# Fideicomisos



## evafla (Aug 23, 2009)

For a few months now, I am renting very modest room in the state of Veracruz .
This is small house and property on the beach .
I made friends with owners , and we both would like to convert 
this modest room into quite luxury condominium , which would belong to me as long as I live, and later would be some asset for the son of the owner .

My problem is, I would like this ownership of second floor of the house ,
be help for me with financial requirements for fm3, when my current income is going to go lower, what will happen .

I need the lady owner to put me on the title of the house, and somehow define legally, so second floor, which practically I will build, belongs to me, with restrictions, I would not resale it .

I am having a question ;

would this kind of ownership ( part of the house, no land )
require trust from the bank ?

And as well, maybe someone on this nice, super friendly forum,
knows what is the most sufficient way to go with legal aspect
in situation like mine now .

I hope someone who bought beachfront condo, can answer this question ,
about fideicomiso , needed or not .

thank
eva


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## DennyDaddy (May 3, 2011)

I think you should forget that mess...
I heard of a ****** hippy south of RP a while back on EJ land who made agreement to build a small campground on this EJ land with the owners, in return to own a small plot of land there! After he did some improvements, build somewhat of a boondock campground, told him to leave! 
Some type of papers I heard were even drawn up??????


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## sunnyvmx (Mar 14, 2010)

Put your rent money towards helping them build it and then keep paying rent. Forget any type of ownership.


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## sparks (Jun 17, 2007)

A fideicomiso is required for you to own anything on the beach. Sounds very risky to me but you'll only get real answers by talking to a bank and probably a notario


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## tepetapan (Sep 30, 2010)

This is done in Mexico. Condo and apartment owners own their property and (for you) a 
fideicomiso will be required. Don´t even ask me how. You will need to see a notiero to have the proceedure explained. Surveys will be required. It will be somewhat costly, with the blue eyes tax and all. 
Be very careful, use a notiero unrelated in any way of the selling family. Look at all your options. Do the owners hold title to the property? They may say yes but that is the first step, are you making business with people who have ownership. Did I mention to be very careful?


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## mbaietti (Aug 9, 2011)

*Contact a Notario Publico*



evafla said:


> For a few months now, I am renting very modest room in the state of Veracruz .
> This is small house and property on the beach .
> I made friends with owners , and we both would like to convert
> this modest room into quite luxury condominium , which would belong to me as long as I live, and later would be some asset for the son of the owner .
> ...


I own a condo and a house in Puerto Vallarta near the beach. I would strongly advise you to contact a notario publico immediately. They are the only professionals in Mexico qualified to advise you on what you plan to do. What you are considering is very risky without the proper paperwork. It will not be cheap - my experience is that it costs about 5% of the purchase price to have the proper title transfer,, paperwork, etc. Both my properties are owned through a fideicomiso handled by a Notario Publico and I would never consider doing it any other way.


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## mbaietti (Aug 9, 2011)

DennyDaddy said:


> I think you should forget that mess...
> I heard of a ****** hippy south of RP a while back on EJ land who made agreement to build a small campground on this EJ land with the owners, in return to own a small plot of land there! After he did some improvements, build somewhat of a boondock campground, told him to leave!
> Some type of papers I heard were even drawn up??????


It is not possible for a foreigner to own Ejido land. The whole point of ejido land is that it is owned hereditarily by Mexicans.


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## sparks (Jun 17, 2007)

There is ejido land and there is ejido land. A long time ago you had to be an established member of the ejido (part of the community). 

More recently, 20-40 years ago, any Mexican could 'apply' for the right to use property. They had to build a house withing a certain period and keep the property in good shape. They could loose their rights to the property by not fulfilling their obligations.

Now and at least for the last 10 years any Mexican can buy property and get escritura (title) .... and many are moving towards normalization which means removing properties from the ejido.

That is the situation in our area. The problem is that ejidos move at their own pace and some ejidos around the country may be in the dark ages and an escritura may not be a possibility


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## DennyDaddy (May 3, 2011)

Hello......

I know about EJ land and it's ownership but the jest of my point the hippy was screwed, Got involved in something he did not check out and involved in Mexican land when he should of walked away from it! So my point is it's the ****** who will get screwed! Unless done legal, the Mex will always win!
What if the land is not owned by the house owner??? Better to invest elsewhere and just pay rent! Down the road you don't own the land....it's a "what if".....


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## DNP (May 3, 2011)

Why not just do things legally?



DennyDaddy said:


> Hello......
> 
> I know about EJ land and it's ownership but the jest of my point the hippy was screwed, Got involved in something he did not check out and involved in Mexican land when he should of walked away from it! So my point is it's the ****** who will get screwed! Unless done legal, the Mex will always win!
> What if the land is not owned by the house owner??? Better to invest elsewhere and just pay rent! Down the road you don't own the land....it's a "what if".....


WashDC/SMA


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## DennyDaddy (May 3, 2011)

Yes, always do it legal that involves land. But, my point, and a dime still will not buy a cup of coffee.....
Why invest in all that for a room to live. If later this gets passed down to the Mex kids and what not, they may want the house back and maybe money spent in Mex court! Also, will there be any land under the house owned, not a real condo set up with HOA's.... Who repaires the house, who will pay tax on the land, what if the other part is damaged....????
So much involved! Even if done legal! This is Mexico! Money well spent to just pay rent and put some money away for investment, or look for a house, small/large that can be picked up and that money put in a bank trust she/he owned totol! What if a riff developed with other owner???? So much to think about! Even if done legal!


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## RVGRINGO (May 16, 2007)

I agree that it is a very bad idea. You would have no way to enforce your position, even if a legal condo arrangement and bank trust could be arranged; the latter being doubtful at best.


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