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| Editors Note: Last month we posted
an article on The
Risks of Buying Investment Property in Mexico By Deepak Malhotra which
promted record response from readers.
A selection
of readers responses follow:
| Mr.
Malhotra's article on "The Risks of Buying Investment Property in Mexico"
had some good food for thought, there are some issues that were not properly
addressed and included some gross inaccuracies.
Agents - Mr.
Malhotra should recommend AMPI agents since the board can hear client complaints
and find a means to resolve issues related to ethics of agents.
Title problems
- Mr. Malhotra states that "a large percentage of the properties have title
problems." That is not a true statement. In truth very few properties
have title problems.
Fideicomiso
- Mr. Malhotra states that "if the seller doesn't have a Fideicomiso, there
is a reson why, usually some title problem." What Mr. Malhotra does not
make clear here is that a Fideicomiso is only created for foreigners, so
if the seller is Mexican or if the property is owned by a corporation,
there would be no need for a Fideicomiso to be in place by the seller.
Ejidos - In
the case of the Baja California, it was not an agrarian judge that ruled
in favor of the ejido, but in the end, the supreme court of Mexico.
There are always going to be rumors. The facts are the "buyers" did
not do their homework and paid for it in the end.
Lien removal
- this process is short and any competent lawyer can handle it for you.
Owning property
through a Mexican Corporation - while it has some benefits - such as avoiding
the trust set-up fee and annual fee, there are tax implications that must
be discussed. Unless you plan on flipping property or owning several
properties at one time, I don't recommend a Mexican corporation as a means
of holding property. I have many clients that ignored my advice and
regretted it.
Immigration
- According to Mr. Malhotra, "there is a lot of corruption in the Immigration
department". Wow! I hope the Mexican authorities don't subscribe
to your newsletter or Mr. Malhotra might not have such a easy time next
time he tries to renew his FM3. While there have been cases of corruption,
just as I am sure there have been cases in the U.S., it is not rampant
and certainly the immigration department should not be feared. The
Mexican government has done much in the past to improve the process and
the services provided by the Immigration department and many fine people
work in the offices that deal with the public.
Utility name
changes - are not that complicated. Either a copy of the contract
or a copy of the title will suffice along with a letter requesting the
change.
Avoiding the
use of real estate agents - that is exactly what gets most people in trouble
- when they do things on their own or take advice from someone like Mr.
Malhotra who pretend to know it all, but don't.
Real Estate
agents are not lawyers - That is true, that is why we recommend buyers
use a lawyer and not someone who owns property and who doles out incorrect
information. Some of the people who give the worst information are
foreigners who have purchased in Mexico and have heard things from so many
people that they don't know when to separate fact from fiction. To
be sure of what you are doing, use professionals - Mexican lawyers and
AMPI real estate agents.
Laura Zapata |
| I have just
read this informative letter on buying property in Mexico. My wife and
I have a legal firm in the Lake Chapala region of Jalisco, Mexico, and
we assist foriegn buyers of real estate in this area. One thing that is
not mentioned in this article, and is extremely important is this: ALWAYS
make sure you get an original of ANY document you sign in Mexico. This
means no faxing agreements between all parties. Or, if you happen to be
with the realtor, they have a tendancy to get one copy of the purchase
agreement signed then photocopy said a agreement and give you that. If
any problem arises with this contract, and you need to proceed in the court
system, the courts will NOT accept photocopied or faxed signatures. So
you case will not been thrown out of court, it will not be accepted in
most cases. And if it is, it will certainly be thrown out later. The contract
itself can be photocopied before the signatures go on, but ALL signatures
must be original. This means the added cost of a courier if you are purchasing
from abroad, but that $40 USD can save you many times that in the long
run.
Best regards,
Kevin Paulini |
| I
would like to answer to the writer of the article ;"The Risks of Buying
Investment Property in Mexico By Deepak Malhotra".
I am a European,
living in Mexico for several years, active in some business here and I
am pretty much aware first hand of what the writer is expressing here.
Only that his information looks to me as a gathering of information of
some very unlucky foreigners in Mexico or the writer himself had some terrible
advice! I would love to argue several points in his article as being unrealistic.
The Mexican
system "exists" and it works (certainly not in the same way as in the US
or Europe or anywhere else). It is a matter of understanding it and be
"willing" to adapt to that system and to work with it to your benefit.
If you have to live and work and do business in a foreign country, you
need to adapt and be willing to accept your adopted country's system. The
foreign country does not adapt to you and/or your ideas.
For example,
I can tell you that you are definitely FAR MUCH better of dealing directly
with a local immigration office (by the way, one of the most scrutinized
agencies in the Mexican Federal Government, who are "scarely" straightforwarded
with you!!!)and........you are NOT allowed to pay ANYTHING in cash to them!!!!).
Much more..BE AWARE..and very cautious of most attorneys in Mexico. Because
mostly they are higly imcompetent, so your attorney will make your case
more complicated than necessary. I can guarantee you that, out of experiences.
About taxes.....I can tell for a fact that the tax authories do NOT tax
any foreigners who live here , even full time, for anything what is NOT
a "Mexican income"! Even better, if you have your FM3 and live here as
they call a "rentista", showing that you have income outside of Mexico,
NOBODY will bother you or ask you ANYTHING. You are NOT even required to
have a tax ID and consequently don't file any tax declarations to the Mexican
Government. It would be great Mr. Writer to get your clients REAL and ACCURATE
"out of the field" information! I am looking forward to any reaction.
Kind regards.
Dr. Eric V.,
Mexico |
| Thanks for
publishing the MOST INFORMATIVE article ever on buying Real Estate in Mexico
by Deepak Malhotra. I've been reading books about Mexico and visiting
there for 10 years and this article was the best...!
Jesse Langston |
| I'm
glad you had the good sence to add the disclaimer to the bottom of the
Article written by Deepak Malhotra. His article if full of inaccurate information
at least for the Chapala, Jalisco area of Mexico. As a retired Texas
Lawyer living in the Chapala area I don't pretend to give advice on Mexican
law. I think Mr. Malhorta should follow the same rule and stick to patent
law in Spokane instead of flaming the fire of natural fear that that foreigners
have in doing business in a foreign country.
Sid Grosvenor |
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