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Packoderm
Super Nomad
Posts: 2116
Registered: 11-7-2002
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Is it possible to get a bank trust (fideicomiso) on a property, pay down a bunch of money, and if the developer doesn't follow through with a certain
amount of infrastructure improvements within two years your bank trust is null and void, so you lose out on the money you paid? I'd be nervous to buy
into what could turn out to be such a house of cards. I'll just lease a spot for my junky old trailer when its my turn to live the good life.
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BajaFrank
Newbie
Posts: 6
Registered: 4-29-2010
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Actually the development is complete, the sewage treatment plant will be put in place as soon as more houses are built, everything else is in place.
And regarding the bank trust issue, You cannot get one from a development which is not complete. You have to have all the government permits which
you'll only have if the development is completed.
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BajaWarrior
Super Nomad
Posts: 2307
Registered: 9-27-2006
Location: Mission Bay, San Diego. Playa Hermosa, San Felipe.
Member Is Offline
Mood: Anxious to get south
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| Quote: | Originally posted by BajaFrank
Actually the development is complete, the sewage treatment plant will be put in place as soon as more houses are built, everything else is in place.
And regarding the bank trust issue, You cannot get one from a development which is not complete. You have to have all the government permits which
you'll only have if the development is completed. |
With only one home built that could take forever to get the Bank Trust.
Are you starting your home soon? I'm familiar with the property, it has a beautiful beach and views of San Felipe.
Haven't had a bad trip yet....
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
Member Is Offline
Mood: Sling time!
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"Actually the development is complete, the sewage treatment plant will be put in place..."
sorry - but that is a contradiction - complete means complete.
they have a major piece of the puzzle not in, my opinion.
if i had to front the $$ for a "temp" septic i'd insist the developer roll it into delivery of the lot after $$ negotiations on the closing price.
they don't have performance bonds req'd in baja i am aware of....
if it was the US you'd have to have ALL the stated improvements in to get a clean title and loan.
but - is is a nice property - i'll consider it down the road.
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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BajaFrank
Newbie
Posts: 6
Registered: 4-29-2010
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What do you mean?, you can get the bank trust now, as soon as you complete the payments you can apply for the bank trust immediately or you can wait
if you want. The development is complete, as far as houses being built, well yeah, that's gonna take a while.
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BajaFrank
Newbie
Posts: 6
Registered: 4-29-2010
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As far as I know the sewage treatment plant has been paid for, it hasn't been put in place so it wont get damaged. As soon as the plant is needed it
will be put into place.
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norte
Super Nomad
Posts: 1163
Registered: 10-8-2008
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Frank
Don't worry about it. He is a tire kicker who doesn't have a pot to pee in. Does this to everyone and never buys. Complains the economy has driven
him broke
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
Member Is Offline
Mood: Sling time!
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really??
i didn't know you had access to my statements...
yeah - i am sure not ready to buy in baja yet, you're right. especially any deal with loose ends.
that said - i like his deal and there seems to plenty of it available - no hurry.
so - what's your story Norte??
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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