2005-2008
Mulege is a small town. Mulege is in BCS Mexico Mulege org is dedicated to Mulege residents and the people who have made us successful Thank you Mulege
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2005-2008
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Playa Frambes S.R.L.de C.V.
A Mexican Development Corporation Based in Mulege
(The Boring Stuff)
To buy property, many people have the title to their property held in a trust.
The owner then has control of the trust with a bank holding the title.
A naturalized citizen still must follow these rules.
This is what we understand:
We formed a Mexican Corporation and the corporation owns the property.
(Of course we own the corporation)
In 1994 Mexican Foreign Investment Law changed allowing a Mexican corporation to be 100% foreign owned.
In a corporation, foreigners are allowed to own title without a bank trust, in a restricted zone.
This is basicly what we did to buy the property:
1. We made the deal with the original owner.
2. Checked that his deed was correct in Santa Rosalita.
3. Drove to La Paz with the orginal owner and met with the lawyer.
4. The lawyer completed our corporation paperwork and had them notarized in La Paz.
5. Paid the original owner for the property.
6. Drove to Santa Rosalita, paid a small fee, and registered the corporation. Paid up the property taxes for the property.
7. Drove back to La Paz, had the lawyer prove to the notary that the taxes were paid and he notarized the new deed.
8. Drove back to Santa Rosalita, paid a small fee, and filed the deed.
9. Accountant registered the corporation with the Foreign Ministry and got a tax ID number.
10. Accountant files monthly tax returns on the internet and a yearly tax return in La Paz.
Accountant:
Link to Salvadors WebPage
You need an accountant. (Despacho Contable)
Our accountant is Salvador Orendain Real of Mulege
Corporation and Lawyer:
Our cost to form a corporation was about $1500.00 and a trip to La Paz.
You should always use a Mexican Lawyer for any land transaction.
We used:
There are 2 types of corporations in Mexico.
The first type of corporation is the kind we have.
Playa Frambes S.R.L. de C.V.
Robert Frambes -- General Administrator
The second has stock owners.
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Americans
can
own property within 62 miles of the border or 31 miles of the coast
but must hold it differently than a natural born Mexican.
The size of a trust lot cannot exceed ~2000 sq meters (21,520 sq ft)
without a guaranteeing the government
you will make a huge dollar investment on that property.
and...they will check.
This is why parcels for sale in Baja are normally sized around 60'x100'.
There are thousands of these trusts in place in Mexico today.
Completely SAFE!!!
We understand the cost to open a trust is about $2250 (Bancomer 2007)
There is a yearly fee paid to the bank to maintain this trust which costs about $500-$800.
We do not have any experiences with Mexican trusts.
Property may be owned through a Mexican bank trust or in your own name.
With a bank trust (fideicomiso) it is simple to transfer title
upon sale through a Mexican notary public.
Beneficiaries may be named in case of death.
A Mexican will is not required but would be a good idea.
Should you decide to own property in your own name,
a deed called an escritura,
must be prepared by a Mexican notary public.
In some states in Mexico it is now possible to name beneficiaries in the deed,
but if this is not the case it is well to have a Mexican will
prepared to avoid expensive legal fees and probate at the time of death.
We still have to make a Mexican will.
There are great differences between the United States notary public and Mexican notary public.
In the United States the notary public may be the local mailbox etc employee,
the new accounts clerk at the bank,
the secretary at the office,
or practice any other occupation.
In Mexico, the notario público is a public official
appointed by the State Governor.
He has the capacity to certify documents and authenticate them.
He also provides for strict security of original records and documents.
He DOES NOT collect taxes.
Some of the requirements for becoming a Mexican notary public are as follows:
Mexican citizen,
Thirty-five years of age,
Have a law degree,
Three years experience working in a notary public office,
Take and pass an examination and
When he passes, the governor will give him an appointment.
There is supposed to be one notary for each 30,000 people.
In Mexico, every legal document, such as deeds, wills, powers of attorney,
constitution of corporations, establishment of trusts
and other legal transactions must be made before a notary public in order to be valid.
If the document is not notarized by a Mexican notary public it is not legal.
If buying property from a developer,
have the notary public check to see that
he has his permits for the development and
for construction.
Have the notary public determine that the land is not ejido land
(communal agricultural land).
The right to use ejido land can be purchased,
but is always a risky deal,
as it is not your property,
you are only allowed to use it.
Always insist on making all real estate transfer agreements
before a notary public.
The notary public will need from both parties to the transaction:
proof of full names, marriage certificates,
proof of dates and place of birth,
official identification with a photograph,
such as passport or driver's license,
and your visa (FMT,FM3, etc)
to prove that you are in Mexico legally.
The notary public will need from the seller:
1. his deed;
2. Up-to-date tax receipts, water bills,
subdivision (fraccionamiento) fees,
and any other public utilities bill,
paid up to the date of sale.
The notary public will determine
capital gains taxes through an official appraisal (Avaluo).
The capital gains tax, if any,
is paid by the seller but may be paid by the buyer.
Make sure you know how much this will be.
The notary will inform you of the cost before the transaction,
almost to the penney.
Cash changes hands the minute the seller signs over the deed,
usually in the notary public's office.
The buyer ordinarily pays notary fees which also
must be paid when the title is signed over.
The notary public must now register the escritura
in the Registro Público de la Propiedad
(Public Registry of Properties).
This should be done promptly,
as the transaction is not valid until registered.
A normal time frame for this is around two weeks.
Property within sixty-two miles (100 kilometers)
of the border and thirty-one miles (fifty kilometers)
of the coast must be held in a bank trust.
You will need a permit from the Secretary of Foreign Affairs.
This is no problem to get but could take 90 days.
The buyer may choose the bank that will handle his trust,
shop around and find lowest fees.
Most real estate transactions in Mexico
are not fraudulent.
The fraudulent deals are fairly rare and definitely not normal.
Any transaction done with a notary public
should not have any problems,
as he or she is legally responsible
that everything is in order.
People who buy real estate in Mexico often invest
their life savings in retirement home,
and everyone should be aware of Mexican laws and be informed.
Basic safeguards on real estate purchase
do not yet exist in Mexico as in the United States or Canada.
It may be difficult to locate liens,
and there only a little title insurance available.
For the typical person off the street,
you need a notary public and a lawyer to hold your
hand right from the first steps of the transaction--
a title search takes a few days.
If there is any potential problem,
the notary public will let you know immediately.
That's his job.
Chances are (99.9%) that you will never have a problem
when buying real estate in Mexico.
Just do your "homework" and be careful.
In this way we hold the DEED to our property.
Commercial property carries higher water, electric and phone rates.
You also are required to do additional government reporting and tax payments.
You cannot own a single-family residence in a corporation.
The government had cracked down on purchasing property in a corporation unless it is actually for business use.
You need to use a trust deed for a single family residence.
When operating a corporation you MUST conduct business and file monthly tax returns even if you are not making money.
Telephone 011 52 615 1530 357
Our cost to finish the deal with title recorded another ~$1500.00 and another trip to La Paz.
The car ride took 6 hours one way by car from Mulege. We did this several times. Nice drive but tiresome.
Miguel Izquierdo in La Paz
Miguel Angel Izquierdo y Viamonte...
E-mail Address(es):
notaria12lapazbcs@prodigy.net.mx
Business Information:
Title: Notaria 12
Address:
AV. REVOLUCION No. 2315-A
E/ MANUEL PINEDA Y MANUEL MARQUEZ DE LEON
COLONIA CENTRO
LA PAZ,
BAJA CALIFORNIA SUR. C.P. 23000
Mexico
Phone: 011-52-612-123-1844
He speaks excellent English and is smart and knows alot of people.
This is very important in Mexico.
There are three officers but we only need to have two owners.
Susan Frambes -- General Director
Nicole Frambes -- Treasurer
We do not have this kind of corporation.