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Marla Daily
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ALL FIDEICOMISOS HAVE A TOTAL LIFESPAN OF 100 YEARS
We read with GREAT interest the Mexican federal law which states that all Fideicomisos have a total life span of 100 years (including transfers,
extensions and renewals), after which the property reverts to the Mexican government. Anyone have more info on this?
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Bob and Susan
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no it just need to be redone in a different name
who will live a hundred years anyway...
the rules MAY change...remember we are in mexico
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Cypress
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Marla Daily, The Mexican govt.? Asking the Mexican govt. will take you down a worm hole that goes on forever, with lawyers aplenty.
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Marla Daily
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NO FIDEICOMISO PROPERTY CAN BE HELD FOR MORE THAN 100 YEARS!
Here is what we read. The 100 years INCLUDES all name transfers, extensions, and renewals. 100 years and the property reverts to Mexico. That was my
point! NO PIECE OF PROPERTY CAN BE HELD FOR MORE THAN 100 YEARS!
FIDEOCOMISOS: "The buyer's beneficiary rights are limited to a period of 50 years. Trusts may be renewed one time only, and must be renewed before
the expiration of the 50 year period, making the potential life of any given trust 100 years in total. This means that if a foreign buyer wishes to
purchase residential property in the restricted zone that was previously held in a trust, the potential life of the buyer's trust will be diminished
by the period of time that the property was previously held in trust. For example, if a buyer wishes to acquire beachfront residential property that
was previously held in a trust for 15 years, the buyer will be able to establish a Fideicomiso for 50 years initially, but would then only be able to
renew the trust one time for only 35 additional years. No piece of property can be held for longer than 100 years, even if there are various
beneficiaries and different foreign buyers along the line. At the end of the 100 year period, the property will revert back to the Mexican government
and no foreign buyer will be able to acquire the property through a Fideicomiso at that time. However, Mexican property laws have been evolving in
this area for the past 30 years, so by the time any of the 100 year trust limits are expired, the law may very well change and allow either an
extension of the trust period, as has recently been the trend, or will potentially allow for new buyers to establish Fideicomisos and become
beneficiaries." [Illinois Business Law Journal] [iblsjournal.typepad.com/illinois_business_law_soc/2006/03/purchasing_beac.html]
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CaboRon
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Fidecomiso is not ownership .... You do not have the title .... You will never hold the title in your hands .... The bank holds title ....
you will never OWN the property .... it is a huge scam ... believe me , it you don't posess the title you do NOT own anything .... it is all a bad
joke on us gringos .... if you own it why can't you posses the title ???
CaboRon
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gnukid
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How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea
who even holds the title.
In Mexico the same thing occurs, a bank holds your title if you have a fidi.
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BMG
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| Quote: | Originally posted by CaboRon
Fidecomiso is not ownership .... You do not have the title .... You will never hold the title in your hands .... The bank holds title ....
you will never OWN the property .... it is a huge scam ... believe me , it you don't posess the title you do NOT own anything .... it is all a bad
joke on us gringos .... if you own it why can't you posses the title ???
CaboRon |
All property ownership is at the whim of the current government in power in whatever country you want to pick.
My wife has the title to our property in La Paz. It doesn't make me feel any more secure than if we owned the house under a fideocomiso, although it's
nice not having to pay the banking fees.
I think the world is run by C- students.
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bajabeachbabe
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This raises a good question. Could the property held by a fidi later be sold to a Mexican corporation? At that point, the fidi would terminate and
the corporation would hold the title. Anyone out there know if this might be a solution to the 100 year issue?
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thebajarunner
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Better check your facts!!!
| Quote: | Originally posted by gnukid
How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea
who even holds the title.
In Mexico the same thing occurs, a bank holds your title if you have a fidi. |
In the US the "owner" of the property holds the title.
The lender holds a "note secured by a deed of trust"
Ask any title officer, ask your County Clerk.
Check your County records and see who is "of title" on your property- you are, regardless of whether or not it has a mortgage.
Title is not "sold and resold"
but surely a lien against the title is and ever shall be saleable, until fully repaid.
This may sound like quibbling, but it is a huge distinction from the Mexican way of doing real estate biz.
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CaboRon
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| Quote: | Originally posted by gnukid
How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea
who even holds the title.
In Mexico the same thing occurs, a bank holds your title if you have a fidi. |
gnukid,
In the US you do hold title once you have paid fully for the property ... if you have a mortage the bank owns the property until you have paid for it,
then you actually receive the deed.
I will bet that the holders of these fidecomisos have paid fully....
They can't ever show a title ....
There will be a lot of winers on this thread , they are the ones that have bought into the lie ....
CaboRon
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thebajarunner
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Facts- Facts- check your facts
| Quote: | Originally posted by CaboRon
| Quote: | Originally posted by gnukid
How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea
who even holds the title.
In Mexico the same thing occurs, a bank holds your title if you have a fidi. |
gnukid,
In the US you do hold title once you have paid fully for the property ... if you have a mortage the bank owns the property until you have paid for it,
then you actually receive the deed.
I will bet that the holders of these fidecomisos have paid fully....
They can't ever show a title ....
There will be a lot of winers on this thread , they are the ones that have bought into the lie ....
CaboRon |
See my post above.
The bank does NOT own your property!!!
They own a claim against your property.
This is an important distinction, and you have not got it right.
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gnukid
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| Quote: | Originally posted by CaboRon
| Quote: | Originally posted by gnukid
How many US Americans hold title? Practically none. In most every case the bank holds title and sells the title many times over so you have no idea
who even holds the title.
In Mexico the same thing occurs, a bank holds your title if you have a fidi. |
gnukid,
In the US you do hold title once you have paid fully for the property ... if you have a mortage the bank owns the property until you have paid for it,
then you actually receive the deed.
I will bet that the holders of these fidecomisos have paid fully....
They can't ever show a title ....
There will be a lot of winers on this thread , they are the ones that have bought into the lie ....
CaboRon |
The path for many foreigners in Mexico is similar, you move to Mexico and after 5 years become naturalized and transfer the Fidi to yourself as a
Mexican.
At least there is no early payment mortgage penalty in Mexico.
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comitan
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Sorry for you Ron, I remember your early posts and your looking forward to retiring in the Baja, Its really to bad its not working out to your
liking, we will certainly miss you when you go back NOB to the country that is so perfect for you. We will have to stay here and suffer with this
intolerable weather and living conditions and end up with nothing when the government takes everything we have. O but we will still have the memories
of Ron and his bitter posts of Baja living and Mexican Law, and last but not least that awful experience with Immigration.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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slimshady
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In the end we own nothing. In the U.S. we have the estate tax to deal with and in Mexico the fido. Just enjoy it while you can.
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Marla Daily
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What I find MOST interesting about the 100 year rule is that this is the first we've heard of it in over three decades in Baja California Sur. It came
up because our fideicomiso for 30 years with Bancomer expires this year and we need to figure out how to extend or renew it. I am waiting for a
response from Raul Leon who posted here a few weeks ago and whom I emailed for directions on how to proceed. The local bank branches do not have a
clue!
Anyone out there had their first fideicomiso expire or are we the first?
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danaeb
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Here's more information on the Article 13 provisions with no mention of 100 year limit:
"F. Fideicomiso Extensions
Originally, fideicomisos were created for a period of thirty years.(135) The 1989 Regulations added for the first time in Mexico's legislative history
on foreign investment, that this period may be extendable under certain conditions.(136) Article 13 of the 1993 L.I.E. extended the fideicomisos
period, specifying that fideicomisos may be valid "for a maximum period of fifty years," clarifying that "this period may be extended at the request
of the interested party."(137)
The 1998 Regulations explain that, the interested parties, through fiduciary institutions, should apply to the SRE for an extension of the fideicomiso
within ninety working days prior to the termination of the respective contract.(138) Interestingly, the Regulations state that the extension shall be
granted provided that the original conditions imposed by the SRE remain in place and are being complied with."
Here's the link to the article from the Houston Journal of International Law:
http://www.entrepreneur.com/tradejournals/article/69203227_5...
Experience enables you to recognize a mistake every time you repeat it.
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cabobaja
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Yea, poor CaboRon. Still cannot find a clean bathroom in Todos or a cafe to get an American breakfast.
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Pescador
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Poor little Cabo Ronnie, can't find a beach to lay his eggs on. On another topic he states, "never buy what you can not afford to lose."
My daddy used to have a great saying that covered that. Everyone in the whole army is out of step, except me. Time to get out of the army.
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Bob and Susan
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since no one has had a fido for a hundred years we don't know what would happen...
I'll bet marla is one of the first 30 year people to deal with the hassel of "renewing"
she'll have to tell us how it goes...
the law is written so AFTER 100 years the fido MUST be re-written NOT extended
when you sell your property the buyer CAN assume a fido for the balance of the term or create a NEW one.
i'll see you in 2109 and well talk
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Gypsy Jan
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Why Do You Need to Shout With All Caps?
Nothing that I have read from your post proves anything or cites Mexican law.
When I see these "ALL CAPS" posts, it immediately gives me a headache and an aversion to the poster.
“Travel is fatal to prejudice, bigotry, and narrow mindedness.”
—Mark Twain
\"La vida es dura, el corazon es puro, y cantamos hasta la madrugada.” (Life is hard, the heart is pure and we sing until dawn.)
—Kirsty MacColl, Mambo de la Luna
\"Alea iacta est.\"
—Julius Caesar
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