TalkBaja.com » Baja Real Estate Advice / Discussion » Before you even think about buying property

Originally Posted by susanna

Please send me the name of an attorney.At least i can get some questions answered.
Thanks

Check your private message box

I was just reading on another board that the Mexican Federal Government has ruled on the proposed change to the Constitution (Article 27) allowing out right ownership of land to foreigners in the restricted zone. The word is, that the bank trust system (Fedeicomiso) will stay in place...... Anyone hear anything on this topic?

Originally Posted by Churro

I was just reading on another board that the Mexican Federal Government has ruled on the proposed change to the Constitution (Article 27) allowing out right ownership of land to foreigners in the restricted zone. The word is, that the bank trust system (Fedeicomiso) will stay in place...... Anyone hear anything on this topic?

Last I heard the public outcry over opening up PeMex to competition bled over into opening up Article 27 to allow for foreign ownership of land in the restricted zone and this issue is stalled. Why would a bank trust system be needed if you have the land title in your hands? Perhaps it is the banks and their loss of banking reveniue that is holding up the change...

I think that change is critical and central to real estate investors returning to Baja. To many peole lost everything and the same land thieves parade around town complainingg there are no fresh victims to fleece.

Originally Posted by Churro

I was just reading on another board that the Mexican Federal Government has ruled on the proposed change to the Constitution (Article 27) allowing out right ownership of land to foreigners in the restricted zone. The word is, that the bank trust system (Fedeicomiso) will stay in place...... Anyone hear anything on this topic?

Probably the same thing you saw:


"The Fideicomiso will continue. Amendment to Article 27 of the
Mexican Constitution has been Rejected
By John K. Glaab, CIPS
In May of 2013, the Mexican Chamber of Deputies (the lower house)
approved legislation which would have amended the Mexican
Constitution to permit foreigners to purchase property outright
in Mexico’s Restricted Zone which is100 kilometers from the
borders of the United States, Belize and Guatemala and 50
kilometers from the coastlines of Mexico. Effectively this
would have meant doing away with the Mexican bank trust, known
as the fideicomiso.
This initiative has been rejected, according to a report from the
Secretary of Government. (SEGOB)
Rejection of the proposed amendment is the result of not
continuing with the amendment procedure within the time frame
permitted under Article 89 number 2. Section III of the Rules of
the Chamber of Deputies.
The result is that foreigners purchasing property in the
Restricted Zone must continue to obtain titles using the bank
trust system, the fideicomiso, initiated in 1972."
=================================

About the author:
John Glaab is Vice President of International Marketing at
Mexico's The Settlement Company® A Certified International
Property Specialist (CIPS) he was named International Member of
the year, 2012 by the National Association of Realtors® (NAR)

Banks do have a way of getting things their way ... just saying

yup, That was the same post I saw Dennis. But if it were true, there would be some headlines..

Glad to see you are up and running Dennis.

Originally Posted by Churro

yup, That was the same post I saw Dennis. But if it were true, there would be some headlines..

Glad to see you are up and running Dennis.

Thanks. I'm up, but I'll have to ease into the running. All in good time.

If it's not in the Monday papers, I'll call foul. It's possible the press has been told to not make a big deal out of this to keep the masses from getting all excited. I think Peña Nieto's government would like to see this happen.

Originally Posted by DENNIS

I think Peña Nieto's government would like to see this happen.

I agree. He has made a very big move to open up the country to investment and has been very shrewd in working political deals to get through ALL of his major reforms he proposed in 2013. Don't beIieve all the naysayers - most of them are Lopez Obrador / Morena fanatics and still cannot get over the fact that the country didn't back the teachers union in their national walkout / protest against the educational reform legislation. I have followed Peña Nieto closely since he was governor of Mexico and very well connected friends here in the know told me as far back as 2009 he was going to be the next president of Mexico. He has accomplished more in his first 15 months in office than the PAN party (who I previously supported) managed to do in 12 years. Mexico needs a major change in its operating philosophy and Peña Nieto appears to be the man who might finally do just that. I am keeping my fingers crossed.

Did anybody here notice that Moody just upgraded Mexico's credit rating???

Moody's upgrades Mexico to coveted A grade sovereign rating

Mexican Senate rejects direct foreign ownership of Mexican coastal real estate

Hermosillo, México (7 febrero 2014).- Al ser desechada ayer en el Senado de la República la iniciativa de ley para permitir a extranjeros adquirir terrenos de playa se eliminó en el Estado una gran posibilidad de negocios, afirmó el titular del Instituto Catastral de Sonora.

Marco Antonio Moreno Ward, vocal ejecutivo del Icreson, comentó que la nueva ley formaba parte de la mesa de asuntos inmobiliarios durante la Comisión Sonora-Arizona, pero debió quedar fuera al ser eliminada la iniciativa apenas la tarde del jueves.

"Teníamos el plan de hablar de la nueva ley, entonces el día de ayer hicimos cambio con la gente, eliminamos el tema, seguimos igual", dijo Moreno Ward.

Los estadounidenses que han adquirido terrenos de playa o en zonas costeras deben de hacerlo a través de un fideicomiso donde debe participar un socio mexicano, lo cual complica los procesos de adquisición.

"Sigue todo igual, siguen los fideicomisos, sigue la figura y como se ha venido manejando", expresó Moreno Ward.

En Sonora, los comerciantes inmobiliarios de destinos turísticos de playa como Puerto Peñasco y San Carlos veían esta ley como una gran posibilidad de detonar negocios.

"La gente que está relacionada con el negocio inmobiliario es algo que no están muy de acuerdo, querían que estos fideicomisos se eliminaran, porque es un proceso jurídico un tanto complicado, difícil para muchos, se quejan mucho de las tardanzas", dijo el funcionario.

Para Moreno, el rechazo que se dio en el Senado a las reformas al Artículo 27 de la Constitución frenan una gran perspectiva de negocios en México y en especial en Sonora.

"Al final del día la intención es que pudiera haber mayor inversión, desde mi punto de vista es un retroceso".

http://www.dossierpolitico.com/verno...l1&categoria=1

Hermosillo, México, February 7, 2014 - After being rejected yesterday in the Mexican Senate, the initiative to allow foreigners to purchase beach property has ended a great business possibility in the state, said the head of the Sonora Real Property Institute.

Marco Antonio Moreno Ward, executive spokesperson for the Institute, said that the new law was a part of real estate matters addressed by the Arizona-Sonora Commission, but was left out upon being eliminated last Thursday afternoon.

"We had a plan to talk of the proposed new law, then yesterday there was a change with the people involved, the matter was eliminated, we are left as we were before," said Moreno Ward.

Americans who had purchased beach properties or in coastal zones must do so with a fideicomiso where a Mexican partner is involved, this complicates the purchase process.

"Everything continues like it was before, the fideicomisios will remain, it will be done just as before," said Moreno Ward.

In Sonora, real estate businessmen in beach tourist destinations, such as Puerto Peñaso and San Carlos saw this law as a great possibility to increase business.

"For the people who are in the real estate business, this is something they do not agree with, they want these fideicomisos eliminated, as it is a very complicated legal process, difficult for many, and they complain of the delays," said the official.

For Moreno, the rejection by the Senate of the reforms to Article 27 of the Constitution are stopping a great business opportunity in Mexico and especially Sonora.

"At the end of the day, the intention was we could have more investments, from my point of view it is a setback."

So the proposed amendment has been shot down? It's over?

They tell me that Peña Nieto just decided to concentrate on the energy and fiscal reforms right now but that they intend to reintroduce the bill next year. As a good friend here who is very connected politically tells me:

"it takes time to get things done, especially here in the land of mañana..."

Originally Posted by Churro

So the proposed amendment has been shot down? It's over?

I don't believe it's over.

So what happens to ally you guys who have Fedis if the bill would eventually pass? How would you get your land out of the Fedi?

Originally Posted by Churro

So what happens to ally you guys who have Fedis if the bill would eventually pass? How would you get your land out of the Fedi?

I'm sure the bank would formulate a payoff.