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DianaT
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Posts: 10020
Registered: 12-17-2004
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Selling a property in Mexico
First of all, we have no intentions of selling our Mexican home for a very long time, if ever! However, we like to cover all bases and one never
knows what the future will bring. So, here is the question.
We should have our fidiocamiso very soon. Also our FM3s that we obtained in San Diego should be back from La Paz soon. So those items will be
covered.
Now, if we needed to sell the property, how does that work? Any information will be appreciated, as always.
Diane and John
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Diver
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Here is a site with a bunch of info on selling and capital gains.
http://www.bajabeachinvestments.com/Selling_Guidelines/page_...
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Bob and Susan
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are the field mice pushing you OUT already
here if you sell
make sure the deposit from the buyer is NOT held by he re guy
if the escrow falls thru that will become his commision
you'll never see it
get a BIG down payment for the offer
there is alot of "buyers remourse"
have your paperwork done before you sell if possible
then cash the check FAST
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Al G
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Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
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Mood: Wondering what is next???
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Diver thanks great info...
Bob...I like you point of view...I know you are right.
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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Cypress
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Bob and Susan. Remember the old TV commercial about when E. F. Hutton speaks everybody listens.  I'd pay head to Bob and Susan.
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DianaT
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Good site Diver, but it still does not answer some questions.
Any more will be appreciated, including how the fideocamiso is transferred---we were told it is transferable. It is all the paperwork that we wonder
about and how the money is transferred, capital gains etc.
Probably should not even think about this because the rules will probably all change before we ever sell.
Now, about those little ole field mice running us out---not a chance! 
Diane
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Lee
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I just have to add this.
| Quote: | Originally posted by Bob and Susan
here if you sell
make sure the deposit from the buyer is NOT held by he re guy
if the escrow falls thru that will become his commision
you'll never see it |
I recognize that this comment is meant to protect the Seller. On the other hand, I would seriously question the need to make sure your ''Agent''
doesn't have access to the deposit -- in the event escrow falls.
If you don't trust your Agent, you are working with the wrong person.
And this comment brings up the question: if escrow were to fall, why does the Seller get to keep the entire deposit? Or is it the discretion of
the Seller on how the monies will be divided up?
If a Seller doesn't trust their Agent (a warning here: don't work with someone you don't trust), split the deposit. Agent holds 1/2, and Seller
holds 1/2.
Since this would be a non-issue to me, I would trust my Agent to split the deposit with me should escrow fall. There ARE trustworthy Agents in
Baja. You just have to sort through those who arent' trustworthy to find them.
Keep looking.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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Bob and Susan
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lee
its NOT like the states here...
there are NO rules for the realestate people
ethics are NOT part of the process as in the states
have a third party (not involved) hold the money
make sure it's in writing what happens to the deposit
just in case if something "falls thru"
"sh_t happens"
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The Gull
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| Quote: | Originally posted by Cypress
Bob and Susan. Remember the old TV commercial about when E. F. Hutton speaks everybody listens. I'd pay head to Bob and Susan. |
Not everyone will listen. For those who don't... the saying: "a fool and his money are quickly parted" would be appropriate.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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Diver
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To sell with your Fido, you move forward as normal with the contract and deposit. Your contract will be conditioned on transfer of title by the bank
(Fido). I hear you can even require the buyers to pay the cost of the transfer and all, that way you set/know your net before you deal, less capital
gains, of course.
I believe the easiest method is to sign an irrevocable power of attorney over your land (after you get the cash) to the buyer or buyers agent. They
take it from there. You pay the capital gains and keep the balance.
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Al G
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Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
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Mood: Wondering what is next???
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| Quote: | Originally posted by Bob and Susan
lee
its NOT like the states here...
there are NO rules for the realestate people
ethics are NOT part of the process as in the states
have a third party (not involved) hold the money
make sure it's in writing what happens to the deposit
just in case if something "falls thru"
"sh_t happens" |
Your response shows compassion beyond limits...
If someone out there is stupid enough to trust a real estate agent...GOD bless you...
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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woody with a view
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| Quote: | Originally posted by Al G
| Quote: | Originally posted by Bob and Susan
lee
its NOT like the states here...
there are NO rules for the realestate people
ethics are NOT part of the process as in the states
have a third party (not involved) hold the money
make sure it's in writing what happens to the deposit
just in case if something "falls thru"
"sh_t happens" |
Your response shows compassion beyond limits...
If someone out there is stupid enough to trust a real estate agent...GOD bless you... |
can y'all speak english?
maybe "someday"..............................
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Lee
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I'll say it again. Just my take. Results will vary.
| Quote: | Originally posted by Bob and Susan
lee
its NOT like the states here...
there are NO rules for the realestate people
ethics are NOT part of the process as in the states
have a third party (not involved) hold the money
make sure it's in writing what happens to the deposit
just in case if something "falls thru"
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I KNOW it's not the states. I recognize there are no RE organizations monitoring Agents in Baja. Granted, ethics in the states exist in a way it
doesn't in Baja. An escrow company is a good idea, but not necessary. A contract that is not in writing is a unenforceable contract.
If anybody here doesn't know honest and ethical RE agents, they're out there. You just haven't found them.
Just as there are honest and ethical MX attorneys. It does seem that some have bought into stereotypes.
I know of 2 agents in Todos Santos that I trust like family. If you don't trust your RE Agent explicitly, you are working with the wrong person.
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Dave
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The search for truth
| Quote: | Originally posted by Lee
A contract that is not in writing is a unenforceable contract.
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Not true. Most litigation stems from verbal agreement.
Quite common, and if you think of it...an underpinning of the Napoleonic code (inquisitorial system).
[Edited on 8-12-2007 by Dave]
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JZ
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Actually it depends on the type of transaction. For some times of transactions oral K's are unenforceable. Real Estate transactions are one example.
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Lee
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Defining ''agreement'' and ''contract''
| Quote: | Originally posted by Dave
| Quote: | Originally posted by Lee
A contract that is not in writing is a unenforceable contract.
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Not true. Most litigation stems from verbal agreement.
Quite common, and if you think of it...an underpinning of the Napoleonic code (inquisitorial system).
[Edited on 8-12-2007 by Dave] |
I don't know MX law but would argue that a verbal agreement is NOT a contract. In court, it would then become he said she said.
In the US, and I do know RE law here, a verbal agreement is not a contract and is not enforceable in court.
Anyone entering into a verbal agreement regarding RE in MX is playing a fool's game. I have seen the negative consequences between Todos and
Pescadero and, generally, it's the gringo that comes out on the short end.
(I'm guessing there are exceptions to written contracts. Family? I, personally, would have a written contract with family.)
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Skeet/Loreto
Ultra Nomad
Posts: 4709
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I just completed a Sale of Property in Baja Sur, Think it will be my Last Sale of about 20 differant Properties in the past 15 years. It took about 4
months, it was done on the Telephone and Email. No Real Estate Agents involved.
Pineda of Loreto handled the Transaction through Miguel Iszquireda the Notoria #12 of La Paz who handled all of my previous Transcations.
Try not to be in a Hurry, Mexico is slow.
U2u me if you need any Help.
Skeet/Loreto
[Edited on 9-11-2007 by Skeet/Loreto]
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Dave
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The court determines what verbal agreement "is".
| Quote: | Originally posted by Lee
I don't know MX law but would argue that a verbal agreement is NOT a contract. In court, it would then become he said she said.
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I know of instances where verbal agreement, even divined intent overruled written contract.
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Phil S
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Posts: 1205
Registered: 10-28-2003
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Mood: After 34 years. Still in love w/ my wife
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Know of a sale of a home recently completed in Loreto area. Buyer purchased putting home into a Mexican Corp. That required cancelling the
fidiocomiso. Was handled by a notorio out of LaPaz. It required two appraisals. One for at the time of sale, and one estimating the value at the
time the seller had purchased. I believe the capital gains ended up being $28,???.00 And the notorial collects the tax money or it won't close.
People are telling me that the capital gains runs about 30% Anyone know for sure how that is figured????
[Edited on 8-13-2007 by Phil S]
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Dave
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| Quote: | Originally posted by Phil S
People are telling me that the capital gains runs about 30% Anyone know for sure how that is figured????
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Unless the seller can prove resident taxpayer status it's 35%- less original cost, improvements and cost of sale.
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