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Registered Title/ Fideicomsio


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#1 GringaErin

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Posted 11 August 2010 - 09:46 AM

Hola Cozumel home owners,

I closed on my house Dec. 30, 2009 and I still have not received my registered title/Fideicomsio (sp?). How long does this usually take? My real estate agent is saying that it is still with the public registry. I realize things take a little longer here than in the US, so I'm wondering how long others have waited for their "official" house papers. I can't change any of the bills to my name or apply for my FM3 until I receive them.

Thanks in advance!
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#2 Coz2wonder

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Posted 11 August 2010 - 11:23 AM

I take it you did not have a lawyer involved?

Who was the agent, and real estate seller, or did you do this as a Direct buy (I hope not Coz Properties)?

It does take a while, but who is managing this process for you?

Apply for your FM3 has nothing to do with home ownership. However, if you do own a home here, you are smart to have one.

Until the Fide is done, you do NOT own the home.
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#3 GringaErin

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Posted 11 August 2010 - 12:01 PM

Nancy Edwards at Cozumel Living has been managing the process for me. I was just wondering how long it has taken other people to get their documents. I was under the impression from the guy at the INM that it was helpful to have your Fide when you apply...
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#4 Coz2wonder

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Posted 11 August 2010 - 12:10 PM

oh...I see

Well, you can ask Ms. Nancy what she has done, and what the expectation of completion is.

Have you gone through closing? It does take quite a while to close, and get the new Fide.

You didn't have an attorney did you?
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#5 GringaErin

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Posted 11 August 2010 - 12:35 PM

I have checked in with Nancy, it's still with the public registry. I closed in December, the title was clear, and I did work with a lawyer. Don't make assumptions. I was simply asking how long others have waited for their documents.
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#6 henribos

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Posted 11 August 2010 - 12:58 PM

I have checked in with Nancy, it's still with the public registry. I closed in December, the title was clear, and I did work with a lawyer. Don't make assumptions. I was simply asking how long others have waited for their documents.

We waited close to a year for our docs. It is agonizing but it will happen! We didn't need to wait until we had our Fideo to change the utility bills etc. to our names. You should have some sort of paper which is like a promise to sell/buy that the owners have signed. That's all you need to change things to your own name.
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#7 Coz2wonder

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Posted 11 August 2010 - 01:33 PM

best of luck to you Erin...

Guess I did make the assumption...so sorry.


Change the utilities ASAP. CFE bill is king here and with that, anybody can open any kind of account they want.
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#8 hillbilly

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Posted 12 August 2010 - 07:13 AM

When we closed (in may)we requested ,and received a copy of the fideicomsio. It was not registered yet but was somewhat reassuring as unlike closing in the us you kind of walk away from closing with nothing other than your sales contract in hand.
Our concern was to try to get a bank account opened to be able to collect rents and deposit them with a local bank as we intend to put all monies back into furnishings etc..I imagine we used the same Notero as you did as we used the same company and you might try to go to them for a copy. I kind of do not blame you for wondering about the delay as it does seem to be a long time, even for Mexico.I will say this, We have complete confidence in Cozumel Living.
Ps someone told me you have to prove that you live in mexico at least six months to be able to open a bank account. Is that correct?
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#9 Charles

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Posted 12 August 2010 - 09:45 AM

How do you intend to conduct business (rent property) under a fideicomiso? Do you have an accountant to manage all the requirements of conducting business; licenses required, paying taxes etc.? Did you receive legal advice regarding conducting business or merely closing on buying the property? Do you have any idea what tax rates apply as well as commercial rates for utilities?
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#10 hillbilly

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Posted 12 August 2010 - 12:11 PM

Charles,you are not a cop are you?
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#11 Valli

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Posted 12 August 2010 - 02:43 PM

I can vouch that Charles may hold many titles, and he has worked at various occupations, but he is not a cop. He does, however, have a great deal of knowlege and understanding regarding many of the laws, rules and regulations that are in place with the administration of rental properties on the island. Many who live on the island and post on this forum also have some valuable experience and advice, which can be very helpful. If Charles is asking specific questions, it is only to help you avoid certain pitfalls and issues with rental properties as there are laws in place that may not have been consistently applied in the past, but are now being enforced.
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#12 hillbilly

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Posted 12 August 2010 - 03:45 PM

I stand corrected. Sometimes I speak without thinking. I do apologize, It is just that sometimes people correct people on this forum and or get more or less outraged when they may not understand the situation and or assume ignorance on some body,s part.
I had noticed that Charles had been a long time member and know my place so please accept my apology. What I really wanted to know is can you open a bank account with a copy of your electric bill and water bill without living there full time?
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#13 Charles

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Posted 13 August 2010 - 10:29 AM

In answer to your banking question, contact Bancomer/BBVA and discuss their preferred customer accounts http://www.terrabancomer.com/pcu/

I certainly don't want to know answers to the questions I posed, least of all posted publicly online. Over the years, with each wave, new influx of people, the mistakes they made had negative impacts upon the local community. Many people made efforts to prevent newcomers from repeating mistakes made in the past. I have long said there would be a day of reckoning and like many things, it has been slow to come to Cozumel.

In Mexico as a whole, it seems that only in Quintana Roo have the regulations pertaining to fideicomiso held properties been ignored. I know in Puerta Vallarta and at least a couple of other resort areas, notices are sent annually to property owners and written in both Spanish and English.

As Mexico becomes increasingly desperate to generate tax revenue, an obvious selection would be to target situations that are boldly obvious, covered by long existing regulations rather than make new codes which raise taxes and place increasing tax burdens on long standing tax compliance businesses which clobber the Mexican small middle class business owners. This situation reared its ugly head during Gustavo's administration (he had his hands full on many other projects and issues) and more recently with Juan Carlos' made especially evident during the Ironman event. It will be interesting to see what happens in the accommodations market with this year's Ironman. By no means is the non-payment of 11% IVA or the 3% hospitality tax exclusively in the ex-pat community.

Personally, like Clark Gable in "Gone With the Wind", I don't give a damn. No reason at all to consult actual legal and accounting professionals, there are an abundance of people that can tell you what has been their experience and the way they think things are done. Some things do change such as the elimination of capital gains taxes, while others have simply long been ignored. Ignorance of the law is never a defense anywhere, but I have seen Mexican authorities cut more slack than one should hope to expect in most countries.

Hopefully the big brown smelly will never hit the fan on the island, but who knows, you can't bank on it.
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#14 Linkslady

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Posted 01 September 2010 - 05:32 PM

GringaErin, we closed in February (right after Carnaval) and my attorney picked up my fide yesterday. We were down last week and gave her the POA to pick it up this week.
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