House And Adjacent Lot + 2 Jet Skiis, Divorce Sale, 37000 Full Price

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penasco1996

Guest
I am not a realtor and not the owner of the property but I know him and the property well and as I live in Penasco he has asked for my assistance. I have the keys.

He is separating from a common law spouse in a jurisdiction where he has to pay her, and she is demanding 37000.

The house is at the SE corner of Pino Suarez street and 24 street. This is 11 blocks north of the former JR BARBEQUE on calle 13. The house is about 10 yrs old and has 3 bedrooms and 1 bath. On the house lot there are 2 fully serviced RV sites and he installed 200 amp power, a complete drip system on a timer, new (march/10) water tank, hot water heater and water pressure pump, citrus and banana trees, etc, etc. The lot has a complete block wall fence with night lights. If one adds a second floor to the house there will be an ocean view.

Included is the vacant lot next door, into which he stubbed the city sewer, electricity and water for future development. The total land area is approx 1050 sq meters, or 11,300 sq ft.

The 2 jet skiis are on a trailer. Their use has been very minimal.

Email me at [email protected] or call 638-383-3987 locally or 480-445-9323 or 480-259-4645 or 480-203-4662.
 
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lagrimas85

AKA Carnac
Penasco1996, if he is selling for 37000.00 and she needs 37000.00 if there is any capital gains tax due who will be responsible for the capital gains tax. Also what is the legal status of the property. I am interested. Thanks
 
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penasco1996

Guest
a local lawyer is looking at the titles hopefully today to ascertain the capital gains tax, if any. i expect the amount will be small or zero as he has 80,000 invested in the properties.

titles are held by a well trusted mexican who will transfer to your trust, corporation or another mexican.
 
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lagrimas85

AKA Carnac
Penasco1996, for the people that may not understand why I asked that question (I know you do) the capital gains tax in Mexico must be paid before the property can close and alot of buyers have been surprised when they have paid for their properties and the seller cant or wont pay the tax on the gain. IT leaves only 3 options you pay it, you take them to civil court, or dont close the property. Corporations are not taxed at the close. www.myrockypointland.com
 
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penasco1996

Guest
to clarify, it could never happen that someone buys this property and then gets stuck with the capital gains tax. the sale will be handled by a competent and honest english speaking lawyer whose duty it is on closing to collect the capital gains tax. as for corporations, whether a corporation is the seller or the buyer, if there is a change of title capital gains tax, if any, will be collected by the lawyer.
 
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penasco1996

Guest
yes, the asking price is 37000. i doubt if he would accept less, given he said he has at least 80,000 into it, but i will communicate all reasonable offers to him.
 
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lagrimas85

AKA Carnac
penasco1996 said:
to clarify, it could never happen that someone buys this property and then gets stuck with the capital gains tax. the sale will be handled by a competent and honest english speaking lawyer whose duty it is on closing to collect the capital gains tax. as for corporations, whether a corporation is the seller or the buyer, if there is a change of title capital gains tax, if any, will be collected by the lawyer.[/QUOT I was only explaining the reason I asked you about the capital gains tax. The people reading may have thought it was a strange question if they didn't know the reasoning behind it. It wasn't to question your property. Thanks It sounds like a great deal.
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garyd

Guest
Was wondering why it has water tank if it is hooked up to city water. Is that used for backup? Thanks
 
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ernesto

Guest
Be careful how the value is recorded at sale by the Notario. They have some discretion here. It can be recorded at less than sale price and then you recapture the gain when you sell. It benefits the person you buy from but you are left with the gain and therefore the tax when you sell.Ask Linda Decker of Proaset Realty. She got me that way. Not sure how they get the Notario to do this but I'm sure there's palm grease involved.
 
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lagrimas85

AKA Carnac
I had one like that. Purchase price $30,000.00 dollars and never converted to the correct amount of pesos. It was recorded as $30000.00 pesos. We sold it for $45000.00 and showed a profit of approx. $ 42000.00 and with a capital gains tax then of about 34% we weren't going to make a dime, but Notario Ortega was able to fix it.
 
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penasco1996

Guest
sorry about the delay in replying.

although the city of penasco has made major improvements in the consistency and pressure of potable water supply, the pressure can be low some days, especially when the locals are running laundry machines. for this reason most gringos have a water storage tank and a pressure enhancement pump so one is never without water at a familiar pressure. the huge new tank and pump installed at this house would service 6 houses !

as for the recording of the proper selling price to ensure neither sellor nor buyer suffers, it will all be done on the strict up-and-up by a reputable penasco lawyer. linda decker tried her "tricks" with us, as buyers, some years ago but it was not hard to spot the deception against the buyer and mexican govt. she persisted with her scheme until a local notary told her at the closing meeting, in front of all parties, she was flirting with arrest if she persisted. she "uses" a female caborca notary and was surprised a penasco notary would block her. needless to say, she decided rather quickly it was wise to obey the law on our deal.

anyway, don't worry about linda decker type problems. this is a straight deal with no issues.
 
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ernesto

Guest
penasco1996 said:
sorry about the delay in replying.

although the city of penasco has made major improvements in the consistency and pressure of potable water supply, the pressure can be low some days, especially when the locals are running laundry machines. for this reason most gringos have a water storage tank and a pressure enhancement pump so one is never without water at a familiar pressure. the huge new tank and pump installed at this house would service 6 houses !

as for the recording of the proper selling price to ensure neither sellor nor buyer suffers, it will all be done on the strict up-and-up by a reputable penasco lawyer. linda decker tried her "tricks" with us, as buyers, some years ago but it was not hard to spot the deception against the buyer and mexican govt. she persisted with her scheme until a local notary told her at the closing meeting, in front of all parties, she was flirting with arrest if she persisted. she "uses" a female caborca notary and was surprised a penasco notary would block her. needless to say, she decided rather quickly it was wise to obey the law on our deal.

anyway, don't worry about linda decker type problems. this is a straight deal with no issues.
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You are right. The notario was a female,middle aged from Caborca.
 
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