Hi guys, So I am about to put an offer in on a house and I'm a bit lost to be honest. I am going to put it in my Dad's name - anyone know if he will have to come to sign the final papers or can it all be done by fax and fedex?? Should I go and contract a lawyer now - does he/she basically tell me everything I need to do - will they also assist in setting up the bank trust etc. TJ. if you read this could you pm your lawyer please I deleted the details by mistake... Thanks in advance Mat
I cannot tell you strongly enough to have legal advice/representation before signing any legal document or paying money toward any expensive purchase. I don't do that many deals here but I have personally seen multiple horror stories, most of which could have been avoided with legal representation. It amazes me that any foreignor would even consider parting with hard earned money not knowing what the hell they were doing in a country whose laws and business practices they do not know. Nothing personal here my friend, but a generalization. Sent you the PM. We should swap email addresses and phone numbers. Just curious about putting something in your dad's name. You really cannot do that unless he is a citizen. Title is held by a trust and is called a Fideicomiso. One of the banks is a trustee, Scotiabank in my case. Certain things need to be notarized, Mexican style. If you dad is not in Mexico that would no doubt involve him going to a Mexican Consulate or possibly an Embassy. If he is the owner, even if beneficiary of the fideicomiso, that could be a possible legal issue if he does not use the property as a residence. I am sure this happens all the time but I think it more properly should be in a Mexican corp. And this involves filing monthly or quarterly reports of income and expense. Better for you to be the beneficiary of the trust. He can be the contingency beneficiary if you OD on tequila after being out with Steve. Not that you asked but I would suggest keeping it as simple as possible.
You can always had your father go to Mexico file a power of attorney for you to sign the paperwork and then yes the papers can be done in his name. Otherwise this will not happen legally.
