I made this deal with a ReMax agent here in Canada to buy a condo in Puerto Morelos. I drove a hard bargain with the developers that she brokered and negotiated all legal, closing and Fideicomiso trust set-up costs were to be the expense of the builder. Now my agent here tells me that trust setup costs are due and payable by me, $2200 USD before the deal can be closed. The closing is in Cancun on Feb. 27, my plane tickets are bought, and the agent is firm on me paying - not the developers - citing a series of what *she* deems vagaries in my email wording. Any thoughts on this?
Do you have any money already in it? If not, drop it like a hot potato until you've done some comparison shopping (for investments and for agents) and feel entirely comfortable with everything. And if you need a lawyer to make it stick - my understanding is that there's a ton of them that are regulars here at this forum (and therefore know something more than the average bear about what might be and might not be legally prudent).
My advice is to pay for your own trust. If you pay for it and do it yourself you will know that it is done right. Never heard of a builder paying for the trust. I have had mine for 20 years.
I'll second that opinion. Secure your own trust and pay for it yourself. I've purchased 3 properties here and have paid for each myself. The most expensive and time consuming one was the first, because the previous owner had a botched title and trust. It took the better part of a year until all the paperwork was finally bullet-proof. You're not being scammed. I've never heard of a builder or developer paying for the trust, nor would I want one to do it. You need a good notario, not a lawyer, to run the records. The notario will probably indicate which bank they'd like you to use, and yes, there's probably some reciprocity there, but that's the way it is. It's important to have properly vetted paperwork because if you don't, it's going to bite you in the you-know-where if or when it's time to sell.
I had to pay for my own trust and wouldn't have it any other way....That way I could make sure all the I's were dotted and T's crossed
We had a signed agreement of sale that all closing costs in full would be paid by the developer. The hair-splitting here is that though the agent told me that closing costs meant trust setup costs too, now she says it doesn't - and says she never said that it did. But if I don't pay for the trust setup tomorrow at the latest, her Mexican developer said the trust could not be ready by Feb. 27. Also, she just switched from REMax to Century 21 so I don't know if Remax or Century 21 head office is the one to call.
1.- Both Remax and Century 21 are independent franchises. Don't expect too much from their "head offices." 2.- Closing costs do not include trust set up. That is the responsibility of the beneficiary of the trust--as it should be and as everyone has already recommended. 3.- "Her said, she said" has about as much value here as there. Unless you have it in writing saying that X person is paying for the trust set up, then it doesn't matter what anyone said.
Jim hit all of the nails dead on the head. Bite the bullet and go on with it. Pto. Morelos is hot, hot, hot now so if you drove a hard bargain you are probably already ahead in the marketplace.
