Jac Londe's List: Terrains

• La Manzanilla
• • Information de premier plan sur la possession d'un terrain sur le bord de l'océan au Mexique
• Banks are responsible
• bank's role in fideicomiso
• Title insurance is one way to protect an investment but they have technical word games they play as well.
• Up to hundreds of thousands of foreigners have bought property via fideicomiso over the last 40 years.
• The Notario Publico (Notary Public) has an important role in the purchase or real estate, much greater than in most other countries. He/She is appointed by the State Governor as responsible for carrying out a number of key aspects of the transaction, such as the authentication of legal documents, titles and deed searches (for liens or other legal/financial issues), tax collecting, construction permit checks (if relevant), capital gains tax calculation etc.
  
  The Notary is essentially responsible for ratifying all real estate transactions, hence if a property transaction is performed without a notary and not recorded in the public registry, it is invalid, placing the purchaser in a position where he/she could lose the property with no legal recourse.
• Legal site on Fideicomiso
  
  http://www.soler.com.ar/especiales/fideicomiso.htm
• The bank can't sell, depreciate, or receive any benefits from the property because they don't have control of the property; they only have naked title, meaning title without benefits.
  
  http://www.bajaopenhouse.com/Fideicomiso_-_Bank_Trust/page_1922035.html
• The Bank reviews all paperwork of the current owner/developer to ensure that the documents are complete and legal. The Bank will not issue a developer the right to apply for and form the Fideicomiso on their lots until they are satisfied with all documents and that the subdivision process has been completed.
  
  Unless a problem occurs because of fraud or misrepresentation, the Fideicomiso can not compromised (this is where title insurance provides the additional protection necessary for 100% peace of mind - Playa de Oro provides it!)
  
  It provides the same legal rights and protection of ownership as a Mexican has under the law.
  
  http://www.parkstrong.com/fideicomiso.htm
• The Bank reviews all paperwork of the current owner/developer to ensure that the documents are complete and legal. The Bank will not issue a developer the right to apply for and form the Fideicomiso on their lots until they are satisfied with all documents and that the subdivision process has been completed.
  
  
  Be advised, though that your Fideicomiso specifically prohibits you from engaging the protection of a foreign government with respect to any Mexican land dispute, called the long-arm clause. (Clavo)
  
  http://www.forsaleinbaja.com/index.php?option=com_content&view=article&id=88&Itemid=40

9 more annotations...

• Foreign Investment Law allowed foreigners to purchase real estate anywhere in Mexico, except the restricted zone.
• The NAFTA trade agreement between the United States, Canada, and Mexico is passed. A constitutional amendment allows corporations to be 100% foreign-owned.
• A corporation may own property in a restricted zone without a fideicomiso.)

• The Purchase Agreement

   

   A purchase agreement (contrato privado de promesa de compraventa) is typically a boilerplate two-page document prepared by a lawyer or a notary. It states the seller's and the buyer's name, address, age, marital status and other particulars. It also states the exact size and location of the property as it appears on the deed.

     The agreement must show the amount actually to be paid including the down payment which is paid at the signing of the agreement. For tax purposes - or to avoid paying more taxes than necessary - the seller may request that the declared purchase price be less than the actual purchase price. (The capital gains tax is 15%; 28% for foreigners.) In this case, both amounts must appear in the purchase agreement. (If the purchase agreement is written by a notary and the declared price is not the purchase price, be sure to request that the document not be notarized, i.e. entered into the public record.)

     The date of initiation of closing must also be declared. My purchase agreement allowed for three weeks to lapse before the title transfer process would be initiated with a notary. This was the amount of time that the seller would need to get a certificate of non-encumbrance (certificado de no gravamen) from the deed office and that the buyer might need to get his papers in order. If the sale does not go through because the seller does not present the paper work to the notary by the agreed upon date, he must return the deposit to you.

• The Fideicomiso

   

   The fideicomiso is a bank trust wherein the bank (trustee) holds the trust deed for the purchaser (beneficiary). While the trustee is the legal owner of the real estate, the beneficiary retains all ownership rights and responsibilities and may sell, lease, mortgage, and pass the property on to heirs. The fideicomiso is authorized by the Mexican Government under the Ministry of Foreign Affairs

    The bank is required to check ownership and insurance, and to verify that the property is free of liens. A trust is granted for a 50-year period. The trust is renewable at any time (for another 50-year period) by submitting an application to the bank. If the 50-year period expires without renewal, the owner has another 10 years in which he may submit an application to renew the trust. If property is purchased that already has a fideicomiso, the existing trust may be transferred to the new owner and will be good for the remainder of its 50-year period, or the trust may be renewed. If property is already in a fideicomiso, probate and transfer tax are avoided when the property is transferred.

    There is a fee of about US$350 (varies from bank to bank) to obtain the fideicomiso and an annual fee as well. To obtain the fideicomiso, you will need your accepted purchase offer, a photo ID and 10% of the purchase price. Monetary transactions are handled through the bank.

   

     

  Taxes

   

   The predial (property tax) is 0.1% of the assessed value, paid annually. The value of the real estate is determined at the time of sale. There is a 2% sales tax.
• The buyer pays closing costs, which are usually about 6%
• Property insurance is available in Mexico and the rates are relatively low.

5 more annotations...

• LOT "RUBEN 1"

• 344 Sqr. Meters. Aprox.

   

  Nice lot of 344 square meters, located in a quiet area and surrounded of vegetation. The lot has the electricity and water services close to it. The property is a little steep and has partial Ocean View.

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• Les roches ignées
• Les magmas originent tous du manteau. Les roches magmatiques, issues de la cristallisation des magmas, devraient donc avoir toutes la même composition. Ça n'est pas le cas. Pourquoi? Pour bien répondre à cette question, il est essentiel de connaître deux processus importants: la cristallisation fractionnée et la fusion partielle.