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'Real Estate News' Category
Real Estate Tips
Owning property in Mexico is easier and saber than ever, because now there are established and well defined rules regarding foreigners owning land in Mexico.
These rules are in place to protect your ownership rights and to promote the sale of real estate to foreign investors. The key is a safe, established and perpetually renewable Mexican Property Trust called a Fideicomiso.
With the advent of the North American treaty agreement, the Mexican government recognized that it was critical to make foreign investment in Mexico safer and easier than ever. Because the Mexican constitution prohibits foreigners from purchasing or owning real estate within 30 miles of the Mexican Coast, a new safe method of holding title was created.
This new instrument, modeled after the one in Monaco, allows ownership through a Mexican property trust, called a Fideicomiso.
This is a trust agreement, much like an estate trust, giving you all the rights of ownership.
Much like living wills or estate trusts in the U.S., the bank, takes instructions only from the beneficiary of the trust.
The beneficiary may also sell the property by instructions the trustee to transfer the rights to another qualified owner, or bequeath the property to an inheritor. The initial term of the trust is 50 years indefinitely, providing for long-term control of the asset.
In the trust document, you must name the beneficiary or foreign owner for the property. This can be you personally, multiple partners, a foreign corporation, an estate trust, a living will, or other entity.
PEI(State Police) apprehends and arrests 9 suspects involved in Laguna Shores strike
By Victor Salazar and Alberto Aldrete Valdez
Puerto Peñasco, Sonora
More than ten ex-workers from the Laguna Shores Real Estate Company in Puerto Penasco blocked off the company building located on the intersection of Boulevard Benito Juarez and Juan de la Barrera due to unjustified dismissal. The PEI has received a warrant against 9 of the persons that were involved in what the order states “aggravated eviction and aggravated unlawful detention”.
A warrant was issued this past Saturday the 19th of September, when the Rocky Point chief of the PEI, Luis Carlos Villalobos executed the order, of which the folio number is 881/2009II, with the date of the 11th of September of the present year. The warrant requires the capture and admission to the Centro de Rehabilitacion Social(Social Rehabilitation Centre) The accused were listed as Jesus Cota Castro, Manuel Maltos Campos, Martin Alonso Vega Gamez, Juan Jose Felix Lopez, Juan Angel Reyes Garcia, Leonel Garcia Vargas, Jose Gilberto Quiroz Alvarez, Eliazar Zaragoza Granja, and Pedro Juanes.
The document marks the aggravated eviction and unlawful detention against Laguna Shores, citing damages against Maria Guadalupe Lopez Larios, Michael Roberto Klein, Roberto Irineo Rocha, Roberto Excalante Ramirez, Maria Elena Vaca Cervantes, Hector Manuel Escalante Martinez and Manuel Rodriguez, all of whom reside in Puerto Peñasco.
Judge Leobardo Burgos Calleja supervised the detention of the above mentioned persons. The implicated party was apprehended that very Sunday and put into the Social Rehabilitation Centre, wherein the authorities confirmed their arrest.
Detainees’ relatives criticize arrest; “it is unjust”, they remarked.
Wives and family of the detainees declared the arrest as an unfair violation of labor rights at the offices of this newspaper.
The family members stated that the accusations made against the 9 detainees, “aggravated eviction and aggravated unlawful detention”, do not match the facts. By their own word, they assure that no person was unlawfully treated when the black and red flags were set; they only did not allow personnel to take items out of the building and they did not evict anyone, what is defined within their own labor rights. Amongst the complaints is the lack of payment by the company to their ex-workers. They are quick to point out that there is an embargo upon the property that repays the dropped salaries, other costs and case costs.
Without giving any names for fear of retaliation, the family members indicated that the strike was still standing “because (Michael Kline) has never been willing to negotiate with the employees; he has not even assisted any of the Worker’s Compensation Board meetings”.
They also stated that 2 of the detainees were not even employees, but there for support, for which they ask for help by the authorities to help quicken the investigations, as they could not post bail.
The group indicated that throughout the strike, (Michael Kline) was insulting them and provoking them with obscenities, such as showing them a male sexual organ made out of rubber stating that “this was what he was going to give them”. They successfully did not succumb to these provocations.
The families affirmed that they depend on the 9 detainees and find it unjustified of what they feel is a constitutional violation, that a foreigner can make fun of their situation and to worsen it, that the authorities are on the foreigner’s side.
The detainees’ families have stated that they will pressure the authorities with other methods, because it is necessary that it be known that Puerto Peñasco’s labor rights are non-existent, or in other words that no respect is given due to the authorities’ compliances with others.
Tessoro Opens Canadian Office
Greetings from Big White in Beautiful British Columbia, Canada. Its hard to imagine that it is nearly June and there is still snow on the ground. Here at the base of Big White, the water is running from melting snow, but just a few yards up the hill the snow is still firmly on the ground. It makes me think its time to get back to Mexico!
With the help of my wonderful wife, Latonia, we have opened the Canadian office for Tessoro. We are located at the base of Big White Ski Resort outside Kelowna B.C. We are planning from this central location in western Canada, to provide quality customer service for Canadians interested in a new lifestyle in Mexico.
Kelowna’s expanded International airport will allow us to be a part of Expos and Trade shows in Vancouver, Calgary, Edmonton and Toronto. The local phone number will also make correspondence a bit easier and also a mail service for expediting printed information and videos.
Coming in the fall of ’09, I will be doing a number of packaged trips from Canadian cities to visit Tessoro in Puerto Penasco. I will be your guide and show you all that our “sleepy little fishing village” and Tessoro, have to offer.
Se rompen mitos.
Los Americanos algunas veces tienen miedo de compras propiedades en Mexico . Algunos de sus temores estan basados en historias que han escuchado de tercera mano, o confusiones entre la historia pasada y la práctica del presente. Estos son algunos de los mitos que yo he escuchado, seguido de una explicacion a los hechos de cada situación.
1. - Los Americanos no pueden tener propiedades de bienes raíces en Mexico.
2. - Un Americano debera tener un socio Mexicano (que sea dueño cuando menos del 15% de la propiedad) como requisito para ser propietario de bienes raíces en México.
3. - Un tratado tratado Bancario es un acuerdo de arrendamiento.
4. - El Gobierno Mexicano puede recoger la propiedad de los extranjeros en cualquier momento.
1.- Los Americanos no pueden ser propietarios de Bienes Raíces en Mexico. No es verdad. en la mayor parte de Mexico los Americanos o cualquier otro extranjero, puede poseer terrenos sin reservas con lo que es llamado un simple título de propiedad, del mismo tipo que nosotros tenemos en los Estados Unidos.
Solamente una zona restringída de 50 km. desde el mar y 100 km. desde la frontera, es verdad que los extranjeros no pueden tener un simple título de patrimonio, Puerto Peñasco se encuentra en esta área, por lo que estas limitaciones se aplican.
Quizá una razón para esta restricción es que los Mexicanos estaban algo consternados debido a que perdieron mucho de su territorio con los Estados Unidos en el siglo 19–cerca de tercera parte de su país. Texas en 1845, y en 1848 atravéz del tratado de Guadalupe, Hidalgo el territorio que continuaria seria California, Neveda, Utah, la mayor parte de Arizona y partes de Nuevo Mexico, Colorado y Wyoming. El tratado fue firmado poco después de que las fuerzas Americanas tomaran la Ciudad de México. Los Estados Unidos pagó 15000,000 por tada esta tierra. Y en 1854 atravez del tratado de Gasden, los Estados Unidos adquirió el resto de Arizona y de Nuevo México, no es sorprendente que México estuviera un poco nervioso de permitir a los extranjeros, especialmente a los Americanos, para adquirrir cualquier otra tierra.
Pero las viejas heridas se curan, y ahora los Estados Unidos y México estan trabajando mano a mano. NAFTA, ha promovido buenas relaciones de negocios entre los paises, pero hasta antes de NAFTA, México quería hacer esto posible para los extranjeros invertir en su país, pero hasta 1971 ellos desarrollaron el tratado bancario FIDEICOMISO como una forma que los Americanos compren propiedades residenciales en una area restringida. Explicaré mas completamente el tratado bancario un poquito despues.
2.- Los Americanos no pueden tener propiedades de Bienes Raices a menos que tengan un socio Mexicano. No es verdad. Esto solía ser para que una sociedad o corporación extranjera tenia que tener socios Mexicanos quienes eran dueños del 15% de los interéses. Este no es un caso largo. Bajo la nueva Ley para la inversión extranjera de 1993, una corporacion Mexicana como nosotros puede ser administrada 100% por extranjeros y la corporación puede comprar y ser dueña de cualquier propiedad con los pagos de simple título.
3.- Un tratado Bancario es un acuerdo de crédito. No es verdad. Bajo un tratado bancario el beneficiario (comprador) tiene todos los derechos de propiedad: lo correcto de hacer es tomar el dinero, hacer los mejoramientos y transferir. Un contrato de arrendamiento concede solo el derecho de uso. Si el arrendatario hace mejoramientos, tal como construir una casa, sobre la propiedad, que la casa, sobre la propiedad. No puede el arrendatario vender la propiedad o tomar el dinero prestado a cambio de ésta.
En Puerto Peñasco han existído en el pasado muchos terminos largos de acuerdos de créditos para propiedad. Antes de 1971 el tratado bancario no estaba disponible y el crédito era la unica opción para lo Americanos.
Aparentemente algunos de ellos estaban muy confundidos entre la diferencia entre el crédito a largo plazo y propietario, entonces ellos construyen casas y hacen los mejoramientos sobre la tierra que ellos estaban hipotecando. Despues fue iniciado el tratado bancario, algunos créditos expiraron y los propietarios declinaron en renovarlos, lo cuál era su derecho legal. Los arrendatarios entonces perdieron las casas que ellos habian construído. Esto espanto a otros Americanos, quienes pensaron que sus compatriotas debian tener devueltos sus derechos de propiedad de vuelta, cuando de hecho ellos nunca habian poseído tales derechos. En muchos casos de cualquier modo los arrendatarios de los contratos de arrendamiento antiguos fueron capaces de regularizar su situaciones de comprar la propiedad bajo un tratado bancario.
4.- El Gobierno Mexicano puede recoger la propiedad a los extranjeros en cualquier momento. No es verdad. El tratado Bancario esta establecido por el Gobierno y le dá a los extranjeros los mismos derechos que a los ciudanos Mexicanos. La única diferencia es que ellos nunca reciben el pago del simple título.
Esto es realizar el tratado para ellos en un banco, cuando se estableció por primera vez, el termino de un tratado bancario era solamente por 30 años. En 1989 esto fue hecho renovable por otros años. Y en 1993 el termino fué extendido a 50 años, renovable para otros 50 años.
Esto puede ayudar a entender el tratado bancario hasta comparar a este con la escritura del tratado, un tipo de instrumento financiero usado por la gente en los Estados Unidos para comprar casas en pagos totales y recibir sus títulos de inmediato. Pero la mayoría no paga de contado. Bajo un acuerdo de tratado el conmprador de la casa cuenta solamente con un “Título equivalente”, o un interés de equidad, con el derecho de usarlo pero un derecho restringído para vender hasta que el crédito este pagado totalmente, despues del cuál el dueño recibe el título simple de patrimonio. Hasta entonces este ha sido custodiado por un tratado, usualmente un banco o una compañía de Titulos.
El proceso de compra de Bienes Raíces en Mexico es similar al de los Estados Unidos. El siguiente cuadro ayudará ha hacerlo mas claro.
Contrato de compra
Promesa de Tratado Bancario
Contrato y dinero en Aval en poder de tercera person. Uno tercera parte neutral
El pago adelantado hecho por el vendedor
Instrucciones de la custodia o 3ra. persona
Documentos escritos por notario
Acuerdo de tratado (por financiamento)
Tratado Bancario(para todos los extranjeros)
Un notario es un abogado con una posición similar a la de los jueces, no es igual a los notarios p3ublicos de los Estados Unidos. Hayá Cualquiera puede hacer una fianza, pagar un derecho y llegar hasta un Notario Publico. Pero un Notario Publico en Mexico, tiene varios años de aprendizaje despues de su entrenamiento legal y deberá pasar y una muy difícil examinación. Yo escuché que este es tan malo como el exámen de la barra y el de contadores juntos. Los Notarios son señalados por los gobernadores de cada estado, y hay muy pocos de ellos (solo 2 en Puerto Peñasco). Sus funciones son una combinación de abogados en Bienes Raíces, asesores en impuestos y auditores del I.R.S. Esto es por que ellos son los que cierran las transacciones del Estado, como las oficinas de custodia en los Estados Unidos, pero con poderes expandidos, debido a que el notario es una parte neutral, los compradores deberan contratar a sus propios abogados si necesitan representación.
Los procedimientos estan cambiando. Dos compañías Estadounidenses que yo conozco estan ahora ofreciendo aseguranza en el título en México: Stewart Titles y Lawyers Titles. Esto proveerá seguridad a los extranjeros. Esto también es atractivo para las compañías de prestamo Americanas quiénes estan prestando a los Americanos para comprar propiedades Mexicanos. Aunque costoso por el momento, la aseguranza en el título y las cuotas de financiamiento seran probablemente muy rápido reducidas para la competencia. Yo he oído esa posibilidad de que en un futuro no muy distante el tratado bancario podría desaparecer, y el título de propiedad regular estará disponible para los extranjeros también.
Actualmente los Estados de Arizona y Sonora están trabajando juntos para desarrollar licencias recíprocas de requerimientos para agentes de Bienes Raíces, clases de arrendamiento, experiencia y exámen de conocimientos, como los dos países vinieron a ser mas similares en las prácticas y procedimientos de Bienes Raíces. Comprar Bienes Raíces en México llegará ser mas fácil para los ciudadanos Americanos.
por John Fleming
Buying Real Estate in Mexico
Jim Beam and three of his buddies were drinking in a bar one night and had the brilliant idea of driving their quads across the border and setting up a business in Puerto Penasco renting them. So one Friday they drove across, parked their vehicles on the beach, and put up a sign saying, “Rentals $25/HOUR”. Business was a little slow at first, so two of them decide to take a ride down the beach. Unfortunately they had been drinking a lot of beer and were not very steady drivers.
They rolled over the quads, putting both the vehicles and themselves out of commission. While they were being treated, Jim rented another quad to a guy on the beach, who took off and never came back.
The fourth quad was confiscated because Jim and his friends had no corporation and hence no legal status to do business in Mexico.
There are several attitudes that cause problems for Americans who are trying to do business or buy property in Mexico:
1.- Party mentality. It should be possible to go on vacation in Puerto Penasco and make some money on the side. Not likely. Jim and his friends made the mistake of trying to mix vacation with business. This is an (only slightly) exaggerated situation, but I have met many, many Americans who seem to feel that they are on vacation as soon as they cross the border. This greatly hinders their ability to conduct any sort of business transaction.
2.- Greed. Great bargains in Mexico can be picked up likes shells on the beach. Not true. They can be found, but it takes times and effort to make a sound investment. Larry and Rita Marino had rented a beachfront condo in Puerto Penasco for several years.
They decide if they could buy one. The owner of the one next door happened to be there one weekend when they were and told them he’d like to sell. The price was right, and they agreed to buy it. Rita asked when they could meet with a notario to close the transaction. The owner said “Oh, we don’t have to do that. It cost too much. Just give me the money and I’ll have over the tittle. That’s how is done in Mexico.
Three months later Larry and Rita Returned and found their condo occupiedby another family who claimed to have bought it from the same owner. He had to return to the U.S and could not be located.
3.- Ignorance. That’s the way it’s done in Mexico. Not if it’s done right. People who say this are usually trying to cut corners. Buyers should always check the details of proposed transactions or engage a reputable person to check for them.
Larry and Rita gave money for the purchase of property to a complete stranger without an office or an established business. They allowed their greed to overcome their business sense and failed to follow proper procedure or even to find out what to proper procedure was.
Buying property in Mexico.
If you are an American or Canadian wanting to buy Rocky Point Real Estate, here are some tips for you.
1.- when you arrive in mexico, turn off your vacation attitude and turn on your business brain. You will do better if you aren’t distracted by margaritas and fun.
2.- when buying property, do it right. In Puerto Peñasco foreign individuals can purchase residential property with a bank trust. A Mexican corporation can own property outright, but only for business purpose. These are the only two legal ways of doing it.
3.- get a professional real estate agent to represent you, preferably a member of the Puerto Penasco Association of Real Estate Agents.
Santo Tomas is a unique beachfront community located about an hour south of Puerto Peñasco along the projected route of the new coastal highway. Santo Tomás provides all of the comforts of modern day living while assuring a peaceful and secluded setting away from the pressures of other tourist venues.
Las Dunas is the first phase of Santo Tomas, a dramatic combination of 3,360 acres of beautiful Sonoran desert, with 2½ miles of the most pristine swimmer friendly beaches in the state of Sonora. This beautiful setting is located on the edge of a fertile agricultural area where grapes, olives, citrus fruit & most of the country’s asparagus are grown.
Today there are about 20 homes completed and many more in the planning stage in section one. More than two-thirds of the121 custom building lots in the first 2 phases have been purchased. The average size is 11,384 sq. ft., the smallest is 9,600 sq. ft. Section two consists of 9 oversized beachfront lots ranging from 14,000 to 15,000 sq. ft., and 11 hilltop estate lots which range from 16,000 to 28,000 sq. ft. Section two was just made available for purchase, and believe it or not the beachfront lots start out at $350,000. This is a big difference to the pricing in Puerto Penasco which are hovering around a million dollars for beachfront in most any community. This is really special since the lots in Santo Tomas have underground electricity, good drinkable water, and a title available on every lot. This fact cannot be said about any lot in the Puerto Peñasco community or anywhere else for hundreds of miles.
Rocky Point Buyers Market Beckons April Report from our AMPI President Kent White Realty Executives A.M.P.I. President realtyexecsmexico.com In the ever cyclical world of economics we certainly see the seasons change. This is evident especially as it refers to real estate. Many people, sitting there with their glass half empty continue to refer to our stage in the cycle as the Fall or Winter. However, as we have seen by recent indicators, the excitement is here. In Rocky Point’s market, those who look past what the press from the north tells us, continue to do well. Agents and buyers alike that don’t see the doom and gloom see the potential of a shifting market. Let’s face it, as it applies to Real property there are two markets, buyer’s markets and seller’s markets. Sure we saw some hard times for awhile, this is what is called the correction period. We needed it. We had a fever during the initial boom that laid the foundation for our long term growth period. Economists still see Puerto Peñasco as one of the fastest growing, and long term growth destinations in Latin America. All of the studies done on both sides of the border by different experts on our specific market agree we are destined to be an international powerhouse. None of them said the chart would be a straight upward line. With the same logic, we should not expect to follow the same curve as the United States. We are a second home community and an investment community. Many of the baby boomers with the notion of retirement in their sight still see the need to invest, and this is a great time to invest as there are many deals to be found. Many people that have the fortitude to buy a second home are not affected by the issues that have used up so much ink in the papers lately. And some that overbought need out. Rocky Point’s resale market right now has numerous condos, houses and land listed at below their true value. This is not to say that everything is priced to sell, but with proper representation and patience, now is a great time to learn what is available and understand that there are special deals popping up everywhere. Resort communities do not reflect the same dynamics found in markets of need. … READ THE COMPLETE ARTICLE BY CLICKING HERE
More lenders attracting U.S. borrowers with ARM products
By Tom Kelly, Wednesday, June 25, 2008.
The cold U.S. housing and mortgage markets have lenders looking for warmer possibilities, and a few are sending more efforts to finance Americans looking to purchase primary residences and second homes south of the border.
New York-based Lehman Brothers Resort Home Lending (1-866-233-4799) will enter the market in a big way, offering U.S. consumers mortgage packages this year in Mexico and Costa Rica, beginning July 1. The company plans to offer borrowers in Canada and the United Kingdom similar loan programs in Mexico and Costa Rica by the end of the year.
The programs, featuring one-, three-, five- and 10-year adjustable-rate mortgages amortized over 30 years, also will be available in the next year to U.S. borrowers who wish purchase in the Bahamas, according to Lehman Brothers. The company also is targeting the second-home market in Canada, the United Kingdom, Panama and the Dominican Republic, but specific roll-out dates were not released.
GMAC was the first national lender to introduce a 30-year, fixed-rate product south of the border but pulled out of Mexico late last summer when the U.S. mortgage market meltdown began to influence international partner companies. Lehman Brothers purchased some of GMAC’s Mexico back-office operation late last year.
Wachovia Bank also has launched a program that enables the bank to purchase vacation-home loans made in Mexico. The vacation-home origination process is designed to look and feel like the loan origination practices in the United States, according to Wachovia.
“Having the support of a successful U.S. bank like Wachovia really speaks to the strength of the vacation-home market in Mexico,” said Joe Schneider, project administrator for Cascadas de Manzanillo, a 530-acre planned-unit development on Santiago Bay just north of Manzanillo, Mexico.
How have Americans financed second homes outside the United States? Traditionally, it was get out your line-of-credit checkbook, add any savings you could muster, and then pray that the seller would “carry the paper” until you found another way to refinance the balance.
Bryant said the company will scrutinize builders and developments in specific destinations. For example, Lehman Brothers will focus on waterfront and view communities in Mexico’s Riviera Maya, Los Cabos and Puerto Vallarta.
Underfunded projects and unscrupulous developers in popular drive-in areas, such as Puerto Penasco at the northernmost point of the Sea of Cortes and at a few oceanfront buildings on the northern Baja Peninsula, have lenders spending more time on analysis and research before electing to approve permanent financing.
Anaheim, Calif.-based World Wide Lending LLC, which plans 20 locations in Mexico, has begun to list its approved developments on its Web site. It plans to utilize a broker network throughout Mexico while Lehman Brothers will have retail sales relationships inside each approved development.
Chris Stopp, a broker for Sacramento-based MexUs Capital, said his goal is to provide a menu of attractive loans to not only second-home recreational buyers but also for retirees and sophisticated investors.
“The variety of people coming to Mexico to live part time or full time continues to increase, and their needs are different,” Stopp said. “We want to offer them an American transaction in a development they will enjoy for a long time.”
Interest rates on Mexican loans are nearly 2 full percentage points higher than those in the United States because there has been no competition in the secondary mortgage markets or with Wall Street capital markets to purchase the loans as securitized assets. Once the loans become more attractive and marketable to investors, interest rates will drop, according to financial analysts.
The Canadian offerings could provide an attractive option, especially with the 2010 Olympic Games in Vancouver just around the corner. Retirees and aging baby boomers “from the states” are drawn to Canada for its wonderful skiing, health care, bargain medicine, terrific sailing and clean air, but the numbers of second-home buyers and older full-time residents have not been as attractive to lenders as the pool of thousands of snowbirds who head south to Mexico and Latin America.
Americans can borrow from Canadian banks and vice versa. But trying to finance Canadian property with U.S. funds becomes difficult. Location, security in the property and the ability to enforce simply make the package unattractive to most U.S. lenders.
Lehman Brothers is willing to gamble that it can make cross-border lending work, and that the number of Americans buying in Canada — and elsewhere — continues to rise.