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Skeet/Loreto
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Posts: 4709
Registered: 9-2-2003
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Buying and Selling Real Estate in Baja Sur
The Buying and selling of Real Estate can be very easy if you follow a A few simple Leads.
Directly from a Mexicano- make a sales Agreement after he gives you a copy of the Title-get a Certificate of No Gravemen{Lien] get a Survey, take all
the papers to a Notoria. On receipt of all papers that show the property is clear, register with the State/Mexico then give the money to the Seller
Or talk to a Realtor like Alex and have him do all the work and have it handled through Miguel Izquerdo in La Pas.
When dealing with business, always go to the Capitol City.
Sometimes , peoples personality does not allow for the Fact that they are in Baja, not Calif. Flordia, or Oregon
I dealt for 12 years with the Locals in Loreto and with La Paz and I did not have a bit of trouble with any Mexicano only Americanos with an
Attitude.
On any sale I did not Lie, Cheat nor Steal, I think that is why I had no trouble with the Mexicanos.
I would advise all future Buyers and sellers to keep the above information close to their Hearts and Minds.
Skeet/Loreto
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jerry
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Posts: 1354
Registered: 10-10-2003
Location: loreto
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and be prepaired to wait it can take up to a year or more to get your fedio its mexico relax kick back its your first lession in the way things happen
in mexico have a good one jerry
jerry and judi
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oladulce
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Posts: 1625
Registered: 5-30-2005
Location: bcs
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My suggestion is to choose your fideicomiso bank wisely. Ask around and choose a bank that people report is "responsive" when you need them. Paying a
low annual fee is great, but don't base your bank choice on that alone.
We went with the lowest bidder (Scotia Bank) on our most recent property purchase in BCS and eventually hired an additional LaPaz attorney ($$$) who
would have to drive to the Fideio branch in Cabo to get the Fideio. manager to do anything. This didn't save us money in the long run. Our personal
Mexican attorney recommended Scotia because most of his business is in Sonora and he reported excellent service from the Hermosillo branch that he
deals with the most- so it also seems to be State, or branch- dependent.
We've been in the process of selling our old place for 14 months now. The transaction would be complete except for the past 6 months the Notario
(Miguel Izquierdo) has been trying to get Bancomer to sign to release our fideicomiso. In September, Bancomer's Fiduciary branch for the entire state
of Baja Sur (La Paz) suddenly closed because one guy quit, and for a few months the bank said it would be closed "indefinitely".
Then the Bank decided that all transactions for the Baja Peninsula would be handled out of TJ so the Notario had to resend everything to TJ (not once
, but 3 times ) until they finally confirmed that they received the paperwork. In November, Bancomer in TJ stopped responding at all when Lic.
Izquierdo called them and he told us he didn't know what he was going to do next.
We hired our personal attorney again ($$$) to make some phone calls and he happened to know a jefe at the Bancomer Mexico city office who said he
would" look in to it". Meanwhile, we will have to renew the Avalous (property appraisals) on the 2 lots for the 6th time because they expire after 3
months.
In 1992 a Bancocremi rep. took the $3500 dollars we had paid to start the Fideio process (at the old pesos rate this was just the down payment), and
was never seen again. Cremi wouldn't honor the transaction and we had to start all over again.
Our Mexican real estate transactions have always gone smoothly- except for the dealings with the banks.
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Capt. George
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Posts: 2129
Registered: 8-21-2003
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I, too used a Notario in La Paz...took over a year and a half to close property...that was almost acceptable, however I had important documents
forwarded to the same office on a seperate real estate purchase...and was told, don't know where they are...good bye.
Thank you, but I will stay far away from La Paz for real estate transactions.
When will the Mexican Government offer Americans the right to a quitclaim deed?? Lord knows, we're spending enough money in their country..it's about
time we receive the same treatment a Mexican gets in the U.S. when buying property! The whole system is simply a way of bleeding every penny they can
out of you...Must have had U.S. Attorneys as teachers....
Capt. George
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Skeet/Loreto
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My Post was directed toward the Purchase of Property Only, Not to the Bank Trust.
I had a Bank Trust from Property I bought from a widow of whose Husband died in Baja. It took about two years as the Mexican Laws re much better at
protecting the Heirs than the States.
Many Americanos go to Baja an expect everybody to Kiss their Butt for anything that they request of them.
I found that the Mexicanos are much more Trustworthy than the Americanos that I dealt with.
Americans think that the States United way of doing things are the only true way things should be done--That is Stupid to think that just because act
Tough, Shout and Holler, Threaten that they will Knuckle under to an Americano.
The Mexicano in the States knows alot more on how to get along, than some the Americanos in Baja.
"When in Rome, do as the Romans"
Skeet/Loreto
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oladulce
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Sorry Skeet, I didn't mean to hijack your post. Sounds like you've gone through multiple real estate transactions and were trying to make a specific
point.
We are only on our 4th Baja property, but it will be the last .
Tired of being at the mercy of the Mexican banks and the fideicomiso process.
[Edited on 12-28-2005 by oladulce]
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Skeet/Loreto
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dulce;. No Problem.
After my first Property as a Bank Trust I formed a Mexican Corp. Cost $1500 with a $100 a year payment for an Accountant.
It was very easy and each sale was done through the corp. Result-No Capitol Gains.
I had the Corp for 12 years, it always worked real good for me.
I did advise a few people to open up Dollar accounts in the Banks which controlled their Trusts. This seem to help.
It is a different way of doing things. Hope it all works out for You.
Skeet/Loreto
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Capt. George
Super Nomad
Posts: 2129
Registered: 8-21-2003
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Skeet,
I like these times even less then you, but my friend, "times, they are a changin'"
You seen the best, it ain't comin back....
Wish I had been in Loreto in your time.....I do sincerely appreciate your advice to me long ago, do a Mexican Corporation...
Gracias mi amigo y adios Happy New year George
Found a little of it in Ojos
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Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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Mood: Full Time Residents
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"Today" is the BEST time....
...and it's only getting better!!!
Mexican Corporations cannot be used to hold a primary residence...
You MUST have a business.....
You must file monthly reports on the internet and a BIG yearly report.
People who try to circumvent the rules risk losing their investment.
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Osprey
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Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
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Bob and Susan, Now you're talking. Finally. All the chatter about Mexican Corporations on the board over the last couple of years almost had me
convinced somebody changed the rules or found a loophole. Look at Skeet's posts and you'll be convinced he knows all, the Captain too. You can't
hide behind a corporation on a residence INCLUDING RENTALS to escape the legalities of, the comfort of a Bank Trust or use the corporation to avoid
taxes, paperwork, declarations, U.S. tax relief, etc. Those who have/do lack data, have so far evaded the real Mexican laws or are scofflaws that
would do the same in any country.
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Bob and Susan
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Location: Mulege BCS on the BAY
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oh... i'm no saint...
...you can live there with a corporation but you need over 3 units and you must make an attempt to make money, pay taxes, and file reports.
You can have the best of both worlds if you share
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jerry
Super Nomad
Posts: 1354
Registered: 10-10-2003
Location: loreto
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oh theres been a lot of ppl livin on the edge for a long time but i think that the more computers and growth it will come to a screeching hault and
some will have to pay the piper
its no different then in the states ppl working under the table avoiding there responsibilities poof loose a eye, finger, back problems no worker
comp there just sh-it out of luck and the woh is me?? and the employer gets busted for tax evasion my acountant once said to me if you sleep with dogs
your gonna wake up with fleas
if your gona build some thing start with the foundation and build up and dont burn your bridges have a good one jerry
jerry and judi
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jerry
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Posts: 1354
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Location: loreto
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my above comments were not intended to point fingers at anyone and i hope that noone takes then that way have a good one jerry
jerry and judi
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Skeet/Loreto
Ultra Nomad
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All the years that I had my Corp. I had the accountant make the reports, make the very small reports each year. All Sales were reported , there was no
underhanded thing done.
The last peice of property was sold and completed about 3 months ago.
Have things changed in the past 3 months?? maybe it is the people dealing with the bad guys from the start, trying to get something for nothing, who
knows?
I did not have any trouble.
Skeet/Loreto
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Bob and Susan
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No Skeet but...
You cannot live in a primary residence with a corp.
You MUST have the title in a trust.
If you live on the property you MUST conduct business on that property.
Actually holding title with a corp is better as you take out the BANK peoplewhen you have to sell.
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Skeet/Loreto
Ultra Nomad
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Must be a new Law for Muelge!
I built and Lived at Rancho Sonrisa-It was in the name of the Corp.
I held a hacienda Card in the name of the Corp.
All transations were made and completed in the name of the Corp.
All taxes and property listed at the Muni were in the name of the Corp.
Each time I sold a Property a copy of the Original Articles of Corp went along with the Signing.
All sales were reported by the Accountant.
Do you go throught La Paz or Santa Rosalita?
Skeet/Loreto
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Bob and Susan
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People have gotten away with this for a long time but...
the government is cracking down....computers and education
You cannot hold a primary residence with a corp...you MUST run a business.
We went to Miguel in La Paz for our corp papers but you can also do it now in Santa Rosalia.
All documents are registered in Santa Rosalia for Mulege.
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Skeet/Loreto
Ultra Nomad
Posts: 4709
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Glad to hear that you went to Miguel. I did to and was very happy at all the good work he did for Me.
I would like to see him Governor someday. Possible?
Skeet
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elizabeth
Senior Nomad
Posts: 742
Registered: 7-30-2004
Location: Loreto, BCS
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| Quote: | Originally posted by Capt. George
When will the Mexican Government offer Americans the right to a quitclaim deed?? Lord knows, we're spending enough money in their country..it's about
time we receive the same treatment a Mexican gets in the U.S. when buying property! The whole system is simply a way of bleeding every penny they can
out of you...Must have had U.S. Attorneys as teachers....
Capt. George |
A foreign citizen CAN own property outright in Mexico, just not in the restricted zones of 100km from a border and 50km from the coast. If you look
at Mexican history, and the losses of land that was occupied and then taken over, you can understand the reasoning that led to the restriction in the
1917 constitution.
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bajajudy
Elite Nomad
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Registered: 10-4-2004
Location: San Jose del Cabo,BCS
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And, of course, you can own land if you are a Mexican citizen. I can't wait to get my citizenship so I can tell HSBC to take a hike.
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