DaliDali
Super Nomad
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Registered: 4-21-2010
Location: BCS
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Fideicomiso renewal closing service
Does anyone know about Phoenix Closing services out of Juarez MX?
They wade the waters of foreigners and MX nationals purchasing property in MX.
I am in the process of renewing and the bank that handles my fido referred me to these people for the full process.
They do not have a web presence right now and are "remodeling" it.
"Currently our website is in remodeling, following a summary about our company. Phoenix Services ("PS") provides closing services to foreign and
domestic clients purchasing all kinds of real estate properties in Mexico. Our goal is to provide our clients with a smooth and timely closing, where
PS acts as the main coordinator of all the parties involved in the closing process, since the offer is accepted by the buyer until the buyer gets a
recorded title / trust"
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SFandH
Elite Nomad
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I don't know about the company you mentioned. If you want to consider another option contact this guy. He's a Mexican attorney in Rosarito Beach that
specializes in real estate and American clients. I've met and spoken with him. He speaks English well and seems to be a serious, knowledgeable man.
https://www.facebook.com/groups/534958289989059/
[Edited on 7-7-2017 by SFandH]
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LaTijereta
Super Nomad
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Hmmm.. I renewed my 30yr fidio in 2010 with Alex here in Loreto.. got a new 50yr fidio with Banorte.. took about 6 mons from start to finish.. Seems
a little removed to use a company over in Juarez..
Buena Suerte..
Democracy is like two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.
Ben Franklin (1759)
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Marla Daily
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Location: Loreto, BCS
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Dear Original Poster,
What bank holds your Fideicomiso? I am in the process of transferring ownership on an expiring Bancomer 30-year Fideicomiso in Loreto and getting an
"amplification" (extension) of 20 years in our names. (We recently purchased the property from the widow). Did it myself and saved $6000! I'd be happy
to post the 13-steps required by Bancomer to INITIATE the transfer.
Transfer is initiated when the Bank holding the Fideicomiso sends your Notario (of choice) a LETTER OF INSTRUCTION. This only happens once all
required paperwork is submitted to your Notario.
KNOW THAT IN MEXICO A SPOUSE DOES NOT INHERIT FIDEICOMISO RIGHTS FROM A DECEASED SPOUSE. THE CHILDREN OF THE DECEASED SPOUSE INHERIT 50% OWNERSHIP,
WHICH IS THEN DIVIDED AMONG THE CHILDREN, ALL OF WHOM HAVE TO SIGN MULTIPLE DOCUMENTS! In our case we are dealing with a widow and five children,
hence the preponderance of paperwork. In our unusual case, 63 separate documents had to be submitted. A Mexican challenge!
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DaliDali
Super Nomad
Posts: 1132
Registered: 4-21-2010
Location: BCS
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Marla.....this is not a transfer.
It is a straight up renewal of a fidi that has expired.
Thank you
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Marla Daily
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Location: Loreto, BCS
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You will need to provide some of the same documentation for a renewal as with a renewal and transfer, all of which you can generate yourself if you
are so inclined. The Bank will provide a list of items needed before the renewal "LETTER OF INSTRUCTION" can be sent by the bank to the Notario.
Libertad de Gravamen (property certified free of leins) must be dated within 30 days of submission. It is the last of the documents. It costs 508
pesos at the Registro Publico.
You haven't provided many facts. If you are renewing a 30 year fideicomiso with the same bank they must by law extend it for another 20 years = 50.
Apparently it is possible to switch banks and get 50 years according to another poster here. If you do that, your existing bank will charge a
"transfer fee" for leaving them.
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SFandH
Elite Nomad
Posts: 7084
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Hi Marla,
I'm curious. What was the $6,000 that you did not pay for? Who was going to collect it?
Thanks
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DaliDali
Super Nomad
Posts: 1132
Registered: 4-21-2010
Location: BCS
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Marla.....
I have this well in hand and was only seeking any feedback on the named closing agent.
Thank you
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