Rocky Point Times Editorial.

Kenny

Kenny

Guest
This part may have raised a few hairs; as well it should....... Private Contracts may become null and void in the not so distant future so it is advisable, if you have a private contract – new or old – that you speak to an attorney or real estate professional or your trusted advisor to see what can be done about getting your property into a Bank Trust or some other legally recognized status.
 
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Alacrane

Guest
Kenny said:
This part may have raised a few hairs; as well it should....... Private Contracts may become null and void in the not so distant future so it is advisable, if you have a private contract – new or old – that you speak to an attorney or real estate professional or your trusted advisor to see what can be done about getting your property into a Bank Trust or some other legally recognized status.
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Most Private contracts are held in a master trust that I know of, could you please Elaborate Sr. Kenny?
 
Roberto

Roberto

Guest
With the downturn in real estate of years back, more individual owners who held property in a Fidiecomisso have been willing to sell with a private contract. Most are just a document signed by both parties. I believe it can be registered via a Notorio but that apparently causes some issues later so the process of registration has been avoided by many. The property remains in the seller's Fidiecomisso till paid off.
 
Landshark

Landshark

Guest
Roberto, what happened with the master trust that was expiring in Las Conchas? If real estate laws change like the article speculates situations like this could have real bad consequences for homeowners that are unaware or unwilling to renew.
 
Roberto

Roberto

Guest
The Master Trust does not apply to a majority of the properties in Unconscious. It's a few years off but some have been working on creating a stampede out of fear, for profits. It's easy peasy, an owner is free to apply to any bank they choose.

If someone does not renew, the banks plan on packing on mega annual pentalties and fees. The property could not be sold or transfered for sure. Banks could reposses at some juncture I guess.

I could see a situation where someone who 'inherited' a property in Mexico held under a bank trust, who is totally uninformed about bank trusts, could get into this situation. The banks make little effort to locate and notify the registered owners of a Bank Trust and no way to locate anyone else. "Hey Gramps left it to us in his will, we thought we owned it."
 
Kenny

Kenny

Guest
Alacrane said:
Most Private contracts are held in a master trust that I know of, could you please Elaborate Sr. Kenny?
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Most? Could you please elaborate on the one's that don't fit into the "most" mold please?
 
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fatboyharley

fatboyharley

Guest
Roberto said:
The Master Trust does not apply to a majority of the properties in Unconscious. It's a few years off but some have been working on creating a stampede out of fear, for profits. It's easy peasy, an owner is free to apply to any bank they choose.

If someone does not renew, the banks plan on packing on mega annual pentalties and fees. The property could not be sold or transfered for sure. Banks could reposses at some juncture I guess.

I could see a situation where someone who 'inherited' a property in Mexico held under a bank trust, who is totally uninformed about bank trusts, could get into this situation. The banks make little effort to locate and notify the registered owners of a Bank Trust and no way to locate anyone else. "Hey Gramps left it to us in his will, we thought we owned it."
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FYI Seven out of ten homes are in the master trust which expires in 2017
 
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Alacrane

Guest
Kenny said:
Do you and can you prove it? What's your name? How old are you? Man or women? Have a picture?
Look, if I wanted to talk to a wall I sure don't need a computer to do it!
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Were done, you asked for an opinion and I gave one, no big deal Mr Kenny, Please not not call me names.
 
Landshark

Landshark

Guest
fatboyharley said:
FYI Seven out of ten homes are in the master trust which expires in 2017
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Is the LC HOA still trying to get another master trust for the properties? Seems to me homeowners would be better off converting to an individual trust

A Real Estate Fideicomiso is irrevocable ownership set in 50-year increments, perpetually renewable, and is transferable. There is only one Real Estate Fideicomiso, however, and it is offered in two forms: Master Trust or Individual Trust.

Master Trust:In this type of Trust, a master umbrella Trust is formed and the individuals own a piece of the Master Trust. The Master Trust holds all the properties and makes all decisions regarding the Trust/property. It is responsible for, and pays the taxes on the entire property held within the Trust and appropriates amounts for reimbursement from the individual owners. The risk in a Master Trust is if the Trust property should incur a lien or judgement against it, what affects one affects all. Whoever controls the Master Trust holds tremendous power over it. The beneficial aspect of the Master Trust is that it is less expensive to set up and maintain.

Individual Trust : In an Individual Trust each property owner owns, maintains, and is responsible to pay taxes on their own Trust/property. It is slightly more expensive but the security of total control over your own Trust/property is worth the small additional expense.
 
playaperro

playaperro

El Pirata
Banamex is extending trusts for 20 years for 1500 bucks, They are having a big service's day april 11 in town, If you need info on bank trusts don't miss this.
 
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JimMcG

Guest
playaperro said:
Banamex is extending trusts for 20 years for 1500 bucks, They are having a big service's day april 11 in town, If you need info on bank trusts don't miss this.
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50 year renewals was what was promised, but I suppose more money is to be made for the banks on the more frequent 20 year cycle.
 
J

JimMcG

Guest
playaperro said:
No not when they were first issued, the later ones do.
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True, but when they later introduced the 50 year fidecomisos with the 50 year renewal option, it was widely presumed that the older ones would be grandfathered in with them, as I understood it.
 
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