DianaT
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Registered: 12-17-2004
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Fideocomiso information, please
We did a search and found out some good information, but could not find out a few things we need to know.
We are considering buying either a vacant lot or a partially completed home in Baja. We will want a fideocomiso.
It is the basic information we lack. OK, after one finds the "right" place, how do you hold it or buy it while the fideocomiso is in progress?
Also, approximately, what are the fees for setting up a fideocomiso----we would use an agent.
All information appreciated as we are real novices in this area.
Thanks
Diane and John
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Bob and Susan
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i JUST heard these items from a friend this week...
DO NOT accept a "standard fideocomiso paper" from the bank
they are in the business to make money for the bank
read it AND translate it correctly before accepting it
make sure you include...
Where to pay...
Who to pay...
When to pay...
How to pay...
Watch the clause that says the bank can cancel in 5 days after you default or you're late...give yourself time
(you won't be able to get another in 5 days)
What are the WRITTEN yearly charges and...
What are future increases!!!...in writing!!!
You CAN insist on these items in the fido...
GET A LAWYER to assist
make sure the down payment is refundable if you cannot close the fido when it was not your fault...
there could be underlaying problems with the title that the current owner may not know about even though...
he may have had purchased the property in good faith at the time
there is a gov't watchdog organization that can assist you..
kind'a of like a consumer affairs group
i don't remember the name...maybe oso or fdt will know
good luck
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pacificobob
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3 things are needed
a notario,a lawyer, and title insurance....all recomended by people you trust
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DianaT
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All really important information---Thanks
About how long does the fideocamiso process take?
Thanks
Diane and John
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BigWooo
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In the few we've done, if things go smoothly, 3 to 4 months; but we've also had them take up to a year. The type of property you buy can make a
difference in how long it takes also.
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Cardon Man
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Another question
Does a buyer need a Fideocomiso for every property purchased or does one fideo allow for the purchase of multiple properties? I have the opportunity
to buy a number of lots from the same seller.
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Bob and Susan
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form a cooperation because you now are a business....
the cooperation will buy the land and you will have control of the cooperation
titles will now be held by the cooperation and not the bank
it might be tricky to get the bank to release the titles but...aren't all banks the same
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Cardon Man
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Fideocomiso?
| Quote: | Originally posted by Bob and Susan
form a cooperation because you now are a business....
the cooperation will buy the land and you will have control of the cooperation
titles will now be held by the cooperation and not the bank
it might be tricky to get the bank to release the titles but...aren't all banks the same |
?Are you saying that if you form a corperation you do not need a fideocomiso?
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