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.
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.
Most Private contracts are held in a master trust that I know of, could you please Elaborate Sr. Kenny?
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.
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.
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."
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!
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."
FYI Seven out of ten homes are in the master trust which expires in 2017
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!
Were done, you asked for an opinion and I gave one, no big deal Mr Kenny, Please not not call me names.
FYI Seven out of ten homes are in the master trust which expires in 2017
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.
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.
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.
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.
No not when they were first issued, the later ones do.
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.
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.
The las conchas first issued bank trusts expire when the master trust expires, date is on the bank trust, try telling that to the bank you want grandfathered in, for 1500 bucks they will tell you and that's a bargain, the list of banks doing trusts is about 7 long with the cheapest at $3000. I don't know maybe 680 houses in las conchas and also lots needs trusts too.
The las conchas first issued bank trusts expire when the master trust expires, date is on the bank trust, try telling that to the bank you want grandfathered in, for 1500 bucks they will tell you and that's a bargain, the list of banks doing trusts is about 7 long with the cheapest at $3000. I don't know maybe 680 houses in las conchas and also lots needs trusts too.
My comments were stricktly referring to individual trusts, but if $3,000 would ensure an individual 50year/50 year renewable trust, completely divorced from the master trust, it might be worth pursuing. Otherwise if not possible, and the option is to let a trust expire with the master, $1,500 for a 20 year renewal is the way to go.
It is $1500 a year My individual trust ( I am not under the master trust) is only $350 a year for a 50 year trust
$350/year trust maintenance fee is actually lower than some other subdivisions but $1500/year would certainly change the equation.
Ironically, Las Conchas used to be thought of as a model, beachfront development, reputed to be progressively well run, secure, to later include a desalination plant etc, but it seems to be going through some rocky times currently. I hope it all works out.
Ours in Miramar is around $350/year as well from Scotia Bank.for the 50 year trust renewable in 2054. They don't have an office in Penasco, so the head of Bank Trusts from Hermosillo drives up for our Spring HOA meeting, and you can pay then w/ a bank receipt. Otherwise, you have to try to make a payment in either Caborca or Nogales (which is a pain) or Hermosillo.
$350/year trust maintenance fee is actually lower than some other subdivisions but $1500/year would certainly change the equation.
Ironically, Las Conchas used to be thought of as a model, beachfront development, reputed to be progressively well run, secure, to later include a desalination plant etc, but it seems to be going through some rocky times currently. I hope it all works out.
JimMcG said:
$350/year trust maintenance fee is actually lower than some other subdivisions but $1500/year would certainly change the equation.
Ironically, Las Conchas used to be thought of as a model, beachfront development, reputed to be progressively well run, secure, to later include a desalination plant etc, but it seems to be going through some rocky times currently. I hope it all works out.
The only rocky times are when Kenny shows up in his fish scarin outfit! LOLX2
Ours in Miramar is around $350/year as well from Scotia Bank.for the 50 year trust renewable in 2054. They don't have an office in Penasco, so the head of Bank Trusts from Hermosillo drives up for our Spring HOA meeting, and you can pay then w/ a bank receipt. Otherwise, you have to try to make a payment in either Caborca or Nogales (which is a pain) or Hermosillo.
Miramar seems to have also come a long way after regularising trust ownership, from what it was when I first visited many years ago. After that I noticed a huge uptick in remodeling, fresh paint jobs and additions being constructed. Quite
positive in comparison to the early days.
$350/year trust maintenance fee is actually lower than some other subdivisions but $1500/year would certainly change the equation.
Ironically, Las Conchas used to be thought of as a model, beachfront development, reputed to be progressively well run, secure, to later include a desalination plant etc, but it seems to be going through some rocky times currently. I hope it all works out.
fatboyharley said:
It is $1500 a year My individual trust ( I am not under the master trust) is only $350 a year for a 50 year trust
You are right FBH, they want $1500 a year to extend contract and 2 years up front, Expire's nov. 2017 maybe by then some banks and notorios will come up with a better bargain.
You are right FBH, they want $1500 a year to extend contract and 2 years up front, Expire's nov. 2017 maybe by then some banks and notorios will come up with a better bargain.
After two years and $3,700, you still will not have a renewed 50 trust and have to start over again?
Ours in Miramar is around $350/year as well from Scotia Bank.for the 50 year trust renewable in 2054. They don't have an office in Penasco, so the head of Bank Trusts from Hermosillo drives up for our Spring HOA meeting, and you can pay then w/ a bank receipt. Otherwise, you have to try to make a payment in either Caborca or Nogales (which is a pain) or Hermosillo.
Oh how convenient to pay, but what about the banks no longer excepting US checks now. Isn't there a lady from Dorado doing bank transfers also for a small fee? Seems more safer. Just a thought.
Oh how convenient to pay, but what about the banks no longer excepting US checks now. Isn't there a lady from Dorado doing bank transfers also for a small fee? Seems more safer. Just a thought.
At least one bank has always billed in and accepted US dollar checks for trust payments.
Oh how convenient to pay, but what about the banks no longer excepting US checks now. Isn't there a lady from Dorado doing bank transfers also for a small fee? Seems more safer. Just a thought.
Got a name, You know how insurance agents are still doing audits, not to mention the disappearance of Ramon!
"Oh how convenient to pay, but what about the banks no longer excepting US checks now. Isn't there a lady from Dorado doing bank transfers also for a small fee? Seems more safer. Just a thought."
Scotia hasn't mentioned not accepting American bank checks. They do take cash, or a Credit card payment.
I would be curious to know where Rocky Point visitors are getting their insurance these days, given all of the previously expressed uncertainty.
I was thinking the same thing. Truthfully I would be a nervous wreck with all of this if I owned down there, and not owning would make me wait to take the plunge until there were some definitive answers.
Guess you need to buy it and then verify the policy is active.
I have mine through Pro Alliance and after all the nasty posts here I e-mailed the insurance companies to verify that was my policies were active.
Turned out both my DL and Homeowners policies active, good to go.
Guess you need to buy it and then verify the policy is active.
I have mine through Pro Alliance and after all the nasty posts here I e-mailed the insurance companies to verify that was my policies were active.
Turned out both my DL and Homeowners policies active, good to go.
Not necessary to take risks with a Mexican for insurance.
Whoa, what happened to exclusive PPRES? Now you say dealing with "a Mexican" is risky? You suggest buying insurance online from a company in Flagstaff because PPRES "is risky." Come on Robin, make up your mind.
Isn't our Pudgy Princes Real Estate Specialist funny!
I wonder wut she looks like nekid? o_O
Lets see, Colorado to Paradise Valley and then retires in Puerto Peñasco at 35.... Nevermind.
I actually expected a little more from her since this should be her area of expertise. Then she cops out and defers to a Northern Arizona based insurance company.
At least she capitalized Mexican, never trust "Those" locals right Princess. ;)
Whoa, what happened to exclusive PPRES? Now you say dealing with "a Mexican" is risky? You suggest buying insurance online from a company in Flagstaff because PPRES "is risky." Come on Robin, make up your mind.
PPRES
To real residents, or folks considering Penasco as a primary home: I'm sorry if I forgot to identify myself as a reliable source on my last message.
I don't know everything about the real Rocky Point, but what I know is actually true.
From what I've heard, paying a local Mexican lady for insurance turned out to be a bad choice over a few years for many people. A few informed locals, who "need to know" in their careers and businesses here and stateside, report that some people actually made insurance claims that are now headed to court. People with real ties to this community can fill you in on what's true and actually going on this topic. Enough said to this sophisticated tourist crowd.
"People with real ties"..... First time I visited the sleepy little town was 1973.It was such a better place then...
PPRES
You have not really said how often you are able to visit Mx, but if you and your partner have some dreams to settle here there are some great realtors in RP ready to assist to find something affordable for everyone. I hear some sellers are offering terms, which is always helpful. If you know what area of Penasco would be good for you let us know.....most likely someone here will know of a steal of a deal. We look forward to having you in town !
To real residents, or folks considering Penasco as a primary home: I'm sorry if I forgot to identify myself as a reliable source on my last message.
I don't know everything about the real Rocky Point, but what I know is actually true.
From what I've heard, paying a local Mexican lady for insurance turned out to be a bad choice over a few years for many people. A few informed locals, who "need to know" in their careers and businesses here and stateside, report that some people actually made insurance claims that are now headed to court. People with real ties to this community can fill you in on what's true and actually going on this topic. Enough said to this sophisticated tourist crowd.
Hey Mr. H more than one Mexican Lady selling insurance.
You have not really said how often you are able to visit Mx, but if you and your partner have some dreams to settle here there are some great realtors in RP ready to assist to find something affordable for everyone. I hear some sellers are offering terms, which is always helpful. If you know what area of Penasco would be good for you let us know.....most likely someone here will know of a steal of a deal. We look forward to having you in town !