Because we purchased a house near the water, we can never actually have the actual title of the property....the bank holds the deed in trust. We have to pay a yearly fee of $735 Cdn for the bank to do this. Plus, we had to pay for someone to work with the bank in getting the trust transferred from the previous owner to us.
The transfer usually takes a year to complete and costs somewhere around $4000 to the Notario [like a lawyer] and $2000 to the person hired to do the work.
After we bought the house we hired a gentleman who was highly recommended and we have regretted it ever since. He did not do anything to secure the transfer. He lied to us at every opportunity and even had the nerve to take us to the Notario to sign papers.
Two years ago we realized what he was doing so we chased him trying to get back $5000 Cdn that he had of ours. All he did was "deny, deny, deny"!
Last year, we gave up and hired a realtor friend who completed the transaction in nine months. We had to absorb some costs that weren't ours [previous owner's capital gains] just to get the ordeal over with.
Between the theft of our previous monies, absorbing the capital gains cost and this successful transfer, we paid $12,000 Cdn for a $6000 job. BUT...it is complete and legal.
The sad part of this story is that it is happening to many people. Friends of ours have been told recently that their papers are all forged and they need to start over....a $15,000 loss.
This is our second purchase in Mexico, but our first problem. Even so, it does sour my thoughts on making another purchase in the future.
1 comment:
omg....how stressful is that!
Now you can enjoy your cervesa fully! At least your casita is a wonderful winter spot for you to enjoy...unless you get the itch to sell and buy again.
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