sylens
Senior Nomad
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Location: Ensenada
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ending fideicomiso
modhatter got a good offer on her house in chapultepec  and while cautiously optimistic all will go well,  she has been advised
she will need to "extinguir" or terminate her fideicomiso, to sell to a mexican.
have any of you sold to a mexican and also terminated your fideicomiso?
if so, any and all info about what is involved will be greatly appreciated.
and no, she will not terminate it until closing...
thanks!
lili
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DENNIS
Platinum Nomad
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Sounds reasonable. [ you don't hear that term in Mexico often, do you ]
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sylens
Senior Nomad
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| Quote: | Originally posted by DENNIS
Sounds reasonable. [ you don't hear that term in Mexico often, do you ] |
totally.  
just need to know what to anticipate...i know, i know, that's foolish. still, am trying to learn what might be encountered..
she's checking with her bank. just hoping some wise and experienced nomad will give us a heads up.
lili
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DENNIS
Platinum Nomad
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I defer to the wise and experienced.......
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vandenberg
Elite Nomad
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| Quote: | Originally posted by DENNIS
I defer to the wise and experienced....... |
Whom are loaded on this board. 
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DENNIS
Platinum Nomad
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| Quote: | Originally posted by vandenberg
Whom are loaded on this board. |
But, of course. If you can't find them here, they will surely be waiting for you in OFF TOPIC.
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Sallysouth
Super Nomad
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Location: Capo Beach
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Mood: missing Baja...
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That is just about as funny as it gets! A pun with out a pun!!
Happiness is just a Baja memory away...
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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We sold a property to our amiga who used her newly obtained Mexican citizenship to get the escritura. We drafted a "letter of instruction" containing
the details of the transaction for the notario along with a basic sales contract.
The notario took it from there and handled all the communication with our fideicomiso bank. I don't recall if we signed a bank document such as a
release or a "request to cancel" the fide, but it would make sense that we did.
Modhatter will have to pay her bank for their "services" involved with cancelling her fide. On a previous property purchase we wanted the fide with a
different bank than the seller had used, so rather than just transfering his fide to us, we cancelled his and ititiated our own with a different bank.
His bank (cremi) dodged phone calls, lost paperwork and stalled and stalled. This went on for 2 years. Our attorney finally came up with the idea of
an "incentive" to get the bank to sign so we could procede with the purchase. We had to pay airfare, hotel and "entertainment" fees for a bank rep to
fly out from Mexico City to sign the release papers, as well as a "tip" for his service.
The first transaction I mentioned also took 2 years to get the bank to cancel our fide for the sale. This time our Bank was Bancomer, and the sale
occured during the restructuring of the fiduciary division of Bancomer in BCS. The Notario couldn't get any bank rep to sign and it dragged on to the
point that the buyer was ready to bail on the whole thing. We would have tried the same "incentive" option but couldn't find any bank employees to
offer it to!
In my experience the fide banks are in no hurry to relinquish your accounts. Hope it all goes smoothly for Modhatter.
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sylens
Senior Nomad
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thank you
oladulce. just what i was looking for. i knew it would not be a cakewalk. nothing related to business is here. i want to be prepared for the
bureacratic waits and requirements
good luck to modhatter!!!
lili
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CaboRon
Ultra Nomad
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I'll bet the bank hates loosing that annual fee.
CaboRon
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