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long time resident
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Posted: Sat Aug 15th, 2009 05:14 pm |
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Hiring an attorney to handle bank transfers is a waste of money. The notario's office has MANY attorneys. The only one who wins in Mexico is the attorney. People who have bank trusts can go directly to the bank, and to the bosses. Why throw away money for no results? After hiring MANY attorneys in Mexico, NOT ONE performed, according to the agreement. They always want more money, and the fees change daily. They are more expensive then their counterpart in the states, and the results are less. If it is a bank trust issue, the lawyer isn't going to make it happen for you. The notario and the bank personael are the ones that can do it. I know it takes time. Some banks are ALOT worse then others. If you want to renew with Banamex now, it will cost you FIVE years fees, up front, before they will do your renewal. This assures them that you are serious. Their rates have gone to $690 a year for existing trusts, and if you are getting a new trust it will cost you $900 a year. A bit steep for my blood, when I can go to Interacciones and be assured that the fifty year trust will not change in price for the duration of the trust. Do the math.....Interacciones for fifty years will cost you $23,000 so that the bank can hold your paper. Banamex will cost you $45,000 for fifty years, and HSBC will run you $34,500. What a rip.
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Attorney in Mexico
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Posted: Sat Aug 15th, 2009 09:16 pm |
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In response to the person that complained about useless attorneys in Mexico and that we should use the notary, I reply as follows:
My prior understanding of the line of thought that I responded to was the problem of non-responsiveness of trust banks in Mexico. It now appears that the discussion
has converted into whether attorneys are useful regarding trust bank transfers.
Depending upon the needs of the principal and the expertise of the attorney, they could be a good match or a bad match. If someone has hired the wrong attorney, that does not by logical progression mean that all attorneys are bad or useless! In any profession and in any part of the world, the principal needs to carefully chose those that can best help him or her in their needs.
The notary public in Mexico cannot, by law, act as a representative of any of the parties that are participants in the act or event that is being protocolized by the notary, where the interests of each are different (in this case purchase and trust contracts). If there is any doubt regarding this statement, the notary law of the state can be consulted. Therefore the notary can only ask for information and documents from the participants (buyer, seller and trust bank) but cannot take the side of any of the participants. Therefore the question becomes "Who will watch out for the well being of the purchaser? Not the notary, not the real agent, thus we are left with the only other person that has no other loyalty than to the purchaser.
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mesa
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Posted: Sun Aug 16th, 2009 12:40 am |
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| That is informative but where in this chain of responsibility is the one that gets the job done!! It seems that a lot of the legalistic responsibility ends up in what computer programmers call a deadlock. A is waiting for B and B is waiting for A. So back to my original note, 'who in the chain of responsibility is the one that gets the job done!!'
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Attorney in Mexico
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Posted: Mon Sep 14th, 2009 07:28 pm |
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The problem is greater that just having A wait for B. Regarding the Chain of responsibility:
The Mexico trust banks are responsible for their "I don't care attitude" and their "I don't like you for pushing me - I'm the big shoot attitude". This basic bank problem is two sided. One the bank bureaucracy were no one whats to take the responsibility of making decisions and Two where the person one is dealing with can very easily take the attitude that you have offended them by letting them know they are not doing their job.
The seller: Is just seeking their sale money and any statement to separate you from your money may be reasonable to use.
The real estate agent: It may be simply a lack of experience and/or education of how the system works, or unwillingness to truly inform the buyer of what will happen along the way or just simply doing or stating what is needed to get their commission.
The local attorney: May be seeking any and all clients of any sort, whether he or she is an expert in the subject matter, or there may not be any other attorneys to chose from and you chose the only one there is.
Chain of responsibility. Yes it can and should exist all along the way.
The US style escrow has helped a good deal in this process (you get your money when I get good clean title). Still, the escrow companies do not want to take on the responsibility of determining what is good clean title. So they opt for accepting a letter of statement form the Mexican notary public. Here the issue is what the letter from the notary must state.
For the last 20 years, the Sonoran State Government has been pushed by a few Mexico attorneys and real estate agents (not most) to set up real estate agency licensing. There has been resistance by the general real estate agent community and the fact that the legal system of Mexico is such that licensing of professionals is to be done on a federal level and not a state level.
Bringing Mexico into the USA 20th century on real estate transactions and developments, providing adequate protection for the parties involved and getting
people to be responsible, has not been easy.
For the short term, I have found that the first best step is to educate the public and the second is to follow through (don't wait for them to call you, you call them).
If nothing else works, file lawsuits or even better, find parties that what your business and are willing to work for it.
Best of luck !
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maryt
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Posted: Tue Sep 15th, 2009 09:37 pm |
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Is this something that Profeco would get involved with if one went to them?
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