Real Estate abuses: Tricks, fraud and plain old stealing!
1. Failure to transfer property.
After the purchase and the signing of papers on a new property, the new 'owners' are encouraged to allow these real estate people to 'manage' their property. The new owners are asked to just send them the $and they will pay the taxes and banktrust for you. NOT!!! History has shown that many times the taxes and bank trusts are not paid. Why?? Because papers have not been transfered. Or there are no papers. Do not hand over all the purchase price without receiving legal, notorized documents. Always have an independent translator with you for transactions. The agent cannot and should not be your translator.
Use a reputable Notario.
Selling empty land with houses? Selling a piece of property without the structure being registered.
So you buy a house, right? Wrong! When the time comes for you to sell it the house does not register.
In other words----you bought an empty lot.
Why does this matter???
Capital gains. Now you must pay the difference between the value of an empty lot and the selling price of the house. Oh yeah, not to mention the paperwork and legal fees to register the house. Oh and back taxes.
Check your banktrust and see if it mentions your house.
2. How much? The purchase price may not match what the sellers are asking for. Or receiving. If possible talk with the sellers! Make sure the correct purchase price is on your papers.The Official papers.
Do not sign anything until an independent translator or legal representative has reviewed your papers.
3. Blind Trust In Mexico, foreigners must have the title to their property held through a Mexican Federal Bank. This is Mexican equivalent of title insurance.
These agents have started their own 'bank trust'. They convince new buyers to use it by promising cheaper fees and no initial set up fee. What you get is a contract that gives the property to them. You or your heirs have NO rights to the property! Always use a Federal Bank for your bank trust. The fees are worth the protection and backing of the bank if any questions of ownership arise. I will add the full copy of this fake Bank Trust called The San Carlos Trust Company.
Why are two of her 'partners' in this company judges?
