castaway$
Senior Nomad
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Location: Gold Hill, Oregon
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New type of "Documented" ownership of property in Baja?
I am somewhat familiar with the concept of the fidecomosio, which I understand it,simply put, is a 50 year renewable trust with all the basic rights
of ownership and transferability.
Today I heard of a new concept of ownership, A "Specific Power Of Attorney" with the Mexican that has titled ownership. As I understood the concept
the power of attorney would give the same rights as the fidecomosio or ownership of titled property without the expense of a trustee.
Has anyone else heard of this ownership concept?
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longlegsinlapaz
Super Nomad
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Location: La Paz
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I've heard of it, and I know someone who put their property in a Mexicans' name....but I don't believe it's a legally acceptable
practice. Think of the problems if the person granting power of attorney were to die: I don't even want to imagine the problems you'd have with the
surviving beneficiaries!! At least with a fideicomiso the property & all improvements is in your own name!
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capt. mike
Elite Nomad
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i'd think the "trustee" is what you want for security - same legal concept as in the english world. I hope to be paying for one soon.
and therefore cheap insurance. cutting corners usually leads to round squares is what a wize old shark once told me.
it only costs a nickel more to go 1st class, usually!
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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DENNIS
Platinum Nomad
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Power of attorney for land control has been around for a long time. Unfortunatly, it's nonsense. Mexico seems to bless scams against foreigners and
this is just another. It's not new. 16 years ago a friend had a house half built here in Punta Banda when he learned the POA he thought gave him
control was useless. He walked away from the project, losing a bunch of money.
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livencabo
Junior Nomad
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Registered: 11-18-2007
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This isn't even creative. Some interests in Mexico are trying to change the laws from the fidecomiso to a more direct form of foreign ownership but
that has not happened yet. What power of attorney might be I don't know but it does sound similar to the old prestanombre i.e. using property that is
owned by a Mexican national.
The trust is onerous in some ways but it is presently the best way to have control over property.
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The Gull
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by The Gull
San Antonio del Mar and Punta Banda are still the best examples of local land fraud. For many Nomads, these two events are too long ago, but there
are lessons to be learned. |
What lessons? Tell us what lessons you're talking about. |
| Quote: | Originally posted by DENNIS
Power of attorney for land control has been around for a long time. Unfortunatly, it's nonsense. Mexico seems to bless scams against foreigners and
this is just another. It's not new. 16 years ago a friend had a house half built here in Punta Banda when he learned the POA he thought gave him
control was useless. He walked away from the project, losing a bunch of money. |
Kinda confusing. If you already knew everything about the Punta Banda situation, why ask about it two days ago?
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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DENNIS
Platinum Nomad
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| Quote: | Originally posted by The Gull
| Quote: | Originally posted by DENNIS
Power of attorney for land control has been around for a long time. Unfortunatly, it's nonsense. Mexico seems to bless scams against foreigners and
this is just another. It's not new. 16 years ago a friend had a house half built here in Punta Banda when he learned the POA he thought gave him
control was useless. He walked away from the project, losing a bunch of money. |
Kinda confusing. If you already knew everything about the Punta Banda situation, why ask about it two days ago? |
My friend's house project and POA were outside of the expropriation zone, five miles apart. Had nothing to do with it.
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DENNIS
Platinum Nomad
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| Quote: | Originally posted by longlegsinlapaz
I've heard of it, and I know someone who put their property in a Mexicans' name....but I don't believe it's a legally acceptable
practice. |
That would be the Prestanombre, loaning or borrowing a name. It used to be illegal, may still be. Power Of Attorney is different but no less
useless.
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DianaT
Select Nomad
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We wanted no part of any of these "ownerships" for reasons cited by longlegsinlapaz----
Also, a man from Ensenada who asked us to try and find a buyer for his nephew's house here in Bahia Asuncion, said that the nephew needed the money
quickly so one would have to buy it with a power of attorney or a prestanombre. But even he said, he did not belive it would hold up in court if
there was ever a dispute. We would not even mention the place to ANYONE. We told them we could not in good conscience suggest to anyone that they
buy property without the bank trust.
If we were to lease land, we would use the "walk-away" rule. But since we bought, we did the rather expensive Bank Trust (never spell the work
correctly). It did take about 4 months, but unless they change the law, it is the ONLY way to go, in our opinion.
We had a very good agent in La Paz and a seller willing to learn, provide all the necessary paperwork and wait. He had never sold property this way
before.
Just our opinion.
Diane and John
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susanna
Junior Nomad
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Registered: 2-17-2008
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We purchased an Ocean view lot across the toll road from Puerto Nuevo in 2005
and we only have a contract. My question is how long can we keep it under this contract since we decided to sell? Would appreciate any info.
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DENNIS
Platinum Nomad
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Susanna...... It won't do you any good but, get an attorney.
On second thought, the attorney will only take more of your money, for nothing. You wont be able to sell what you don't own. A contract, without
fideicomiso is powerless. Ask the seller if he will agree to the bank trust. His answer will say it all.
[Edited on 2-19-2008 by DENNIS]
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bobw
Junior Nomad
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| Quote: | Originally posted by jdtrotter
We had a very good agent in La Paz and a seller willing to learn, provide all the necessary paperwork and wait. He had never sold property this way
before.
Just our opinion.
Diane and John |
Any chance you could u2u me the name of your agent? We're heading down to La paz in the next couple of weeks to look more seriously at land, so any
decent referrals (agents, lawyers, banks,etc) are very welcome.
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Bruce R Leech
Elite Nomad
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Mood: A lot cooler than Mulege
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dont do it.
Bruce R Leech
Ensenada
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susanna
Junior Nomad
Posts: 76
Registered: 2-17-2008
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We are not at all experienced at buying property in Baja but were told that eventually we would need a Bank Trust, at the time 2005 when we went to
Grupo Lagza in TJ with the sellers they still owed a balance on the property, and they paid it off and made the new contract stating us as the owners.
We were given the paperwork to go to Tesoreria Municipal in Rosarito and have been paying the impuestos yearly..I have asked Grupo Lagza if we can
sell the property now and they told me that i could, they will just transfer the contract to the new buyer..The contract was signed by a Licenciado by
the name of Ambrosio Fernandez at Lagza.I hope this is all legal.
I just want to sell for the same amount we paid.
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DENNIS
Platinum Nomad
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Susanna....
You should see an attorney. One not working for Grupo Lagza. Companys abound in Mexico that will sell you a bill of goods. You are probably
involved with one of them. They know the law and it sounds as though they don't operate within it. There is only one way an unincorporated foreigner
can own land in Mexico, the fideicomiso. See an attorney before you discuss it with Grupo Lagza. Their method of transferring a contract is total
nonsense.
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Acuity
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Our first "purchase" in BCS was through such a "contract" for a condo in a complex which had not yet had the regime registered (but would, "very
soon"). The complex was, fortunately, registered some 5 years later (the owner didn't want to pay taxes), but even then, the route to getting title
(and thus being able to sell through any valid route) was tortuous. In theory, we had to regularise the whole chain of "ownership" (3 owners), which
was made more tricky as one had died, and the other didn't want to pay for anything (e.g their share of capital gains).
So, the moral of the story is ... without a fido, a very helpful vendor or lawyer, or an unsuspecting purchaser, selling such "property" may be very
difficult
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susanna
Junior Nomad
Posts: 76
Registered: 2-17-2008
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Can anyone recommend a good attorney that can help me with this problem?
I would appreciate it. Like they say don't leave your brains at the border.
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