Re: Banks are responsible

Posted by Daniel on August 10, 2010, 2:03 pm, in reply to "Re: Dobie links"
Message modified by board administrator August 10, 2010, 2:07 pm

I put - what is the bank's role in fideicomiso - into Google, some of the information is below with links to where it came from. The trick with Google is finding the right query words and using advanced search options like quotes + and - signs etc. But mostly the right words. If you happen on a query which gives good results please share it. http://www.google.com.mx/#hl=en&safe=off&&sa=X&ei=QoVhTJHeNYa4sQPx-tzPCA&ved=0CA8QBSgA&q=what+is+the+bank%27s+role+in+fideicomiso&spell=1&fp=86d4eb9100c6bf71 My summary. There are steps to obtaining a Fideicomiso which the Notary assures are performed correctly. I found very little to no information about what the bank holding the fideicomiso would do to defend the property, nor what action could be taken against a notario if an ownership issue surfaced. Title insurance is one way to protect an investment but they have technical word games they play as well. At this point all I can do is assume that the validly of the Fideicomiso hinges on the validity of the titles authorized by then president Fox. It sure would be great to have a notario like Lic. Lomeli participate in a message board discussion. ----------------- "The ultimate test of a Notario is whether or not the sellers Title Deed holds up if challenged". http://www.tomzap.com/re1.html ----------------------- Up to hundreds of thousands of foreigners have bought property via fideicomiso over the last 40 years. Much of it is beachfront or beach-view property along Mexico�s many coasts. http://internationalliving.com/2010/04/20-foreign-investment-in-mexico/ -------------------- 7. How secure are Mexican Banks? Can I trust fideicomisos? Yes. The Mexican bank has a fiduciary responsibility to act in the trustees best interest... under penalty of law. http://www.pacificcoastmexico.com/page-buying-real-estate-in-mexico-faq-500.html#7 -------------------- 8. What is the "Notario"? We've heard that we will need to use one. 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. http://www.pacificcoastmexico.com/page-buying-real-estate-in-mexico-faq-500.html#8 -------------------------------------- The existence of a Fideicomiso does not protect you if there were irregularities in its formation. Have your own Notario Publico research it back to its formation. While most notarios are trustworthy, there have been cases where they did not perform their jobs adequately, either through incompetence or malfeasance. Check out their reputations. http://books.google.com.mx/books?id=jZ4I92OHP90C&pg=PT134&lpg=PT134&dq=what+is+the+bank%27s+role+in+fideicomiso&source=bl&ots=F-n5dzMz4A&sig=0ZMxaD253Mk4FTj8VsL8_Tda8dA&hl=en&ei=RoVhTIGTF5D0swOEsczICA&sa=X&oi=book_result&ct=result&resnum=6&ved=0CCcQ6AEwBQ#v=onepage&q&f=false ------------------------- Legal site on Fideicomiso http://www.soler.com.ar/especiales/fideicomiso.htm translated http://translate.google.com/translate?hl=en&sl=es&tl=en&u=http%3A%2F%2Fwww.soler.com.ar%2Fespeciales%2Ffideicomiso.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 ----------------------------

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