Closing questions, documents, Fideicomisos etc.

Here is where everyone can ask questions about the closing process, titling, bank trusts, and get legal information on the purchase process here in Chan Chemuyil.

Let us know what questions you may have!

Hi, I will be sending the bank transfer for the balance of my payment very soon, and wanted to know the address to put down for the receiver. (is the receiver Burn Group 2004, SA de CV?) In Canada when we wire transfer money the bank also requires the address of the receiver.

Also, is it mandatory to have a copy of a current passport for all involved? I am purchasing the house with my sister and she doesn't currently have one. (will she need to get one rushed in order to proceed?)

Thanks,
Karon

karona wrote:

Hi, I will be sending the bank transfer for the balance of my payment very soon, and wanted to know the address to put down for the receiver. (is the receiver Burn Group 2004, SA de CV?) In Canada when we wire transfer money the bank also requires the address of the receiver.

Also, is it mandatory to have a copy of a current passport for all involved? I am purchasing the house with my sister and she doesn't currently have one. (will she need to get one rushed in order to proceed?)

Thanks,
Karon

Hi Karon,

You have time on getting the passport because you are going in the group of titles after May 15 correct? If so, that means it will be probably until June 20, 2008 until we START getting titles back from the Public Registry in Playa.

On your wire for the balance the name is Burn Group 2004 SA de CV

the address of BG is Car. 307 km 246, Fracc. Chemuyil, calle jamaica, manzana 205, #17
Chemuyil, Q.Roo, Mexico 77760


Let me know what else you need?

Hi Bill,
Can you tell me what group of titles we are in?
Is it the May 15th group?
We would like to come down for closing so I am trying yo figure out dates.
We sent our deposit Feb 29th if this helps in determining what group we are in.
Kathy Sardi and Robert Groenen

Ok Kathi,

Here is the deal for you (and everyone else) that is to send in their balance by May 15, 2008.

Once we have everyone's money after May 15, 2008--probably around the 17th or 18th of May we will make arrangements to wire from our account to IPAE (the government) for ALL remaining titles.

Starting from the beginning we had 188 homes

we bought 20 titles to start with in December
then in March just about 10 days ago we bought another 40 titles
In May we will buy the remaining 128

In May from the time we transfer funds and they receive them they have 30 days to create those 128 titles and send them to the public registry in playa del carmen. It went pretty smoothly with the first 20, we will see what happens on this 2nd 40 we just did as far as the timeframe. Then Im sure with 128 titles it will require some additional time and probably we will need to pay some "mordidas" (bribes) to get them done more quickly.

I say ALL of that to say this--your title (Kathi) could be number 1 or it could be number 128--at this time I do not know. But I will say that it will be probably late June/July before we could even start getting your Fideicomiso--you have to have the title to finish the Fideicomiso. As we get closer I can probably give you a date/time for you to come down. Again, it will depend on where YOUR title is in that group of 128 titles.

I hope this makes sense to you Kathi and to everyone else.

Thanks Bill,
That clears up a lot of the questions I had.
Kathy

Hi Karon,

You have time on getting the passport because you are going in the group of titles after May 15 correct? If so, that means it will be probably until June 20, 2008 until we START getting titles back from the Public Registry in Playa.

On your wire for the balance the name is Burn Group 2004 SA de CV

the address of BG is Car. 307 km 246, Fracc. Chemuyil, calle jamaica, manzana 205, #17
Chemuyil, Q.Roo, Mexico 77760


Let me know what else you need?[/quote]

Thanks for the info.
Karon

Is there an address to where we pay our taxes and a due date?
Where and when do we pay our fidiecomiso....how are we notified when it is due?

Thinking down the road....our purchase or "50 years lease"....How is that lease renewed or transferred......??

BILL>>>>

Where are we at with the first group of 20?? When the last step...(title put into fidiecomiso?) happens what do we get? A PRIZE!! Just kidding.....Do we get a document or something in our hands or is that held at the bank.....

I am sure that we might have talked about this before but you need to remember how slow I am...

Thanks!!

how soon does closing money have to be in if your closing 6/2

Paige wrote:

Is there an address to where we pay our taxes and a due date?
Where and when do we pay our fidiecomiso....how are we notified when it is due?

Thinking down the road....our purchase or "50 years lease"....How is that lease renewed or transferred......??

As I understand it your fideicomisos (first 20 people except 2) are done and going back to the public regsitry

You will get some paperwork from the bank and you will also get a certified copy of the "escritura" (the title)--you should have that in the next couple weeks if not sooner.

OK...so the escritura has the seal on it and that is what you take with you to pay your taxes?
The bank will notify you when to pay the annual trust fee?

Do you know anything about the 50 year lease stuff?

Do not assume the bank will bill you for the fidecomiso!! They did not bill us and we asked the title company MANY times. Finally we got an answer... if you do not pay yearly, you are charged interest! Find out how to pay and do it yearly to avoid the extra charges... for us, we go in July to Banknorte and pay them at the window.Very easy, once you do it the first time.

Hola, Bill. We sent our final payment ($34,900 USD) in on March 10. Would you be able to tell me if we made it into the group of 40 titles you just purchased in mid-March? If so, when do you think it would be necessary to come down for signing? We would like to start firming up our travel plans as well so this info would certainly help. Thanks. C. Belize, M204, #4.

ChanChemuyilAdmin wrote:

Ok Kathi,

Here is the deal for you (and everyone else) that is to send in their balance by May 15, 2008.

Once we have everyone's money after May 15, 2008--probably around the 17th or 18th of May we will make arrangements to wire from our account to IPAE (the government) for ALL remaining titles.

Starting from the beginning we had 188 homes

we bought 20 titles to start with in December
then in March just about 10 days ago we bought another 40 titles
In May we will buy the remaining 128

In May from the time we transfer funds and they receive them they have 30 days to create those 128 titles and send them to the public registry in playa del carmen. It went pretty smoothly with the first 20, we will see what happens on this 2nd 40 we just did as far as the timeframe. Then Im sure with 128 titles it will require some additional time and probably we will need to pay some "mordidas" (bribes) to get them done more quickly.

I say ALL of that to say this--your title (Kathi) could be number 1 or it could be number 128--at this time I do not know. But I will say that it will be probably late June/July before we could even start getting your Fideicomiso--you have to have the title to finish the Fideicomiso. As we get closer I can probably give you a date/time for you to come down. Again, it will depend on where YOUR title is in that group of 128 titles.

I hope this makes sense to you Kathi and to everyone else.

Is not possible to buy another chunk on April 15 ? Why are we waiting for so many, meaning 128 till May ?

1. Can we speed up a bit the process, or ?
2. I am a bit worried with the house deliveries, knowing that you will have 128 to deliver in late June. What is the game plan here ?

Thanks for clarifications Bill,

Valentin

bill
can we wire closing money to same address as before or is there a special address it has to go to
peggie

Hi Bill,
I guess this is the best place to contact you now? I am wondering if you received my final payment, in your last email you mentioned as soon as I have 100% of my balance in then you will be able to get my house on the schedule to clean it and make necessary repairs. Does this mean once the necessary repairs are completed because I have sent 100% of my balance we have owner ship of the house or do we have to wait untill the trust part is complete. Anxiously awaiting a reply.

Kind regards
Loree MacKinnon
Manzana #203
Calle Belize #05

Can anyone tell me how much $ the annual trust fee is.

I believe it's right around $500 a year, according to current residents. I can't confirm that it is the rate for ScotiaBank, but that should give you an idea.

Diane

RJ wrote:

Can anyone tell me how much $ the annual trust fee is.

Hi everyone,
Another question re: the 50 year title.
What happens after the 50 years? I know you can renew it but what does that entail?
Do you simply pay the bank fee again or do you have to repurchase the property?
Thank you in advance ...
Carey

My uderstanding of how it works is that in 50 years you will have another 1 time fee, but there is no way to know what it will be then. Currently this cost is included in your 5000 dollar closing costs (about 2500 of it) and it is paid to the govt and gives you title for the next 50yrs. The bank charges you an annual fee of about $500 to hold your trust (large service fee).

This to me is off set by the fact taxes are only 100 per year...

ChemadianGuy

reemac wrote:

Does this mean once the necessary repairs are completed because I have sent 100% of my balance we have owner ship of the house or do we have to wait untill the trust part is complete. Anxiously awaiting a reply.

I was wondering the same thing Bill. Since we'll be there in early July, the only thing I'm concerned about is being able to occupy and work on my casa. It sounds like the titles will be back, but if they are not it is possible to take posession?

Oh, and your explanation to Kathi regarding process of getting the title process going was great!

Thanks Bill!

Hey Bill,
Did the titles come back yet on the first 20 homes?
This will give us some idea of how long it takes(even though we are in the last 128 homes and understanding that the larger number of homes to process will take longer).
Kathy

Hi,

I would like to know if a Fideicomiso is already set up for any of the first 20 homes??
I understand that is a slow process, but is there any progress??

Thanks/Claudia.

ChanChemuyilAdmin wrote:

Ok Kathi,

Here is the deal for you (and everyone else) that is to send in their balance by May 15, 2008.

Once we have everyone's money after May 15, 2008--probably around the 17th or 18th of May we will make arrangements to wire from our account to IPAE (the government) for ALL remaining titles.

Starting from the beginning we had 188 homes

we bought 20 titles to start with in December
then in March just about 10 days ago we bought another 40 titles
In May we will buy the remaining 128

In May from the time we transfer funds and they receive them they have 30 days to create those 128 titles and send them to the public registry in playa del carmen. It went pretty smoothly with the first 20, we will see what happens on this 2nd 40 we just did as far as the timeframe. Then Im sure with 128 titles it will require some additional time and probably we will need to pay some "mordidas" (bribes) to get them done more quickly.

I say ALL of that to say this--your title (Kathi) could be number 1 or it could be number 128--at this time I do not know. But I will say that it will be probably late June/July before we could even start getting your Fideicomiso--you have to have the title to finish the Fideicomiso. As we get closer I can probably give you a date/time for you to come down. Again, it will depend on where YOUR title is in that group of 128 titles.

I hope this makes sense to you Kathi and to everyone else.

Are the March titles back yet? How will we get notification when our title is in?

Thanks
S.