the road also. This should be a good thing.
Thank-you |
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ramuma53
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MitchMan
´How good is the title that is held when a fideicomiso is involved in a La Paz property?´
A fideicomiso is a Bank Trust holding the property rights and making sure the American owner have and will have during the life of the bank trust the
possession of the real estate subjected to the fideicomiso and if a problem explode that deprive the American of the possession, the Bank supposedly
will have to pay back the American who is the Bank trust beneficiary.
Supposedly the bank must check that a legal title exist and is good and legal, but we have found out that that is as good as the attorneys they use
and they usually do not know anything about national land rights and I to this day do not know why they do not do what I am advising you here, check
the title chain up to the first document that has to be a National land title.
A lot of times, the Bank trust only protect the price paid for the use of the land and the American then build the house on top and the house is not
protected by the bank trust.
This mean that the bank trust only protect part of your money and is not, a guarantee that you will not have land problems, because the service they
provide, is not the best quality and this fact, is part of the big problem, because it should be the best quality.
[Edited on 3-24-2011 by ramuma53]
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wessongroup
Platinum Nomad
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Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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WoW.... Common sense... what is this place coming too....
Good post "lookingandbuying" spot on....
Let's get past personality and stick with the "structure" of how a real estate transactions "risk" can be reduced... to almost zero... nothing ever
reaches zero risk... however through proper due diligence one can reduce the risk... and I must agree... that seems to be something which would help
the "economy" of Baja and/or Mexico more than a single thing... the ownership of property in a foreign Country... just makes sense...
What has been learned must be unlearned... and a new set of instruction developed which can serve as a "road map" obtaining a property in Baja and/or
Mexico with the least amount of risk .... 
Really appreciate all input on this... has been a wealth of information which is not readily found anywhere... and now one has the tools to FIND the
correct information .... That is a big step in my book....
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ramuma53
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MichMan
La Paz area land is on top of a National Colony and was protected by colonial titles that were not full private property titles and most of La Paz is
at this time National Land property with only a few National Land procedures going on to buy the land from the Nation.
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lookingandbuying
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Bank Trust-National Land title
Ramuma53,
Hope all is well with you. I have a quick question and would like to hear your thoughts on the subject.
I was reading somewhere on the Internet about the National
Land title problems. In part of the article it discussed where many of the properties that have this problem are held in a Bank Trust. I believe it
said something to the effect that it was the bank's obligation as the trustee to ensure that the property was free of any liens.
If the is the case (the trustee should be ensuring title is clear) would the bank's that are acting on the behalf of these home owners be liable for
correcting the problem. If this National Land title problem did explode I am sure some of the banks that are not involved to much would help correct
or pay for the problem just as a matter to salvage their reputation in the mess. But, in other cases some of the banks have done a lot of trusts and
the costs involved to correct the problem would be to big for them to cover.
So with the above background, my question is: what are your thoughts about those properties that may have a National Land title defect and are held in
a bank trust. Would the bank be legally liable to correct the title defect problem because they are the trustee?? I ask this question more so because
the Punta Banda properties were not held in bank trusts (I believe). Anyway, it is going to be interesting to see who ends up being liable to pay for
these problems, if they do erupt.
Thank-you
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wessongroup
Platinum Nomad
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| Quote: | Originally posted by gnukid
1) Do not look ever for legal advice from a 'lawyer' posting on a forum.
2) A certain nomad along who participated in this thread shares equal responsibility for this promotion. |
To the first... yes... or just about any place... the law can be accessed and "current" rulings can be discovered .... if one needs a "lawyer" for the
Courts... arrangements can be made...
Second... didn't see a promotion here for anything other than answers to some very basic questions ... and a systematic procedure to follow when
"buying" land in Baja... given the current "flux" of knowledge on a couple of prime points .. who owns the property, being the first !!!!
and document that "fact" then move to the next stage of the property transaction...
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jenny.navarrette
Banned
Posts: 275
Registered: 3-3-2011
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| Quote: | Originally posted by ramuma53
A fideicomiso is a Bank Trust holding the property rights and making sure the American owner have and will have during the life of the bank trust the
possession of the real estate subjected to the fideicomiso and if a problem explode that deprive the American of the possession, the Bank supposedly
will have to pay back the American who is the Bank trust beneficiary.
Supposedly the bank must check that a legal title exist and is good and legal, but we have found out that that is as good as the attorneys they use
and they usually do not know anything about national land rights and I to this day do not know why they do not do what I am advising you here, check
the title chain up to the first document that has to be a National land title.
A lot of times, the Bank trust only protect the price paid for the use of the land and the American then build the house on top and the house is not
protected by the bank trust.
This mean that the bank trust only protect part of your money and is not, a guarantee that you will not have land problems, because the service they
provide, is not the best quality and this fact, is part of the big problem, because it should be the best quality. |
That is entirely incorrect, ramuma. You have drifted away from your area of expertise. As you are a Mexican, and have no need for a fideicomiso, that
is understandble. The bank has no obligation for any title defects. The bank receives the title from the buyer and holds it for the buyer. If the
title the bank receives is bad, it is not the banks problem. You are characterizing the bank as some kind of title insurance guarantor.
The notario would be responsible to the buyer for a title problem he did not identify, not the bank. However, there is no notario in Mexico with
enough assets to cover the losses from just one of those Rosarito condos when it blows up. In any event, the problem would just be drawn out in the
courts until the notario involved dies from old age and there is no one to chase.
By the way, a fideicomiso is not a "Bank trust". A trust is a three-party agreement involving a trustor, a trustee and a beneficiary. There are no
trusts in Mexico -- no enabling legislation. A fideicomiso is a two-party contract between the buyer and the bank. There are legal protections that
keep the fideicomiso seperate from the bank's assets and the bank's creditors.
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jenny.navarrette
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| Quote: | Originally posted by lookingandbuying
Ramuma53,
I was reading somewhere on the Internet about the National
Land title problems. In part of the article it discussed where many of the properties that have this problem are held in a Bank Trust. I believe it
said something to the effect that it was the bank's obligation as the trustee to ensure that the property was free of any liens.
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You are confusing a good title with a lien-free title. They are two entirely different things. You can have a good title to a property and still have
it subject to liens.
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E.D.R.Rick
Junior Nomad
Posts: 36
Registered: 2-24-2010
Location: sacramento/san felipe
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| Quote: | Originally posted by ramuma53
For those that have questions about Real Estate aquisition in Baja.
The real thing, not for the people who think that, just having confidence on a public notary si enough.
Baja is considered all ver Mexico as a very difficult place to buy for foreigners and nationals alike.
The lack of confidence has scared most of the would be buyers in Baja California on the Ensenada Tijuana strip and the local authorities, have taken
advantage of this problem instead of correcting it, if you have questions about the real state of afairs on Real Estate, make your questions here.
I am the "La Verdadera Historia de Rosarito" and "Cronica de un fraude a la Nacion" author, publications on the ABC Estate newspaper and several
national publications, concerning the Real Estate problem in Baja, 30 years experience on the subject. |
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lookingandbuying
Nomad
Posts: 102
Registered: 3-15-2010
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| Quote: | Originally posted by jenny.navarrette
| Quote: | Originally posted by lookingandbuying
Ramuma53,
I was reading somewhere on the Internet about the National
Land title problems. In part of the article it discussed where many of the properties that have this problem are held in a Bank Trust. I believe it
said something to the effect that it was the bank's obligation as the trustee to ensure that the property was free of any liens.
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You are confusing a good title with a lien-free title. They are two entirely different things. You can have a good title to a property and still have
it subject to liens. |
I don't think I'm confused 
As good title is defined as: A title that is free of liens and legal questions as to ownership of the property. A requirement for the sale of real
estate. also called just title or clear title or free and clear .
Lien-free title is a term used for a property that is owned outright by an individual(s), listing that individual(s) on the title as the registered
owner. There is no outstanding loan obligation on a lien-free property.
We of course can own a property and have good title to it that is subject to liens. This is what the question was really about. People "think" they
are buying a property that is free of any superior liens than those of which they are acquiring or placing themselves on the property. And, this
appears that it is not the case as there is a lien that is a superior lien to their interest in the property as a result of the National Land title
issue. Because of the issue of National Land, people that are buying or have bought a place are NOT getting either good title or a lien-free title.
The problem is that they do not know this and they think they are buying a place free of liens (paid in full), other than those they have created or
other minor issues like easements etc.
In a fideicomiso, more commonly referred to as a Bank Trust, there are 3 parties involved as in all trusts, the settlor, trustee, and the beneficiary.
The fideicomiso does in fact have all 3 elements so it is in fact a trust arrangement.
Regarding the banks involvement, I would agree that the bank holds these trust assets separate from those of the bank and the bank's other assets.
This means that the the banks assets should not be subject to claims arising out of these trust arrangements and also visa versa the creditors of the
bank would not have claims to any of the assets of the trusts that are held. This being the case it is still a murky issue at best. Since the bank
is acting in this capacity they may have some obligations to the beneficiaries. More so if they were on notice of these title defect issues and just
did business as usual and kept collecting the fees year in and year out.
I certainly would not want to ever find myself in the position of trying to go after the bank in regards to getting my money back after losing it
because of a National Land title defect. I would prefer to discover the problems, if any, prior to letting the money leave my bank savings.
As far as bank trusts being legal in Mexico I did see the following: President Echeverria approved the bank trust, Mexico fideicomiso, form of
ownership which is available to non-Mexicans This regulation was further expanded in the Foreign Investment Law of 1989.
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Woooosh
Banned
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Location: Rosarito Beach
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I don't know who this newbie Jenny.navarette is, but it would seem she has joined Nomadlandia with a Rosarito real estate agenda of some sort. Not
many newbies come out of the box this strong.
S/he posted on Maggies site that the there was a "hit" order out for me because of the discussion of narcos and real estate development taking place
on another thread. That isn't true and this nomad does not appreciate newbies twisting information found here in their posts. Now every post
Jenny.Navarettte makes is suspect because their credibility is shot.
Maggie identified Jenny.Navarette by the isp used as "Linton", whoever that is- and rebutted the cartel comments. Cartel dollars in real estate
development is very old news in Rosarito for sure and so are the discussions about it. Maggie deleted the comments. Interesting newbie to keep an eye
on for sure. Troll might be too nice a word for the way s/he is starting out. jmo.
[Edited on 3-24-2011 by Woooosh]
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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wessongroup
Platinum Nomad
Posts: 21152
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Location: Mission Viejo
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"Good title" .... Now thats a catchy phase if one deals in Real Estate title..
How about a "Clear Title"... that being:
"A historical summary of all the recorded transactions that affect the title to the property. An attorney or a title company will review an abstract
of title to determine if there are any problems affecting the title to the property. All such problems must be cleared before the buyer can be issued
a clear and insurable title."
I've seen a few "transactions" that could not be concluded ..... due to the Title not being "clear"... as opposed to "good".... that's usually what
the loan officer will be saying.. in their write up.... for credit... to make an informed decision based on fact... or should I say that is how it
should be done, as required by law...
Also a simple statement in the real estate purchase agreement which makes the transaction "Subject to" the perfection of any and/or all documents to
support ownership, prior to the exchange of any funds... is a useful tool in Real Estate transaction..
super thread ....
[Edited on 3-24-2011 by wessongroup]
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lookingandbuying
Nomad
Posts: 102
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CLEAR TITLE
| Quote: | Originally posted by wessongroup
"Good title" .... Now thats a catchy phase if one deals in Real Estate title..
How about a "Clear Title"... that being:
"A historical summary of all the recorded transactions that affect the title to the property. An attorney or a title company will review an abstract
of title to determine if there are any problems affecting the title to the property. All such problems must be cleared before the buyer can be issued
a clear and insurable title."
I've seen a few "transactions" that could not be concluded ..... due to the Title not being "clear"... as opposed to "good".... that's usually what
the loan officer will be saying.. in their write up.... for credit... to make an informed decision based on fact... or should I say that is how it
should be done, as required by law...
Also a simple statement in the real estate purchase agreement which makes the transaction "Subject to" the perfection of any and/or all documents to
support ownership, prior to the exchange of any funds... is a useful tool in Real Estate transaction..
super thread ....
[Edited on 3-24-2011 by wessongroup] |
Now, if we could all have this happen when buying a property in Mexico it would be a wonderful world indeed.
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Woooosh
Banned
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Location: Rosarito Beach
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"Executives of San Felipe's El Dorado Ranch Charged With Fraud"
Ramuma53- Fulano's Blog posted this story this morning. It is interesting to me because they made a video and blame "gringos" for bribing officials,
not the Mexican officials for soliciting or taking the bribes. That's a new approach to corruption- blame the money.
Does this mean the courts in Mexico City have finally begun to issue difficult legal decisions instead of more stalling? Just wondering if this means
more decisions, like those pending on Rosarito- are coming sooner rather than later. The reader comments after the article are interesting too.
http://crisoldesanfelipe.com/?p=2621
(rough Google Translation)
"Pat Butler and Jesus Olmos Charged With Fraud"
SAN FELIPE, BC .- For the crimes of fraud and fraud trial were reported to the public prosecutor of corporate executives called Rancho El Dorado Pat
Butler and Jesus Olmos, for the crime of fraud and fraud trial, his lawyer and Cuauhtemoc Sandoval.
The complaint is a result of legal conflict in the area known as Playa Blanca. Legal arguments to try to retain and deprive the owners of the land, as
stated in the ruling in favor of Aaron Marcos García Sañudo and a trial of positive prescription.
In addition to the above criminal complaint, prepares one for the immigration status of a subject who is known by the name of Cliff, who is abroad and
allegedly captained a group of white guards, which aims to maintain possession by force of property and for which they were armed with golf clubs. The
only golf course in San Felipe is right at Rancho El Dorado.
It is therefore requested the National Institute of Migration, verify the immigration status of that subject, in the sense that if you have permission
to be employed in Mexico and commanding an assault group.
By an avalanche of injunctions in federal courts, is talk of at least eight-Pat Butler has tried to become the property Playa Blanca, all these
remedies have lost them.
The legal history of Playa Blanca is very stale, but lost the legal battle of El Dorado is just last year, when the highest court of the country's
courts, the Supreme Court's Office, refused to recognize the legal personality a legal entity called San Felipe Beach Club and therefore has no right
to be in possession of the property and as a last desperate attempt, as squatters changed the Michaus Garcia probate.
Rancho El Dorado allegedly bought the property in Playa Blanca, using data and a ground plane similar vessels which are in the municipality of
Ensenada, and hence could constitute the crime of fraud and fraud trial.
However, on March 22, 2011, when again there is a conflict, because the white guards who according to their own managers work for San Felipe Beach
Club, tried to prevent the passage of Aaron Marcos García Sañudo and its Playa Blanca property, so it took the presence of the municipal police and
other authorities, where it was demonstrated by letters of courts that this company, San Felipe Beach Club has no legal personality or the right to be
possessor of the property, since courts lost their legal battle and now supposedly are the heirs of García Michaus.
In consideration of the attorneys for Aaron Sañudo and Mark Garcia, constitutes the offense of fraud proceedings, because the attorney representing
San Felipe Beach Club represents the succession of García Michaus and in law, intended to be a possession of the land for two legal interests
different with the same people, which was demonstrated, as Dorado staff, some with clothes emblazoned with the logo of the company, showed up to lead
the white guards, including this Cliff.
The possession of the land was kept at all times Sañudo and Garcia, although it was not so evident as they were awaiting the court ruling, but before
the attacks against its permanence and is visible at the entrance of the property, where Dorado maintain equipment and personnel from the El Dorado
Homeowners Association, which itself is a moral person could get caught up in legal issues, it uses its resources to retain a property by force. This
association is composed of foreigners, mostly.
The final chapter of this legal dispute is about to occur, there are vocal range they win Sañudo Aaron and Mark Garcia, that they have gone in the
legal battle and the story is very different from the area known as "The Mattress", which was taken from the National Land Plan ejidatarios therefore
failed to assert its strength as the agrarian community.
When was this conflict in the second half of the Administration of Eugenio Elorduy, the farmers, put up a sign with a caption saying that if General
Zapata alive would die of shame for the dispossession of land owners, however, the truth is that if the great rebel, the head of the Southern
Liberation Army lived, would the National Agrarian ejidatarios in the wall, as the slaughter of a million lives that took our great Revolution, came
to nothing by allowing them to remove this porsión land, the government gave to ejidatarios and is now in the hands of a corporate crime
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
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Mood: undecided
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The government giveth and the government taketh away, while the lawyers have a field day. If someone wants your property and they have the resources
they will obtain it. Title? Deeds? Oh! A slight discrepancy?
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ramuma53
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lookingandbuying
I will tell you an example that is taking place at this very minute:
Km 54 Venustiano Carranza town, on top of half way house and Campo Lopez.
Venustiano Carranza is a very old town, where a family named Victorio arrived in 1940s, some of them have birth certificates from 1949 with address on
the Venustiano Carranza town, today they have several official schools and churches with around 1000 houses that mostly belong to the same family, the
names are Victorio Victorio, Victorio Rodarte and every Victorio combination you may think of.
In 1990, They had a lot of problems with friends of the then Baja Governor, Xicotencatl Leyva Mortera and to obtain the costal lands, they even jailed
Rosendo Victorio Victorio, the town leader; they were blaming him for taking the land from the governor´s friends and they jailed him 5 times for the
same crime while in jail they subjected him to so much pressure that turned him in to a diabetic and his hair turned in a couple of months white; they
were taking him from his jail cell several times during the night, hitting him and the for hours asking him to sign papers saying that he recognized
the governor´s friend and partner Ernesto Ellis Gavilondo was the town legal owner and the torture instrument was Attorney Rafael Zeta Flores but
after all that nightmare, Rosendo never signed a paper and was freed by the Federal Judge against all Estate pressure.
The whole town consulted me and I told them that the land was National property, they promptly filled the procedure and paid for the land to the
Federal Government, a National Land title was issued to Rosendo Victorio Victorio and the whole town was protected.
Immediately, the Governor and their friends started to attack the National Land legality but at that time the Governor had to resign because the new
Mexican president obligated him to resign for his ties to the drug traffickers and the illegal pressure ended for a while.
Ernesto Ellis Gavilondo was also friend to the new Governor, Ernesto Ruffo Appel and the pressure not only do not ended, was the worst the town
suffered and they managed to convince Banamex to give them a Fideicomiso that was on top of Rosendo Victorio Victorio´s title with 20,000 m2 while
Rosendo´s title was 970,000 m2, they started a federal trial in Mexico city without even notify Rosendo and they managed to get a quick sentence,
declaring the title void on 20,000 m2.
This mean that at least 950,000 m2 were beyond any doubt but the SRA never gave him his title back and to this day the town is pressing for the title
to be re issued; the SRA just gave them the go ahead and gave notice to Banamex, who is holding the bank trust or Fideicomiso.
In the time while they voided the title and the time it is being re issued, Banamex built a high end land development named La Puerta del Mar and half
way House that belong to the Lagos-Yagues group.
In meetings with Banamex here in Mexico city, Banamex just understood that they have no hope, because the title was void only because the bank was not
notified about the Rosendo procedure, never mind that at the time when the title was issued, the fideicomino did not exist and Banamex was not
involved, but now they have been legally notified.
Now they are trying to save face and offer to buy the land at its cadastral value but without any publicity; the housed built on top of the title are
valued at over USD$80´000,000.00 offering to pay USD$4´000,000 for the land.
If you were Rosendo Victorio Victorio estate because he died a few years back in poverty from the Diabetes that he acquired in jail, what would you
do?????
The fideicomisos are a tool to convince buyers to buy, but will not protect you from losing your house, the most they can do is pay you back some of
the money, and that only if you read the fine print, because many of them say that they will not be accountable if the land title has any flaws,
dumping the money responsibility on the developer that usually is a very influential and wealthy Mexican and him is who you will face trying to
recover some money.
If you have a fideicomiso and you are on top of National Land, it will not protect you from losing your house.
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