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 Moderated by: bartmanaz Page:  First Page Previous Page  1  2   
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New York Times article  Rate Topic 
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 Posted: Sun Aug 21st, 2016 03:49 am
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long time resident
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Frankie, A property in the state of Arizona is not recorded until all monies have been received for the sale of the property., and all funds have been dispersed. At the time of recordation, the keys are given to the buyer. This usually takes place in the same day, if the closing is in the morning. Recordation of a title can not be done after 4 in the afternoon. Many times it is electronic, depending on which escrow/ title company you use.

I know of a property in the ranchitos that was given a certificate of no liens, (property had been in a bank trust for over 12 years) the notario transferred the title with the bank (Banamex) and when they went to registered the property a very old lien suddenly appeared in the old books, from a company that had not existed for over 2 decades, and the bank had given a trust in the beginning, and signed a transfer, and then suddenly there is this old lien. It was a mess. It happens.

Last edited on Sun Aug 21st, 2016 03:51 am by long time resident

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 Posted: Sun Aug 21st, 2016 04:02 am
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johnmoore
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LTR, in the world of Realestate, is a deposit, a lien?

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 Posted: Sun Aug 21st, 2016 06:06 am
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frankiej
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LTR,  in arizona there is usually 2 closings!  the seller/sellers and the buyer/buyers usually each "party"  has separate closings!   i have witnessed as many as 4 separate appointments for closing,  and spread out over a 5 day work day week,  not always do the buyer/buyers close before the seller/sellers!  each closing is determined on the convenience of each party,  seller/sellers and buyer/buyers! 
funding and dispersal of funds are 2 separate issues,  the seller/sellers if liens are involved with them are the last in line of the dispersal's! 
 lets make something clear,  a escrow/title company can disperse the funds, the doesn't mean the the seller/sellers have the "check in hand"!!
a property can be recorded and the "keys" given to the buyer before the seller/sellers funds have been given to them "check in hand"!
dispersal is the allocation of funds!

in arizona when there is a meeting of minds;  a purchase contract signed by the buyer and signed by the seller,  then usually the purchasing real estate agent  "opens escrow "!!  the earnest money check is usually used for this!  an escrow receipt is issued!!
there are a zillion factors to a closing,  opening escrow is just the start!  there are cash deals,  finance deals,  owner carry backs, balloon payments,  ect.!!  loan approval for the buyer,  escrow funding,  seller lien pay offs,  real estate commissions,  ect;! 

i generalized,  just as you have!

the point i am trying to make is legal recourse!
real estate agents (NOB) if they are realtors, carry "errors and omission insurance" ( not all real estate agents are realtors)  "legal recourse"
earnest money deposited with escrow company.  "legal recourse"
escrow/title company, "title insurance policy".  "legal recourse"




Last edited on Sun Aug 21st, 2016 07:49 am by frankiej

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 Posted: Sun Aug 21st, 2016 03:08 pm
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long time resident
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Frankie, thank you for the lesson in Real Estate 101.
I did not realize that you are a realtor in the state of Arizona. I have to disagree with much of the information you have provided.

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 Posted: Sun Aug 21st, 2016 03:51 pm
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frankiej
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long time resident wrote: Frankie, A property in the state of Arizona is not recorded until all monies have been received for the sale of the property., and all funds have been dispersed. At the time of recordation, the keys are given to the buyer. This usually takes place in the same day, if the closing is in the morning. Recordation of a title can not be done after 4 in the afternoon.
LTR,  i have had the privilege to have participated in well over 1000 closings!  many where mine personally or that of my construction company!  i was a licensed  real estate agent in the state of arizona for over 33 years!you can disagree all you want,  i have the experience of those closings under my belt!
your first sentence is extremely deceiving, and it discredits your opinion!  i clearly explain how money can be left on the table!!  balloon payments, owner carry backs, ect.
this isn't about  real estate 101 , it is about the vulnerability of the buyer and seller here without those services!!

Last edited on Sun Aug 21st, 2016 05:04 pm by frankiej

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 Posted: Sun Aug 21st, 2016 04:20 pm
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RichD
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Bickering belongs on the other board. It does not matter how things are done in Arizona or anywhere else in the US. It seems to me the issue is safety, can you buy property here and be relatively sure you can get most of your investment back. Some people say you should not invest anything here you can't walk away from. If that were really true no reasonable person would buy a house here. The vast majority of property that is bought with an existing trust and has a new trust put in place is sold without a hitch down the road. There are some examples to the contrary that are interesting and colorful but do not represent the majority.

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 Posted: Sun Aug 21st, 2016 04:31 pm
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frankiej
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richd,  i agree with you 100%!!  the thread was about the pitfalls of buying certain properties here in mexico!
it is all about security!
i was only offering what security means NOB!
you can buy property in mexico using a few certain NOB title companies!  i did when i purchased my home here 15 years ago.  at that time i used "fidelity financial global solutions",  head quartered in NY,NY!! 
using a NOB title company is more security than what is offered here!

Last edited on Sun Aug 21st, 2016 05:06 pm by frankiej

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 Posted: Sun Aug 21st, 2016 04:43 pm
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frankiej
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purchasing real property anywhere and especially in foreign counties is nothing i would recommend to the inexperienced and faint hearted! 
if you can't run with the big dogs, stay on the porch! 
2 very referable NOB title companies issuing title insurance here in mexico are;
First American title company
Stewart title company

Last edited on Sun Aug 21st, 2016 05:10 pm by frankiej

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 Posted: Tue Aug 23rd, 2016 03:53 pm
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frankiej
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frankiej wrote: purchasing real property anywhere and especially in foreign counties is nothing i would recommend to the inexperienced and faint hearted! 
if you can't run with the big dogs, stay on the porch! 
2 very referable NOB title companies issuing title insurance here in mexico are;
First American title company
Stewart title company
was my post a little harsh?  think of it as though love!!  you can prevent much of the bad experiences buying real property,  simply by doing some home work prior to making your offer!
* select a good real estate agent, one with a good record
* find out about the options for a notario 
* buying an existing home,  have a home inspection
* buying a lot and planning to build;  shop your contractor options,  see what they have built,  talk to the people they built for
* open a bank account;  dollar/peso fluctuate 
* more security, call one of the NOB title companies,  ask all the questions you have for concern
* learn some spanish
San Carlos is in a buyers market,  there are a lot of good deals out there waiting for you!!!!!

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 Posted: Thu Aug 25th, 2016 06:19 pm
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Vince Radice
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To the best of my understanding those who live in La Manga must pay their concession fees now. Some families do pay some don't. No one in La Manga can sell their property to a third party. They can renew their federal concessions but do not own the land out right and can not legally sell any of it.

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 Posted: Fri Aug 26th, 2016 06:04 pm
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Richard Baca
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The Mexican coastal Federal Zone extends 20 meters above the mean high tide line as defined by a survey performed by the Federal Zone authorities. The width of any given FZ is also defined by the FZ authorities and usually the width of an adjacent platted lot, but not always as seen at Charley's Rock and three of the La Manga FZ concessions that I am aware of.

At La Manga, most of the houses on the FZ do not have FZ concessions and as we readily see when driving to Doña Rosita's restaurant, extend way further back than the 20 meters above mean high tide FZ definition. In fact they have established a school and a couple of churches way above the FZ! These people have established possession, and in Mexico established possession can (and in this case I think will) become a "right". As such, it will also become negotiable. So IMO,the situation is going to have to go into arbitration. So... vamos a ver!

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 Posted: Mon Aug 29th, 2016 09:46 pm
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kiteboarder
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Even when you have done everything right you can still fall victim to land fraud thanks to rampant corruption. Right now 4,000 families in Veracruz look like victims of land fraud involving the brothers of the real land owner as well as the state assets office, 11 notaries and the land registry office staff. 

http://mexiconewsdaily.com/news/4000-owners-victims-of-veracruz-land-fraud/

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 Posted: Tue Aug 30th, 2016 04:09 am
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Richard Baca
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I don't know, but I'd say it was the first Notary in the chain of Notaries that didn't perform the required due diligence. That it went on for so long is incredibly suspicious!! and that only one sister is owner of the ejido in question? Hmmm........... Something ain't right here!!

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 Posted: Tue Aug 30th, 2016 05:52 am
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kiteboarder
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Richard, nothing in that article indicated that it was ejido land. The owner left the country and her brothers stole her land and sold it without her knowing. She must not have returned to that area for some time as it was thirty years later that she is filing criminal charges and suing to get paid for her stolen property. I don't have any details but I have heard of more than a couple of similar land grabs and attempted land grabs right here in the San Carlos/Guaymas area. I am sure you have too!

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 Posted: Tue Aug 30th, 2016 02:45 pm
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long time resident
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I have heard of several. And personally know of others.
Curious why the sister waited until the property was developed. Seems that 30 years is a very long time, considering they are family.

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