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 Moderated by: bartmanaz Page:    1  2  3  4  Next Page Last Page  
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Real estate purchase  Rating:  Rating
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 Posted: Wed Dec 9th, 2015 11:42 am
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Tex L. Horn
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We are looking to buy real estate in SC. I inquired about title insurance from an American title company and our realtor said a title policy was not necessary because the notorio would take care of the search. Also, is an attorney necessary ? Any information on the subject is appreciated.

Last edited on Wed Dec 9th, 2015 12:16 pm by Tex L. Horn

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 Posted: Wed Dec 9th, 2015 01:44 pm
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Hook
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I have no personal experience but I have had a few individuals tell me that the loopholes/exclusions in these policies make them all but useless.

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 Posted: Wed Dec 9th, 2015 01:56 pm
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Jimmy
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Don't invest in Mexico more than you can afford to loose.

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 Posted: Wed Dec 9th, 2015 02:07 pm
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bombero
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"Invest", is the key word here. Jimmy says don't.....in Mx. Probably decent advise. Jimmy where would you have us "invest"? I know your home, is probably one of the biggest outlays of money in your lifetime, but that does not mean, it is an investment. One that is designed to earn money, of course that is ideal, but living where your want, at some point in your life is more important.

Tex, my advise to you would be, surround yourself with a honest and competent real estate agent here in San Carlos. There are a few, ask around, look into some of the agents that advertise on this site.

Jimmy, when you find that great investment opportunity.....let me know.

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 Posted: Wed Dec 9th, 2015 03:08 pm
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RichD
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I think the most security you have is the bank trust. The bank issuing the trust is not going to take chances. The part of the process that makes many uncomfortable is that you usually have to pay for the property before the trust is completed. I think it is a big advantage to buy a property that already has a trust. They are not transferable but you have a better chance of not having trouble. If anyone tells you that you don't need a trust, run as fast as you can.

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 Posted: Wed Dec 9th, 2015 03:18 pm
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Ian948
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Tex - the process here is somewhat different , the Notario performs a variety of functions including checking the title . As the Notario is performing a function for the government many restrictions and quality issues apply - not just anyone can qualify !

Because of the need for foreigners to have a bank trust in order to own property in this area, you also have a second layer of security - the bank cannot issue a trust unless the notario's paperwork has been correctly executed.

There are some areas in mexico where title insurance applies - but from what I have seen they tend to be condos and developments in large tourist areas with very much more complex title issues.

The above from what I have seen and noted - not to replace professional advice !

Good professional advice locally is worth a lot , I know of 3 professionals who I would use to get accurate advice, pm if you want names.

Good luck and welcome !

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 Posted: Wed Dec 9th, 2015 03:55 pm
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Steve W.
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As Jimmy said "Don't invest in Mexico more than you can afford to loose." You seem to have already made up your mind to buy. First off there is a law that non national can not own land within like 12 miles of the sea. Now does it say anything to you that so many people will tell you "but this is Mexico" there are ways to get around that. Well this is Mexico and there are so many way to lose that same land.

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 Posted: Wed Dec 9th, 2015 04:47 pm
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bombero
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I know of northerners losing money here in Mx. but only because of buying high and selling low. How many of you commenting on this thread know of anyone losing their trust to a government take-back? If the Mexican escrow (esquitura/bad spell) is done correctly, taxes are paid, trust fees are paid, there appears to be no risk, as far as losing your property (dwelling) to the gov.,or trust holder (bank)

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 Posted: Wed Dec 9th, 2015 04:51 pm
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Ian948
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Bombero 100% correct.

Need a thumbs up emoji !

:)

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 Posted: Wed Dec 9th, 2015 04:55 pm
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aloha
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interesting topic. following ~

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 Posted: Wed Dec 9th, 2015 06:12 pm
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Jimmy
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bombero wrote: "Invest", is the key word here. Jimmy says don't.....in Mx. Probably decent advise. Jimmy where would you have us "invest"? I know your home, is probably one of the biggest outlays of money in your lifetime, but that does not mean, it is an investment. One that is designed to earn money, of course that is ideal, but living where your want, at some point in your life is more important.

Tex, my advise to you would be, surround yourself with a honest and competent real estate agent here in San Carlos. There are a few, ask around, look into some of the agents that advertise on this site.

Jimmy, when you find that great investment opportunity.....let me know.


What the (^^%$%$$##@) bonbero! Do you not understand my Point?

in·vest
inˈvest/
verb
verb: invest; 3rd person present: invests; past tense: invested; past participle: invested; gerund or present participle: investing

1.


expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.

...............................

OK, Don't spend any money in Mexico that you can not afford to loose. I know of plenty of folks who lost money on their Mexico property when it sold years after they listed it. I know of folks who were cheated out of their property. I know folks who just walked away from their property.

 

Mexico is Not the US! It is corrupt. One does not have the same securities of property in Mexico they have in the US.

As far as a Trust goes,(you don't own the property) that can change with just a meeting of the Mexican Congress. Things have been Nationalized in Mexico in the past.

Questions? might talk to Craig the Iron Man, find out what he thinks about it.

 

 

 

 

Last edited on Wed Dec 9th, 2015 06:21 pm by Jimmy

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 Posted: Wed Dec 9th, 2015 06:20 pm
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bombero
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rant


/rant/


verb

verb: rant; 3rd person present: rants; past tense: ranted; past participle: ranted; gerund or present participle: ranting



1.


speak or shout at length in a wild, impassioned way.


What are you talking about?? Calm down.

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 Posted: Wed Dec 9th, 2015 07:25 pm
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Bullshipper
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You have no choice but to use a notario in Mexico. He will check the old titles, check for leans, write the purchase agreement, hold the money for transfer, set up the bank trust, and get everything signed and registered and pay for city services.

Your real estate agent should have a written guide to walk you through the process.

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 Posted: Wed Dec 9th, 2015 10:28 pm
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kyacker
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Tex if you are new to the area it might be a good idea to rent a place for a year to get a feel of what living in San Carlos and the surrounding areas is like, and then if you like the area then buy..You will be more informed on the pros and cons of the area.

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 Posted: Thu Dec 10th, 2015 03:32 am
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azbandit66
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I agree. The important thing is to have everything set up correctly before you buy. I own a couple properties in the states as well. But as  is anywhere, I don't really own them, the government does.
   Don't pay taxes for a few years or be subject to eminent domain and then tell me about how secure your US property is. My property is in the Bahia where many of my American national neighbors have lived there for 10, 20, 25 years already.

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 Posted: Thu Dec 10th, 2015 10:47 am
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Bullshipper
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To be clear, a notario en Mexico is a registered attorney.

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 Posted: Thu Dec 10th, 2015 03:09 pm
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bombero
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Tex, back to your original question, and I am assuming all the other advise given above has been digested and perhaps done in advance...ie: rent for a year, so you know what you are getting yourself into..etc.

Best advise, spend sometime seeking out a honest/good real estate broker/agent, they will take you through the process, protect your interests, and see that all provisions of the contract and Mexican laws are legally adhered to. From what I see that is available out there, now is a good time to buy. Best of luck and welcome to San Carlos.

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 Posted: Fri Dec 11th, 2015 04:55 am
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mrmikek
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We just bought a house in San Carlos. There are a couple of attorneys in town. I would suggest you contact them. I would not venture in to a purchase without an attorney.

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 Posted: Fri Dec 11th, 2015 11:08 am
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aloha
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honest realtors? that's a contradiction in terms sorry to say. hire a real estate att'y. abagados do not have a much better rep,but at times are held to a higher standard and can be reported for mis-conduct. all said,you are in mexico. its a different ball game. WELCOME :)

Last edited on Fri Dec 11th, 2015 11:09 am by aloha

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 Posted: Fri Dec 11th, 2015 01:52 pm
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bombero
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Any tips given to make the buying experience here pleasant, and on the up and up, should be considered. Aloha, yes, there are honest realtors here in San Carlos, in fact more honest ones, than dishonest ones. These realty agencies have and recommend Attorneys, Notaries, that they have to facilitate each contract and or trust, as sales to northerners can all be different. I am not a realtor, but I cannot stress enough, that there are honest realtors in SC. See the offices surrounding the "old Pemex", see the offices at Beltrones and Paseo Alegre, use the Realtors who are sponsors of this site.

All said, you are in Mexico, which is not to say, watch out, everyone is out to get you.........if you feel like that.........see ya!!

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