Bank Trust ( Fideicomiso) in Place

We are buying also and have an agent who is assisting us.  The agency has a great www site that explains what this is all about and the costs.  Yes, it will cost you way more than $1600 depending on the value of what your are buying.  But you pay way less in yearly taxes compared to the US.  Mexico wants their money up front.  Check out www.baja123.com and read about it.

It appears the safest and only way for a gringo to acquire property in the restricted zone.  We have been told there has been a move in the last several years to change the law and it barely failed last year.  However, with the tone of relationship between the two countries currently I can't see it passing.

jamesr3939 wrote:

We are buying also and have an agent who is assisting us.  The agency has a great www site that explains what this is all about and the costs.  Yes, it will cost you way more than $1600 depending on the value of what your are buying.  But you pay way less in yearly taxes compared to the US.  Mexico wants their money up front.  Check out www.baja123.com and read about it.

It appears the safest and only way for a gringo to acquire property in the restricted zone.  We have been told there has been a move in the last several years to change the law and it barely failed last year.  However, with the tone of relationship between the two countries currently I can't see it passing.

Hi James,

I do want to hire an agent, but I would like to have some knowledge of the laws and costs associated with purchasing.  I saw a home I liked with the enticement:  "bank trust ( Fideicomiso) in place"  I wondered, if it's in place would I need to pay the up-front costs AGAIN, or just continue with the annual costs?  A quick search and I found this limited information.  It looks like the page was updated in 2018, but it is Baja -- not the exact one you stated.  If banks compete, I presume there may be banks in Yucatan that charge similarly???  That's another search for another day -- I dislike banks in general so I'll do my "dirty work" another day .

The house with the link above is pretty pricey; extremely nice but pricey.  I started searching for new houses and found quite a few for 1/2 the price -- which means I can have my own home next to my dad -- that would be heaven!

If you don't mind me asking, what is your agent charging -- does it work like the states, the buyer doesn't pay?  In the US the seller pays 6% of the sales price; 3% to buyers agent and 3% to sellers agent -- although in my experience a seller can contract with an agent for much less; about 4% -- of course the price of the home and the ease of selling (nice home, fair price, etc.) will help with negotiations.

I think you need to come and look, and talk to at least one real estate agent. It's a very different system, You need professional advice to navigate. Which might involve a real estate company, and a lawyer. You might also want to consider renting a house which would be less stressful. Many of us rent instead of taking the full load of a house on ourselves.

In the U.S if there is a problem with the water or electrical system people are accustomed to calling the power company  etc. Here it's your problem completely.
If it's not your house you negotiate with the owner about what issues are yours, and which are theirs. This is also not an English speaking country.

Thank you travel!  I can't tell you how much I've appreciated your input and your first-hand knowledge; and thank you everyone for your shared knowledge and input -- love you guys  .  It's so gratifying to know there are still good and kind people in this world who also value human relationships.  That y'all are willing to help others you don't even know, with no strings attached, well... it just warms my heart and renews my faith in the human condition!  Having some knowledge of Mexico and the best way to proceed before "my feet hit the ground" will save me a lot of time and hassle so, thank you, thank you, thank you! If you are an "old fart" like me you'll appreciate this:  "let your fingers do the walking", but in the year 2018 we should add; let your fingers do the walking in cyberspace     with the help from the kind people here.

There is a direct flight from LAX to Cancun; a round-trip ticket is very reasonably priced.  I'm blessed to have a very intelligent and trustworthy girlfriend whom I've known since I was 5 yo.  She is fluent in Spanish; both reading and writing.  Her brain sucked up the languages; mine is more math and science oriented and I'm disgrace to the the linguists among us.  My friend recently retired from the supreme court, director of personnel .  I'm strongly considering offering my girlfriend an all expense paid vacation to Cancun.  She may not know the laws in Mexico, but she is an expert on people and legal matters.  I believe she is more than capable of connecting the dots for me and offer alternatives to unanswered questions, or ask questions I may never have known to ask.  I looked into hiring a consultant but I can't know how sincerely knowledgeable they are or helpful they may be.  Consulting is an easy way to make money; put up a web page, advertise you know every thing about everything in Mexico, but in reality you know very little about anything. I don't have time to back-track and correct wrong information -- I will make enough of those mistakes without any help   

I've found a lot of reliable, verifiable information on the net about the laws and customs in Mexico.  I'm trying to gain as much information as possible before I come.  I know I will make mistakes and there are many unknowns; that's life, a part of learning new things, but that's okay -- it means I'm learning and growing.  It's so tempting to hop on a plane now, today!  You have no idea how anxious I am to get the "ball rolling". Delaying my gratification to obtain the information I need seems like the smart, logical way to handle this -- but, hey, who knows.  I do tend to over-think things and I hate it that I can't have fun and be spontaneous .  It it were just me relocating I would be your neighbor by now, hehehe.  If my family was healthy mentally and physically I would be gone, nothing but a trail of dust behind me.  Quite literally a spontaneous action without considering the consequences carries life or death consequences.  Being responsible for others changes the game considerably. For instance, I need an oxygen concentrator the minute I hit the ground in Mexico -- not when I visit but when I move.  I need to know how much insulin I can carry with me -- etc. etc. etc.  Ah, my life, not complicated at all, is it, hehehe.

So I will be there within the month, come he\\ or high water.  BTW, I had planned to move to Costa Rica; after researching, reading, and planning for years it was obvious that wasn't the right choice for my current circumstances.  Once I looked at import fees, infrastructure, today's cost of living, etc., It wasn't worth the hassle and cost to move there.  I strongly believe Mexico is the right choice to better meet my families needs.

Fortheloveofsun,

By all means pick up the tab on your friends trip.  With  her Spanish language skills. she  will really help you, and reduce your stress. Plus her skills will help narrow down the potential helper list. Can she follow along with you for the entire trip ?