Then our condo only requires Banamex receipt...not any others. I was told this was Banamex's "requirement". I guess that is not true. I wonder why our condo requires only Banamex then?
Did the selling party also suggest the Notario to be used? It could be that the sellers had already set up to use a specific Notario and bank to keep things common and simpler for all closings within the Condo complex. Hey, LOL, could be a little kick back going on too but as long as all your documents are in order, so what?
The kick back scenario wouldn't surprise me! My realtor recommended the notario that we used to close. I would not recommend him though, not thorough at all. He missed the fact that the previous owner hadn't paid beach taxes in over 10 years. Caused a big problem for us when the time came for us to pay the beach tax...fortunately, it all worked out ok with the help of another owner in our complex. When I contacted the notario about it, he basically said it was our problem, not his. He would not even talk to me. As for the trust paperwork, personally, I prefer not having to produce the trust receipt during the annual meeting, anything to do with our trust, even paying it, seems to turn into a production!
Home in Cancun I own a home in Cancun and it is on the water. You can own on the water but you will need to buy a bank note first. That was easy. The lawyer helped us when we went to settlement. Right now I am selling the house in Cancun. Things have come up where it will not be possible for me to live in Cancun for an length of time and it is best we sell it. If you are interested in any more information :mermaid:let me know
By bank note are you referring to the fideicomiso which is the trust instrument (held by a Mexican bank) that all foreigners must have to own property along the coast and borders, or something different? Also, one must be aware that property owned on the water, whether on the beach or the lagoon, is liable for an additional tax, a Federal one, in addition to regular property taxes (predial) that are paid to the city.
Kathleen, Mole asked exactly what I was going to ask. It is my understanding that the Constitution prohibits foreign ownership of property within 50km of the border of any country or the Caribbean, Gulf, Pacific, etc. The fideicomiso is the way this is gotten around for individual ownership. A Mexican corporation is the other way and there is no requirement now for a Mexican to be an officer, director or shareholder, but there must be two shareholders. The intent of the law is that corps be for investment only and the trusts for your residence, although many people just do what they please in this regard, and sometimes pay dearly down the road. Just my two centavos worth.
Ive been coming to Cancun twice a year for 3 years now and love it. I am going back in December, this time not staying at an AI. My fiance and I have been talking for a long time about purchasing a place in Cancun in a few years(Once our mortgage is gone). I was wondering about a few things, and i thought many of you could chime on in. If you have a trust, can you lose your property just because? There was an article in the Cincy Weekly about a family who lost a home in Cabo because of citizenship issues. Where did you find your house? Are the internet deals too good to be true, Town home/condos in the 40-60 range? How much are groceries? How much are your utilities? Electric? Do you use your AC? Internet? How is the speed? In the states we have Vonage and all our calls to north America are 30 a month flat rate. How much for phone? How did you find your property? Have you tried to work at all? I'd love to sale time shares in the summer, would this job be hard to obtain? Just found this thread and it is very helpful
deherald- just a suggestion- why don't you add a little more detail, describing your idea of the life you'd like to live here, then others can respond with their experiences. The reason for this is that "expenses" are so elastic, and everything depends on your requirements- I'm talking about things like how big a place, where located, how cool do you want to stay, do you require a pool, how often do you like to eat out, and at what kind of places, etc. There will be people who follow the lifestyle you would require, and they can tell you exactly what it costs them, as well as provide answers to all the other questions you've got. If you're curious what the extreme low end of expenses here might be, you could glance at this thread- http://www.cancuncare.com/forum/living-cancun-riviera-maya/16621-can-i-live-my-social-security.html
