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 Moderated by: bartmanaz Page:  First Page Previous Page  1  2   
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ACCOUNTABLITY  Rate Topic 
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 Posted: Tue Nov 29th, 2016 07:25 pm
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Richard Baca
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Mana: 
The contracts are not copyrighted and yes, I modified the pertinent clauses to conform to Mexican Article 27. You are right though that many are not either fluent in English and Spanish or experienced enough which is why there have been so many lawsuits. The concept of "escrow" and title company doesn't exist here. The Spanish term is "plica", but don't bother looking for it because you won't find it here.

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 Posted: Tue Nov 29th, 2016 07:33 pm
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bombero
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Richard, then what is fideicomiso, and or, escuturo (sp)? Do they not function as "escrow"......searching title, liens, etc. ?

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 Posted: Tue Nov 29th, 2016 07:48 pm
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Bullshipper
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fidecommisio is a trust
escrituras is a title

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 Posted: Tue Nov 29th, 2016 08:51 pm
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bombero
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So there is no title search? So if one receives an escritura, may one then believe there are no liens on the property or structure?

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 Posted: Tue Nov 29th, 2016 09:10 pm
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frankiej
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properties in mexico as in the usa are supposed to be transferred "fee simple" no liens or encumbrances! 
that service is suppose to be done by the notario!

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 Posted: Tue Nov 29th, 2016 09:43 pm
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IronMan
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The problem with apathy is no one gives a sh*t....

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 Posted: Tue Nov 29th, 2016 09:47 pm
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frankiej
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ironman, too funny!  but that does sum it up!

Last edited on Tue Nov 29th, 2016 10:07 pm by frankiej

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 Posted: Tue Nov 29th, 2016 09:54 pm
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bombero
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You will give one when, you think you own something and an old lien is brought to your attention, and you are now living on the La Manga Plaza.

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 Posted: Tue Nov 29th, 2016 11:44 pm
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Bullshipper
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A sales contract is usually drawn up by the sales agent then the notary.
A legitimate title search is then done with tax lot numbers and the property address by public records.
Public records gives the notary the documentation showing that the property is free and clear, or if their are loans, liens, trusts and encumbrances that have to be paid prior to the seller receiving the rest of the purchase amount.
The money changing hands and final signitures is also done by the notary.
The notary takes the escritura (title) back to public records to pay all government fees prior to their final registration and all of this is done prior to you receiveing your fully registered title.

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 Posted: Tue Nov 29th, 2016 11:47 pm
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odwyerpw
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Ironman, or in Spanish,

¿Cuál es peor, la ignorancia o la apatía?

Yo no sé y no me importa.

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 Posted: Tue Nov 29th, 2016 11:52 pm
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bombero
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Bullshipper, Thank you, it is as I thought.

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 Posted: Wed Nov 30th, 2016 12:43 am
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IronMan
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Bombero, I did not mean to make light of any individual issues, the phrase just seemed to fit the string of comments, however, untill you have had your boat sink, your house robbed by policia, and lost $150K on your "Mexico Home Investment", you're on the short side of "butt hurt" scale.  I did catch a lot of fish! ;)

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 Posted: Wed Nov 30th, 2016 02:25 am
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Richard Baca
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No Frankie, in Mexico's "Restricted Zone" foreigners do not own "fee simple". The original Mexican seller selling to a foreigner transfers his/her the property rights to a Mexican Fiduciary Bank under a permit granted by the Foreign Relations office in Mexico City. The seller is the "trustor" and the bank, now owner of the property is the "trustee". The foreign buyer is the "beneficiary" of the trust. When the foreign "beneficiary" sells to another foreigner (as most SC transactions happen), the "beneficiary" signs a "letter of instructions" to the "trustee" fiduciary bank instructing said bank to transfer the trust to the new "beneficiary". All of this is done with a Mexican Notario and all usually with a hopefully reputable broker. Yes, a thorough title search is done, and in fact required each time a property changes "beneficiary(ies)" and a "Certificate of No Liens" is incorporated into the new trust or trust transfer. I hope this clarifies the process for those wanting to know.

By the way, one of the advantages of this bank trust system is the facility of naming ones "substitute beneficiaries" written into the trust. This allows the property to pass on to ones heirs tax free. Again, your broker should inform you of this and how it's done.

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 Posted: Wed Nov 30th, 2016 09:41 am
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frankiej
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just to clarify and agree i stated "transferred fee simple"!
i have both;  title transferred fee simple to a trust and titles transferred fee simple to my "empressa"!

go directly to a notario, they charge you for services rendered!  some of the legal services charge you for services expected and don't deliver!

Last edited on Wed Nov 30th, 2016 09:53 am by frankiej

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 Posted: Wed Nov 30th, 2016 03:23 pm
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Richard Baca
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Remember everyone, in Mexicos's Restricted Zone only a Mexican person can have fee simple title to real estate. There are physical persons and there are "legal persons". An SA de CV or SA de RL (what we would call "incorporated") qualifies as a "legal person". That may be what Frankie is referring to as his "empressa" (sic). A non incorporated empresa cannot own fee simple title to real estate in Mexico.

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 Posted: Wed Nov 30th, 2016 07:38 pm
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frankiej
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si !!!!! Desarrollo Mitan S.A. de C.V.

Last edited on Wed Nov 30th, 2016 11:43 pm by frankiej

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 Posted: Sat Dec 24th, 2016 04:37 am
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frankiej
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i filled two 5 gallon classic "blitz" gas cans today.  the total on the gas pump was 40 liters 650 pesos.  i didn't know my gas cans held more than 5 gallons each?
40 liters = 10.56 gallons!

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