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Kiko

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Kiko last won the day on January 13 2017

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About Kiko

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  • Birthday April 1

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  1. I am looking for this book to borrow or buy. I need it asap. Thanks..
  2. Kiko

    Michoacan Pottery

    Michoacan, El Alma de Mexico.
  3. Kiko

    Mexican Citizenship test

    I was told by the atty that the test portion (over 60) is to read a couple of paragraphs in a magazine article, something like the Mexico Desconocido magazine. Then you go into a second room and answer 5 or 10 (?) multiple choice questions related to the magazine article. The mistake some applicants make is that when they take you to room two for the multiple choice test, the applicant leaves the magazine article behind in room one. You may take the magazine with you so that you can refer back to the article. I recently obtained hearing aids and I feel that the aids have helped a lot with my comprehension of Spanish. I feel much more confident in conversation. Now that I can hear my own voice I speak at a normal volume level. In my opinion that is important because those who speak loudly in this culture tend to be viewed as aggressive or impolite. Better to blend in, than to stand out in my opinion. If I flunk the first time, I will call my uncle El Mencho to go with me on the second try.
  4. Seguro Popular for assessment by a GP, no cardiologists in the facility. Their assessment is basic, an EKG maybe along with a couple of aspirin sublingual. Most likely they will punt you to Guadalajara. I suggest to have a back up plan for transportation to Guadalajara rather than wait for an ambulance.
  5. Kiko

    Racquet Club

    Carlos would be a fool to turn in his receipts without a signature from a RC board member. He must have a good attorney.
  6. Kiko

    Racquet Club

    Sounds like a ladder would solve the problem.
  7. Kiko

    Hearing aids

    Costco branded Kirkland hearing aids in Mexico are the 7.0 series. The newer 8.0 series is not available here yet. 7.0 series is Iphone friendly. The 8.0 series is Android friendly also, but some glitches with some phones. Some Samsung Galaxy phone models seem to hook up well with Android 7.0 Nougat or 8.0 Oreo but none will work with older versions, i.e. 6.0. Three month buy or refund in Mexico. Six month buy or refund in the states.
  8. Let my clarify my post for you with additional information: I have no problem with my real estate agent, I have used him for years. I have a problem currently with the Notario but he is working with us on a solution. I have used him also for years. I caught his error at closing. This is not personal. Now for the details of the transaction that you are unaware of. In 2013 we purchased a property for 130,000 and the value on the dead was recorded at 45,000. I understand and agree that this was "how things were done." We sold this property for 200000 recently. The deed was in joint ownership. The Notario and I agree to transfer 50% the ownership of this property prior to closing. The reason is this: Each person receives a 200,000 capital gains exemption. We had other properties for sale. By transfering ownership of one property to my name only and the second property into my wife's name then we each would benefit with a 200,000 capital gains exemption with two sales. The Notario's assistant told us that he completed the transfer prior to closing. At closing I discovered that he in fact had not done so. The net effect is that although we paid no capital gains on the sale of the first property, our entire allowed 400,000 exemption is now gone. The sale of the first property only required an tax exemption of less than 200,000. Since ownership of the two deeds was not separated, we will have a significant capital gains on the sale of the second property valued over 400,000. I am not throwing anyone under the bus here. There are good real estate agents, brokers and attorneys at lakeside. I have done business with 5 Notarios here and two in other states of Mexico. Nonetheless there are some who are incompetent and prone to errors. My point is simply get independent legal counsel if you are new or unfamiliar with Mexican Real Estate law. Here is an excellent link if you care to be informed: http://www.insidelakeside.com/t20342-how-to-lose-money-in-mexican-real-estate
  9. Yes we are both Residente Permanente and the three properties had structures. The issue of primary residence never came up in discussions with the Notario. In a nutshell, the Notario made a mistake on the transfer of ownership of the deed of the first property. Because of that error we lost a 200,000 tax exemption at closing. We are working together on this and I think we may have an option.
  10. 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.
  11. Depends on the amount of the gain and any previous sales in a three year period. It can get complicated. Now you get a blanket 200,000 USD exemption. So if you are clean for 3 years, no other sales, then in the example above where the sales prices were not accurately reported, then the 500,000 gain would be reduced with your blanket exemption 200,000 to a 300,000 gain.The tax then owed would be around 90,000 USD. If you have sold one other property in this three year window and applied your 200k exemption on that sale, then you are back to paying a 30% tax on 500,000, so 150,000 tax owed to SAT. There are some tricks like gifting ownership to another family member provided they have a temporal or permanente visa. Then you pay a 3% transfer tax. It gets complicated. Everyone's situation can be different, so the point is get independent legal counsel.
  12. 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.
  13. 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.
  14. 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
  15. 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.
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