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------------------------------- both emails are gmailview wrote:F.Y.I
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
5a. More on extingusing a fideicomiso
Posted by: "Glenn Sandford" email@example.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 firstname.lastname@example.org.
Hope this helps!
Prestige Property Group La Paz
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