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fender
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| Quote: | Originally posted by jncmaas777
Closing cost including the Trust deed will be around $6,000 on this casita. |
that's right on the money for what I've always paid (regardless of sales price)
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jncmaas777
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Mulege casita Trust deed
The cost of closing including Trust deed, buyers sales tax and legal fees will be around $6,000 . I know this because I had a sales agreement written
up that fell through in the end.
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mtgoat666
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| Quote: | Originally posted by Bajahowodd
if I was a betting man, I'd go with the idea that anything like Jimena is not likely to happen again any time soon. |
perhaps you would like to bet against me?
probability of large hurricane or precip event this coming year is same as last year -- recent storm does not "reset" probability value or otherwise
significantly affect probability.
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Bajahowodd
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Don't go scientific on me! 
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capt. mike
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| Quote: | Originally posted by jncmaas777
The cost of closing including Trust deed, buyers sales tax and legal fees will be around $6,000 . I know this because I had a sales agreement written
up that fell through in the end. |
SO AFTER THAT you have the yearly trust mant fee the bank charges, right?
and does the local park owner get a cut?
sorry - i am new to this.
formerly Ordained in Rev. Ewing\'s Church by Mail - busted on tax fraud.......
Now joined L. Ron Hoover\'s church of Appliantology
\"Remember there is a big difference between kneeling down and bending over....\"
www.facebook.com/michael.l.goering |
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Bajahowodd
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I believe that has been answered. HOA for $50/ mo. The Fide gives full ownership. I'm assuming the HOA dues provide for something of value, such as
trash hauling, outcalls, and pedicures?
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jncmaas777
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yearly trust fee
To maintain a Trust it runs about $480 a year
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Bajahowodd
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Just curious. Have you had any serious buyers/ offers? Since it's illegal to buy with the FM-T, I would be at a disadvantage. Unless you are patient.
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k-rico
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| Quote: | Originally posted by mtgoat666
| Quote: | Originally posted by Bajahowodd
if I was a betting man, I'd go with the idea that anything like Jimena is not likely to happen again any time soon. |
perhaps you would like to bet against me?
probability of large hurricane or precip event this coming year is same as last year -- recent storm does not "reset" probability value or otherwise
significantly affect probability. |
That's true, they are independent events, like flipping a coin. It's 50-50 heads/tails regardless of previous outcomes.
When somebody uses the term "100 year flood" what they really mean is that in ANY year there is a 1 in 100 chance of it happening.
Also, the term "trust deed" that's being used is incorrect. Trust deeds and fideicomisos are two very different animals. But that's nitpicking,
everyone here understands fidiecomisos.
AND, that's a great price. The Orchard is sort of a magical place. But the annual property taxes are too high for me. 
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k-rico
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| Quote: | Originally posted by Bajahowodd
The Fide gives full ownership. |
Careful there. You are the sole beneficiary of a trust with full and sole use of the property, the right to sell it, and the right to will it for the
term of the trust, current maximum 50 years. Fideis are renewable. The bank is the trustee and holds the deed, the original Mexican owner is the
trustor. It's a contract.
I think I got that right. Anyone?
[Edited on 12-22-2009 by k-rico]
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longlegsinlapaz
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| Quote: | Originally posted by capt. mike
by nature do all these have fideocomisos that need to be transfered?
that's how you "own" said dirt?
i.e. a trust was set up when he spun off these lotas and built the casitas for the non rental market?
so in theory at least what's been established as a trust under one of these has weathered challenge thus far?
what if he sells the whole property? isn't some of it under lot leases?
i say good deal with provable good title?
will Stewart or 1st American write insurance for it? |
| Quote: | SO AFTER THAT you have the yearly trust mant fee the bank charges, right?
and does the local park owner get a cut?
sorry - i am new to this. |
Mike, you're confusing leasing with a fideicomiso. Fideicomiso is issued on property you BOUGHT & bank holds title in your name. Once the
fideicomiso is issued & paid for at signing at the Notarios, the only ongoing costs are the annual fideicomiso fee to the bank; currently $440 a
year on a new fideicomiso....$400 & 10% IVA for a total of $440, annual property taxes, your elec, water & in this particular
case $50 HOA dues. Seller will have to tell you what that fee covers. Once you pay the seller, you OWN it & all the rights to sell, remodel,
pass on to heirs. No further monies go to the seller.
There's approximately $1K USD equivalent) difference between a brand new fideicomiso versus rolling over an existing fideicomiso to a new owner. The
originally issued fideicomiso costs more because the initial paperwork has to be filed & registered with local, state & federal authorities.
If you buy property with an existing fideicomiso, you save that +/-$1K.
Lease is more like renting & can be subject to rate hikes & other additional charges, eviction, etc., at the property owners whim...more of an
iffy proposition.
Edit: K-rico, once the seller takes the money & signs off at the notary, he has legally signed away all & any further
rights to the property.
[Edited on 12-22-2009 by longlegsinlapaz]
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k-rico
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"once the seller takes the money & signs off at the notary, he has legally signed away all & any further rights to the property"
Thanks, I didn't know that. So if a fidei beneficiary abandons the property, and it is somehow offically declared abandoned, I suppose the trust still
exists and owns the property, but with no beneficiary. You're saying it doesn't revert to the trustor? Perhaps it goes to the local government.
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Mexicorn
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| Quote: | Originally posted by jncmaas777
To maintain a Trust it runs about $480 a year |
Are the first five years paid in advance like on my other house? Is that part of the 6K?
Can you please provide a breakdown with regard to the fidecomiso?
I was also told I could buy transfer your fidecomiso to my name is that true? How long have you had the fidecomiso? How high did the water mark on the
inside of the home at the peak of the storm?
Thank you
Serious buyer-
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longlegsinlapaz
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| Quote: | Originally posted by k-rico
"once the seller takes the money & signs off at the notary, he has legally signed away all & any further rights to the property"
Thanks, I didn't know that. So if a fidei beneficiary abandons the property, and it is somehow offically declared abandoned, I suppose the trust still
exists and owns the property, but with no beneficiary. You're saying it doesn't revert to the trustor? Perhaps it goes to the local government.
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I honestly don't know the legalities regarding abandonment or possibly death of fideicomiso holder with no beneficieries. My gut feeling is that the
bank would probably hold a quick sale! But I do know that it would not revert to the previous owner.
Anyone know how property in Mexico is disposed of if there is a long term unsatisfied lien?
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k-rico
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About ownership:
Article 27 of the Mexican Constitution of 1917
"Under no circumstances may foreigners acquire direct ownership of lands or waters within a zone of one hundred kilometers along the frontiers and of
fifty kilometers along the shores of the country."
With a fideicomiso you are the beneficiary of a trust, you do not own the land in the eyes of Mexican law. Period.
http://www.ilstu.edu/class/hist263/docs/1917const.html
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capt. mike
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thx all.
mexican RE 101.
much to learn. finding a trustworthy notario seems like best bet.
formerly Ordained in Rev. Ewing\'s Church by Mail - busted on tax fraud.......
Now joined L. Ron Hoover\'s church of Appliantology
\"Remember there is a big difference between kneeling down and bending over....\"
www.facebook.com/michael.l.goering |
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Steve&Debby
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Is this house still for sale?
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Pompano
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| Quote: | Originally posted by Steve&ebby
Is this house still for sale? |
Yes, the owner told me a few days ago that it's back on the market.
jncmaas777@yahoo.com
[Edited on 12-27-2009 by Pompano]
I do what the voices in my tackle box tell me.
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Steve&Debby
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Thanks Pompano
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Mexicorn
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It would be nice if someone could post photos of the Interior....
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