Jump to content
Chapala.com Webboard

Leaderboard

Popular Content

Showing content with the highest reputation on 07/17/2018 in all areas

  1. I never wrote "A real estate broker will do a closing without a notario". Period. Entiendes? If a cat runs from an attorney, then that makes the attorney a junk yard dog. That is the one you hire. Entiendes? I have had several real estate transactions in various states of Mexico in the last twelve years so I speak from personal experience. You have nothing to lose and everything to gain from acquiring independent legal counsel in these matters. Two weeks ago in Chapala, an American real estate agent came into the notario's office acquiring about his "fee" in Spanish. I understood all. End of story. Six weeks ago, in a closing I discovered an error that could have cost me $20,000 USD. The notario's assistant left the room for about 10 minutes then resurfaced with a fraudulent email that he claimed that he had sent me. That did not go well for them. Not a direct attempt to defraud me, but just sloppy work on their part. We are resolving the problem now. If I had not caught the error or if I did not speak enough Spanish to understand the process, then guess what? SOL. There are some reputable brokers at lakeside and there are some who are not so reputable. Does not matter how long they have been in business. The real estate turnover here seems to average about every 5 years, so no problem for them. Buena suerte.
    4 points
  2. A Notario is an attorney with additional training who was appointed by a state's governor and approved by the federal government. You cannot have an attorney approve the work of an attorney who outranks him and for which the attorney has no training.
    3 points
  3. You don't know me, and to go around making comments about my life is just self-aggrandizing. We did buy a house here about 13 years ago in Riberas. We also sold it some years later. Not long therafter, we rented from an agent who owned the property. Also, in an earlier job selling ads for a local English-language magazine, I got to know every realtor in town. I have an acquaintance with several notarios and lawyers at functions I attend. Do I need to ask you what your experience is, to try and call me out on this? Don't answer that.
    3 points
  4. CG - If memory serves, don't I recall that both you and your mother, in all your years here, have always only rented houses not owned? Consequently NO Personal Experience with either Real Estate agents or Notarias in ever buying or selling Real Property.
    3 points
  5. Unbelievably blanket statement. A broker will not do a closing without a notario, period. To suggest such widespread collusion and laziness... based on what information? I know a lot of agents and brokers and they would never allow themselves to be cut off at the knees by sloppy legal practices. And your dicho: if the cat runs from the attorney, what does that make him? A bigger rat?
    3 points
  6. That's kind of like saying that a proofreader can't point out errors to an author. Notarios actually do make mistakes.
    2 points
  7. I own several properties here. And yes the money is transferred to seller. I did not see the need to write that in to clarify. The net effect of the above scenario is that today buyers can expect little wiggle room on price. I checked with three of my friends here and they checked their deeds. In each case the sales price recorded did not match the contract sales price. They are on the hook for large capital gains taxes. Have a nice day Alan mexicali.
    2 points
  8. Kiko stated: "Here is the math, Contract sales price of your first property is $500,000. You transferred $500,000 USD to the notario at closing, but your deed reflects a sales price of 100,000 USD. A few years later you decide to sell your home for 600,000 and the buyer picks Notario B. The sales price recorded on the sale of yourproperty by Notario B is the actual contract sales price that is reflected on the new deed, 600,000 USD. " Kiko thinks a person would't know enough to very closely check the numbers. He is talking about someone so stupid they would never be in the position to buy property. He also has never bought property in Mexico. If he had he would definatly know for sure you never transfer the money for a buy to the Notario/a. You transfer the money to the seller and all is documented. How dumb do you think we are here?
    2 points
  9. Notarios, in Mexico ARE ATTORNEYS, who are especially trained, experienced and vetted in real estate law, wills, etc. They are appointed to Notario status by the state government. Only they can handle real estate closings; neither lawyers (abogados) nor real estate brokers, or agents, who have no government oversight, registration or regulation in Mexico. A Notario in Mexico is a highly trained professional; not anything like a notary public in the USA.
    2 points
  10. Old news but a copy and paste from the Informador a few years back. Not much has changed, Just a small example of collusion, Fines 24,373,975.00. Always get your own independent legal counsel. Remember the Buyer has the right to choose the notario. You can find links on other webboards with details. The Federal Competition Commission (CFC) imposed economic sanctions on 33 commercial agents related to the housing market on the banks of Lake Chapala MEXICO CITY. The Federal Competition Commission (CFC) imposed economic sanctions on 33 commercial agents related to the housing market on the banks of Lake Chapala, for the commission of absolute monopolistic practices. The antitrust agency said that it is 14 real estate agencies, 15 runners holders of these agencies and two independent real estate brokers, as well as AC Lake Real Estate Group, which brings together these agents and the Mexican Association of Real Estate Professionals, Section Chapala AC . He said a total of 24 million 373 thousand 975 pesos imposed fines ranging from 35,000 pesos to four million 239 488 000 577 pesos for each trader, according to the economic capacity and participation of everyone in the monopolized market. Through a statement, the FCC stated that the House found that sanctioned agents commission agreed to set a single charge for the provision of real estate services, nullifying competition between them at the expense of consumers of these services, which is a violation Article 9, Section I, of the Federal Law of Economic Competition. The CFC president Eduardo Perez Motta, said "beyond the direct economic impact on the market in Chapala, this case is a clear sign that the CFC monitors real estate markets around the country." He said the agency "will not hesitate to impose sanctions where it finds monopolistic practices to the detriment of the consumer." Sanctioned operators have 30 working days to lodge an appeal before the CFC. (NTX) Main sanctioned • Mexican Association of Real Estate Professionals, Section Chapala • Harmonic Architecture • Good Weather Realty • Ajijic Property Trust • Casa Mexico MLS, Real Estate • Chapala Realty • Continental Realty • Eager and Associates • Hernandez Realty Group • Real Estate Interlago • Laguna Real Estate • Properties by the Lake • Off Realty • Luis Fernando Rojas Arias • Real Estate The tepal • Sandra Elizabeth Allin Brisco • Dixie Leen Ann Nicholson
    2 points
  11. You certainly implied they would. Entiendes? Probablamente no. And your wild accusations have not helped the cause at all: how many people do you suppose now distrust everyone in the business, thanks to you. Entiendes? Probablamente no.
    2 points
  12. I am sure you do, and my comment wasn't aimed at you, but at the suggestion that the way things are and have been handled, are incorrect. I would never disparage someone from trying to ensure the best outcome, especially here.
    2 points
  13. The info I posted here in regards to capital gains taxes and exemptions is current as of the last three months at lakeside. I have been to two notarios and three closings in that time. Oftentimes no intent to deceive a client, but just sloppy work. Everyone is real busy so shit happens. Who knows maybe tomorrow it may all change.
    1 point
  14. One: the story mentioned above is so misleading as to be pointless. There was one cheesed-off agent here who decided that setting the percentage at a certain point was collusion. Now the point is lower, which while definitely good for buyers/sellers, does not prove in any way that it was illegal. Or that they did anything wrong. Heck, even the gas stations in my home town set their prices amongst themselves every day of the week. The government inquiries have neve been able to prove anything illegal is taking place. This situation threw a whole lot of good people under the bus for the egomania of one guy. Two: Joco and RV are absolutely right. Notarios are better trained and more informed. Of course, there are always exceptions on both sides. (Edited) Three: each broker I know has their favoured notarios, not because they "collude", and not because they "fix" deeds (holy cow, really?), but because they know their methods and they get along well. The buyer is welcome to bring/use their own notario any time. This is not helpful when the notario is from Guadalajara and everyone has to troop out there several times to finish a local sales job, but if that is what has to be done, that's what's done.
    1 point
  15. Think about this scenario: Buyer has the right to choose the Notario. When the buyer's agent advises buyer to go with Notario A at the request of the seller, and of course your agent knows Notario A well so he is a strong advocate for this Notario. In past times, this Nortario oftentimes would record the sales price in the deed at a mere fraction of the actual sales price, because he is doing you a favor to keep your taxes low or whatever, or the usual "That is the way we do it here." You do not speak Spanish or understand the process nor do you have independent legal counsel so guess what? Here is the math, Contract sales price of your first property is $500,000. You transferred $500,000 USD to the notario at closing, but your deed reflects a sales price of 100,000 USD. A few years later you decide to sell your home for 600,000 and the buyer picks Notario B. The sales price recorded on the sale of your property by Notario B is the actual contract sales price that is reflected on the new deed, 600,000 USD. Hmmm, So now you have a 30% capital gains tax on the difference of 600,000 less 100,000, so taxed on 500,000 gain. Your financial liability for capital gains is 30% of the difference 500,000, about $150,000. In an effort to clean up this mess, SAT has changed some of the capital gains rules, but do not be surprised if you come up short. Nowadays there are some band aid remedies around this, but of course that will cost you money with the Notario to "fix" their first mistake. I agree that most Notarios, brokers, and agents are honest to a point, however, due diligence on buyers part should be a priority. Get independent counsel.
    1 point
  16. I do realize the Notario is needed for the closing. We are not attempting one without a Notario, but we want an attorney as an independent reviewer.
    1 point
  17. Some of the reasons you mention are why we want an attorney. Thank you for your comments.
    1 point
  18. Two steps, the first is to have your atty follow the process prior to closing. The second step is that your attorney attend the closing to verify that there were no changes to the agreement. including your potential capital gains tax liability down the road. Also be aware that some notarios and real estate agents are on the "buddy plan" of kickbacks. So maybe the info your real estate agent is spoon feeding you is tainted. Not just Mexican real estate brokers, but many American brokers/agents also. This is Collusion. Shooting fish in a barrel if you are unfamiliar with Spanish and Mexican real estate law. Also you have some notarios who just do a sloppy job and you pay the price. Disregard all notario recommendations on this board. Some may be better than others but at the end of the day, they all are prone to sloppy mistakes that will cost you down the road. Get independent counsel prior to closing. There only seems to be one at lakeside. There is a dicho in Mexico about attorneys....When you choose an attorney, take a cat with you. If the cat jumps on the attorney then he is a rat. If the cat runs from the attorney, then that is the one you want to hire.
    1 point
  19. Real estate here is done with Notary no lawyers
    1 point
  20. I'd appreciate some attorney referrals to go over some real estate contracts and verify closing documents. I do understand the Notarios do this. I want an attorney to verify the Notario's work. I already know about Spender, so if anyone has other referrals, I'd appreciate it.
    0 points
×
×
  • Create New...