Re: NEWS: CONSTITUTIONAL REFORMS IN MEXICO

Posted by Larry F on April 27, 2013, 4:04 pm, in reply to "Re: NEWS: CONSTITUTIONAL REFORMS IN MEXICO"
70.66.248.105

The proposed new laws do not do away with the ejidos or any of their rights and powers. The foreign property "owner" still needs to have the ejido released from their ownership to private title. As it stands now, you can then apply to have the property titled in the name of a Mexican citizen. Once successful, you can then make application to have it placed into a bank trust in your name. The bank now owns the property "in trust" and you pay an annual fee for 50 years, renewable after that period for another 50 years. The dicey part of this is that the foreigner, during that period between ejido and bank ownership, needs additional and questionable legal protections while a Mexican truly does own his property. The new law would allow the foreigner, after the ejido released the land, to create a title in theur own name, rather than a Mexican. The long and expensive process of titling to a bank would be eliminated. As well as boosting the real estate economy in many parts of Mexico, it could have the added effect of creating additional tax revenues for the local governments. By the way, the property issues "across the bay" are not relevant - those properties have had title issues for years .... those in La Manzanilla do not.

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