Fideicomiso Changes

lpg wrote:34410Re: [LPG] Manager for Banorte La Paz annual fideicomiso payments/receipts?
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Robert
Here is the info for the person In Tijuana. I have spoken with her a few times this week. Her name is Mirsa Sosa. Number is 664-688-2881. mirsa.sosa@.... I have not verified the e-mail, but, this is the e-mail she gave me. Be prepared to have last payment made as they seem to have a lot of missing info because of the hurricane or some other sort of mishap.
Regards,
Robert

lpg wrote:5a. More on extingusing a fideicomiso
Posted by: "Glenn Sandford" spanglishhomecare  
yahoo.com spanglishhomecare
Date: Mon Jul 22, 2013 7:50 pm ((PDT))

Like many real estate agencies in the Baja, we at Prestige Properties are keenly interested to see what happens with the new laws being considered. But it is important to remember that the law to eliminate the requirement for fideicomisos has not (and may not) be passed. If it is however, there will most certainly be costs associated with extinguishing a fideicomiso and converting the title to escrituras.

What can generally be forecast is that the notario will charge $2,500 (based on what we have seen for purchases), there will be a new certificate of no liens, water, and tax debt costing about $200 US, and then there is the cost to extinguish the trust, usually about $1,800 US. There is also the fee to establish a new escritura and register it - about $1,000.

Our broker, Susan Fogel, wrote an article about this in the Baja Citizen awhile back when the topic was just surfacing. If you go to http://www.bajacitizen.com/, you can find the back issues and look up the article to find more detailed information.

On a side note, the editor of the Baja Citizen, Gari Ellen Donohoe, just gave birth to a healthy baby girl today. If you want to send her a congratulatory note, her e-mail address is gari-ellen@thebajacitizen.com.

Hope this helps!

Glenn Sandford
Prestige Property Group La Paz
612-111-8384

ventana view wrote:view wrote:
F.Y.I
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I have been addressed by several of my clients lately from La Ventana area and Los Barriles concerning their ability to rent or lease their properties that are being held in a Fideicomiso (trust).  To this matter I would like to tell people thru La Ventana View, and legally explain that there is no Law in Mexico that forbidden to rent properties given in Fideicomiso (Trust).  The Mexican government thru the Ministry of Foreign Affairs authorizes on personal basis to every foreigner a Permit to establish thru a bank a Fideicomiso to own a property on the border areas and sea limits of Mexico, this permit explicitly establishes the conditions and terms for the trust holder and states that the bank is giving the use of the Property to the trust holder as an owner OR to whom they designate, in this case the trust holder can decide if they rent the property or lend it without any restriction by the bank or Mexican government.  So the Fideicomiso (Trust) gives to the foreigner all the normal rights of ownership. You may use, lend, the property, build on it or Rent It, sale it to another foreigner or Mexican.  On the other hand, the “Foreigner Investment Law” (Ley de Inversion Extranjera) on articles 11th and 12th explains that the trust holder is allowed to collect any income or profits generated by the property held in the fideicomiso (http://www.diputados.gob.mx/LeyesBiblio/pdf/44_110814.pdf).

With these comments, I hope correctly to inform people of this community, and give them peace of mind in the sense that it is false who ever tells them, that they can lose their property by giving it for rent or some thing like that.  Mexican Government does not do that kind of action. It is always good to consult more than one professional in the field, before believing something that can scare you and If you already have a trust, approach to your bank, they have the obligation to advise and inform you of your doubts.  If you are thinking to create a new trust, consult a lawyer specializing in Closings, unfortunately lawyers that are specializing in other areas, not always provide the best information on closings.  I am an experienced closing attorney with more than 12 years experience and more than 500 clients, assisted successfully in La Paz, Los Barriles, La Ventana and Los Cabos.
Sincerely,  Lic. Juan Tapia Izábal, Easy Closings Law Firm,  Fco I. Madero 1930, Down Town La Paz, BCS   E-mails.- izabal77  


and easyclosingsbcs     Cel +52 1 612 159 1309

lpg wrote:
>
> Anyone know who the current fideicomiso manager is for Banorte La Paz
> fideicomisos? Or any info about the current status of Banorte fideio
> payments? The 16th Sept branch has taken our payments for the past
> couple of years and issued a flimsy receipt, but our account has not
> been credited as "Paid" unless we take an extra step to contact the fiduciary manager.
> The manager who was in Cabo, Pablo Designa, is no longer with Banorte
> and one source informed me he was told there is no Fideio manager in
> BCS at this time, only a lady in Tijuana and Banorte gave him wrong
> contact info for her. Thanks,Cindy


Manager for Banorte La Paz annual fideicomiso payments/receipts?
Hello,
The new manager is located in Tijuana. The number is 664-688-2881. The persons name is Mirsa Soso. Banorte has lost a lot of paper work and is trying to get things together. You can still pay here, but, need to send the receipt to Mirsa and get her to send you an official receipt from her that your account has been credited. They will also ask for you to send your past paid receipts to update the account. I hope this helps.
Regards,
Robert

bpe wrote:Fideicomiso Changes: Don’t panic. It’s true that HSBC, Banamex, and Bancomer are no longer offering the Fideicomiso or bank trust necessary for foreigners to hold title to property in the restricted zone in Mexico (pretty much all of Baja). If your fideicomiso is with one of these banks, it appears that you are fine until you need to make a change such as selling or renewing if your 30/50 years are up. To-date, HSBC and Banamex are not transferring (seceding) the rights to existing trusts. If your fideicomiso is with one of these banks and you want to sell your property, you’ll need to cancel your trust (generally a Seller’s expense) and your Buyer will need to start a new one. Bancomer is also not offering new fideicomisos but they are still allowing you to secede (transfer) the rights to your existing trust to a new owner. This means less competition but it could also mean that the banks that are still offering trusts actually want that business and will provide better service.🙏 Things are in flux but right now Scotia, Interacciones, Banco de Bajio and Santander are all options. If you are with one of the banks getting out of the Fideicomiso business and are planning on buying or selling soon, feel free to contact me for more information. HomesAndLandOfBaja.com office 624-124-8083