Property in Mexico
Posted: Wed Sep 12, 2012 1:50 pm
I'll give you my two cents worth, although Mauricio is probably a better
bet for actionable information. I clearly just feel like telling
stories right now rather than working.
Foreigners are not allowed to own property outright within 50 km (30
mis) of the ocean in at least some parts of Mexico. Generally, they must
hold some kind of interest in the property through a bank, which is the
legal title owner and a fiduciary (fidecomisario) for the beneficial
owners.
I represented a trustee once who sold a condo in Mulege. The debtor
thought she could declare bankruptcy here and skip down to Mexico and
live out her days on the beach in her fully-paid condo. The sale
transaction was incredibly complicated: the debtor had to sign a
notarized power of attorney in favor of the trustee, the notary's
signature had to be verified by the California Secretary of State, and
the Mexican Consulate had to verify the identity of the California
Secretary of State, all just to give the trustee legal authority to
sell. When the trustee sold the property, he had to show up in Cabo San
Lucas to sign the sales documents in person and give a thumb print. Had
he had more than three days' notice of the trip, he would have been a
lot happier about needing to go there.
- John D. Faucher
818/889-8080
On 9/12/12 12:12 PM, Mark J. Markus wrote:
> Does anyone in our group have any expertise with how titles are held
> on property in Mexico? Aside from the Deed being in spanish, I'm
> having a very difficult time figuring out who is actually on title and
> what rights the debtor actually has on a piece of real property used
> as a business in Mexico. According to the literal translation, there
> is a Bank which is the "fiduciary" and the debtor and partner are
> "trustees" (or maybe that's vice versa).
>
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
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> On 9/12/2012 11:48 AM, Nicholas Gebelt wrote:
>
The post was migrated from Yahoo.