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#1 jrhbryant

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Posted 01 August 2013 - 01:12 PM

My husband and I are closing on a condo in September and I need suggestions on the best way to set up banking.  We are not moving there permanately, but will have some monthly expenses like electric, yard and pool maintenance.  How will I pay these bills?  Should I open an account at a local bank and transfer funds from US bank?  I just have no idea what the best way to do this will be.  Any suggestions would be greatly appreciated.

Thank you.

Jacque


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#2 Carey

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Posted 01 August 2013 - 01:44 PM

You can pay anticipo -- ahn teh SEE poh -- in advance for the number of months you think you'll be away.  Or set up with a property manager to handle this for you and you can wire money to their account.  Probably your condo management offers this service.  Check with other condo owners on how good and reliable they are.


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#3 Coz2wonder

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Posted 01 August 2013 - 01:47 PM

If it's a condo, you have HOA dues.  Either the sales person should tell you how to transfer funds from your acct in the US/Cananda or the HOA should have this all spelled out.

 

Do you have a property management company on site?  If not, then I would hire Jimmy and Laurie Anderson (http://www.cozumelrentalhomes.com/) to manage.

 

It's a smooth system, but am a little concerned that your agent would not have made this clear on the process.

 

I do hope you have a lawyer involved in this process.


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#4 jrhbryant

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Posted 01 August 2013 - 02:37 PM

There is no HOA.  Only three units in the community.  Another question.  Insurance.  Do you insure your place through a US company or a local agency?

Thank you.

Jacque


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#5 Coz2wonder

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Posted 01 August 2013 - 02:56 PM

You would buy a local policy.

 

Don't get offended, but are you purchasing this with, or without an agent?

 

There is a lot of information you are going to need to know prior to purchasing property here, and certainly after.

 

The last thing we want to have happen is that you get blindsided by not knowing going into the process.

 

I will provide you with my lawyers name who is an expert in real estate.  Gisela Rodriguez (gisela@cozumellawyer.com).

 

I would never, ever purchase anything without a lawyer to review the documents, make sure that all taxes have been paid, there are no debts against the property, and the capital gains are paid by the seller at time of closing.  


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#6 KAC

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Posted 01 August 2013 - 03:13 PM

We only live on Coz 7 months of the year. We opened an account at Bancomer and we wire money from our Canadian account to our Mexican account twice a year. We pay our utilities in anticipation before we leave. We used to do ATM withdrawal but it got too costly.
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#7 Carey

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Posted 01 August 2013 - 03:23 PM

 

 

Don't get offended, but are you purchasing this with, or without an agent?

 

There is a lot of information you are going to need to know prior to purchasing property here, and certainly after.

 

The last thing we want to have happen is that you get blindsided by not knowing going into the process.

 

*****

I totally agree.  This is not the US and there are in no way the same safeguards for buyers of real estate.  If you have not had a competent local lawyer versed in real estate law look over your purchase contract, you absolutely must do so before you sign on the dotted line.  Otherwise you could get truly taken for a bad ride.  We've seen it happen with not that infrequent regularity here.

 

We can recommend someone good if you don't have anyone.  And from the questions you're asking, it kind of appears that you are being left hanging in the wind a bit here.


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#8 jrhbryant

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Posted 01 August 2013 - 03:55 PM

Guru,

What is the name of the attorney you recommend? 

Thank you.

Jacque


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#9 Carey

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Posted 01 August 2013 - 05:00 PM

Gisela Rodriguez

www.cozumellawyer.com


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#10 cvchief

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Posted 02 August 2013 - 08:35 AM

She is the best.  Don't sign anything without:

Gisela Rodriguez

www.cozumellawyer.com

 

She is wonderful.

 

Real Estate is a tricky thing.  You need to make sure a good contract is in place before any money starts moving.  You need to consider the sales price vs the reported price.  There are shenanigans there sometimes you just need to be aware of.

 

You said there is no HOA.  Is the anything communal?  Do you share a roof or a parking area or anything?  If so, how is it taken care of?

 

Having an attorney in MX won't be as expensive as at home. 

 

And if you aren't going to be there a good bit, I would take C2W's advice and get a property manager plan in place of so someone is watching and taking care of the place while you are gone.


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#11 BettyfromToronto

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Posted 03 August 2013 - 08:00 AM

I thought you had to be a resident before you could open a bank account in Cozumel.  We will be retiring in Feb/March and was looking at opening an account at either Scotiabank of HSBC when we visit in November but were told we couldn't.

 

Betty


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#12 cperkins

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Posted 28 December 2013 - 05:30 PM

In regards to opening a Mexican bank account. I *think* if you have a bank trust (fideicomiso) you can open an account…. Who can confirm this? I have a fideicomiso now with Scotiabank and need to setup a local account. I’d like to setup autopay for my utilities.


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#13 KAC

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Posted 29 December 2013 - 06:58 AM

We used Bancomer on 30th, have a fidi, but didn't need it. We contacted them through:
http://www.bancomer.com/pcu/
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#14 DebB

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Posted 29 December 2013 - 08:48 AM

Normally those who own property and live here only part time hire property managers. These managers offer a range of important services, including paying utility bills and property taxes, maintenance and cleaning, and storm prep. They are used to receiving money from clients outside of Mexico and most have arrangements in place to handle it.


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