Markwhitegb
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Registered: 10-11-2013
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Fideicomiso
Can anyone help me?
I have got a fideicomiso for two lots at el Palomar ,San felipe thorough a notary public in 2006 but haven't set it up with a bank , can I have
advice on how to do that please?
If any one has an inexpensive knowledgeable lawyer that would be fantastic.
Thanks and have a beautiful day
Mark white
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monoloco
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I'm not sure exactly what you have, but if you haven't set it up with a bank, you don't have a fideicomiso, and it probably wasn't a good idea to wait
6 years to figure it out. Welcome to the forum though.
"The future ain't what it used to be"
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Mula
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I agree with monoloco.
Notaries have to submit the paperwork to the bank. And there is an annual fee associated with a Fideiocomiso.
Doesn't sound too good or legal.
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RnR
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A fideicomiso is a contract between the seller, the bank, and the de facto "new property owner".
It happens like this:
1. The seller transfers title to the bank.
2. The bank is the true owner of the property.
3. The bank agrees to follow the wishes of the de facto "new non Mexican owner".
In order for a contract to be valid, it needs to be signed by all parties.
If you have yet to "set it up with a bank", you do not have a valid contract.
RUN to a good lawyer and let's hope for the best .....
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DENNIS
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Jeeeezo.....you're gonna owe some long Pesos....if you're lucky.
Maybe just pull that "I've been screwed" thingy outa your butt, walk off and say bye bye.
"YOU CAN'T LITTER ALUMINUM"
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CortezBlue
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| Quote: | Originally posted by RnR
A fideicomiso is a contract between the seller, the bank, and the de facto "new property owner".
It happens like this:
1. The seller transfers title to the bank.
2. The bank is the true owner of the property.
3. The bank agrees to follow the wishes of the de facto "new non Mexican owner".
In order for a contract to be valid, it needs to be signed by all parties.
If you have yet to "set it up with a bank", you do not have a valid contract.
RUN to a good lawyer and let's hope for the best ..... |
I agree with your above description, except, the bank is not the owner of the land or the title. The bank merely owns the container that holds the
title and has fiduciary responsibilities beholdent to the owner. Land trusts in the USA were very common for years until they were abused by unsavory
folks who hid behind them.
Probably an escrow would be a similar example. Banks open escrows and hold money in an account that is controlled by other parties, but they don't
own the dough, the are simply providing a trusted service.
Just my 2 pesos
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DianaT
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| Quote: | Originally posted by CortezBlue
| Quote: | Originally posted by RnR
A fideicomiso is a contract between the seller, the bank, and the de facto "new property owner".
It happens like this:
1. The seller transfers title to the bank.
2. The bank is the true owner of the property.
3. The bank agrees to follow the wishes of the de facto "new non Mexican owner".
In order for a contract to be valid, it needs to be signed by all parties.
If you have yet to "set it up with a bank", you do not have a valid contract.
RUN to a good lawyer and let's hope for the best ..... |
I agree with your above description, except, the bank is not the owner of the land or the title. The bank merely owns the container that holds the
title and has fiduciary responsibilities beholdent to the owner. Land trusts in the USA were very common for years until they were abused by unsavory
folks who hid behind them.
Probably an escrow would be a similar example. Banks open escrows and hold money in an account that is controlled by other parties, but they don't
own the dough, the are simply providing a trusted service.
Just my 2 pesos |
I agree with you. There was an IRS ruling posted a while back on this forum whereby the IRS declared the individual the "owner" of the property. It
was one that shot down the idea of the fideicomiso being a foreign trust under the rule that it must be reported--- ruling said not necessary.
Mark, I wish you lots of luck and hope it works out in a positive way for you. Also, IF the new land ownership law is passed soon, maybe you can
obtain outright title. But that is a big IF and I would sure visit the attorney who was recommended.
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Markwhitegb
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Thank you all for your reply, the reason it took so long was because I intended to set up a corporation but didn't do that. Hopefully I'm not screwed
, does anyone have a lawyer they could recommend please?
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mtnpop
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If your Fido was completed you should have a hard copy.. If you do, then most of the information about bank, fee amount etc are in the first couple
of pages.. Or ours is... and it took an attorney to point out all the particulars to us..
We also didn't know the status for a couple of years.. then we got the big book of Fido but no bill from the bank.. We even went to the bank and tried
to pay with no results until a year later... we received a bill for 3 years with interest and penalties... interest of 5% per month... the penalties
for the first 2 years were larger than the trust fee... They would not negotiate with us or the attorney... Their comment... It is not their
responsbiliity to send us an invoice but it is our responsibility to pay it even tho they would not take the payment a year earlier... go figure....
actually a longer story has transpired but you get the drift...
Also... you have personal property taxes that are due every year just like in the good ole U.S. of A. at the local level... Not big but they need to
be paid..
We were newbies and didn't check out the full process... live and learn...
I am sure there are boocoo more similar stories out there....
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Markwhitegb
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Thank you, I guess it wasn't fully completed as it wasn't set up with a bank. He has a signed agreement that he would through a notary public.
I need the seller to cooperate with me but his numbers and emails are disconnected . I have found him on Facebook but he won't respond to my messages.
A lawyer in Mexico quoted me 13000 , his fee of 2500 but that seemed incredibly high. This price was if the owner cooperates and we didn't have to
take him to court . All very sickening really!
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bajaguy
Elite Nomad
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Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by Markwhitegb
Thank you all for your reply, the reason it took so long was because I intended to set up a corporation but didn't do that. Hopefully I'm not screwed
, does anyone have a lawyer they could recommend please? |
Try Gabriela Ramirez. She specializes in real estate/land issues and is in Tijuana, knows her stuff, speaks english
Gabriela Ramirez
+52 (664) 634-0302
+ 1 (619) 955-7930
gr@lawyer.com
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Markwhitegb
Newbie
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Great thank you, I found a lawyer through remax but wish to get a second opinion.
It looks like I need to find the seller before anything and that could be difficult especially with the language barrier and the fact that all phone
numbers and emails are not working.
I will win , thank you again!
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MitchMan
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There was a thread on real estate that ran for about a year or at least 33 pages. Great stuff in it. As I recall, a fido is a contract between the
seller, the ostensible buyer (i.e., beneficial owner with the most rights in the property), and a third party to whom title is past from seller to
this third party.
The terms of the contract define the rights and obligations of each party. Given that ownership is "a bundle of rights", it would be, IMHO, difficult
to say that the third party that holds the title is the actual "owner".
What that third party is contracted to do is to hold title and to sign title over to whomever the "ostensible buyer" (i.e., beneficial owner) directs
the third party title holder to sign it over to.
Sort of like a trust wherein the trustee is limited to holding actual title but doesn't have many other rights to the beneficial use or disposition of
the property except to the exact extent that the beneficiary or trustor directs the trustee to have or to do.
Now, in the case of a fido, the third party title holder doesn't exactly have to be a Mexican bank. In that thread I mentioned above, it was said
that some other "properly entitled" entity could be the title holder in a fido and that if you could find one of those entities, they might charge a
smaller fee than what the Mexican banks typically charge. Also, it was recommended not to automatically accept the Mexican bank's initial stipulated
fee and instead bargain with them to get the fee lowered, even threaten to go to some other bank as your leverage.
FWIW, I've always maintained that a fido is in no way a trust. When you buy a property, the money you pay in a fido transaction is to pay the seller
in exchange for their signing over title to the bank...that's it. Then the title goes from the owner directly to the bank title holder. You, by way
of the fido contract, gain beneficial use and rights to the property. You, as the beneficial party, had never had title to the property... ever.
Therefore, you aren't the creator of a trust as a trustor. You never had title and you therefore never put any value into any entity. YOur money
went 100% to the old owner as compensation for their signing over their title to the bank and thereby allowing you to get all the other "benefits" of
ownership.
Also, there is no legal entity created as a result of a fido contract...the fido is a contract and not an entity, nor is an entity created, and,
accordingly, there is no entity name. So, the IRS position was crap right from the beginning. I told the IRS as much when I did my first filing with
them.
[Edited on 10-21-2013 by MitchMan]
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DavidE
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Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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DON'T FORGET! IN MEXICO...
| Quote: | Originally posted by DENNIS
Jeeeezo.....you're gonna owe some long Pesos....if you're lucky.
Maybe just pull that "I've been screwed" thingy outa your butt, walk off and say bye bye. |
IT WILL HAVE LEFT-HAND THREADS
A Lot To See And A Lot To Do
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