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 Doing Business In MexicoNovember 5th, 2001 Linda Neil National Association Of Realtors NOVEMBER 1993 MARKED THE BEGINNING OF THE BIG CHANGE. NAFTA BECAME A REALITY. THREE COUNTRIES MEETING THE WORLD AS ONE. WE KNOW NAFTA WORKS. OWNING A PROPERTY ON MEXICO, WHEN DONE PROPERLY IS ABSOLUTELY NO DIFFERENT FROM OWNING A PROPERTY IN CHICAGO…IN KANSAS CITY…IN NORTH CAROLINA… IT CAN BE JUST AS SAFE AND SECURE…IF IT IS DONE THE RIGHT WAY!!! THE RESTRICTED ZONE COVERS 43% OF THE ENTIRE COUNTRY!!! THE ENTIRE BAJA PENINSULA!!! LUIS ECHEVIERRA, PRESIDENT OF THE REPUBLIC OF MEXICO IN 1972…REALIZED THAT U.S. AND CANADIAN TOURIST AND RETIREMENT DOLLARS WERE TOO IMPORTANT TO THE ECONOMY OF HIS COUNTRY. IN 1972, MR. ECHIEVIERRA ESTABLISHED THE LEY DE FIDEICIMISO… THE TRUST LAW…WHICH PROVIDED FOR NAKED TITLE TO BE HELD BY A MEXICAN BANK…AS TRUSTEE…FOR THE FOREIGN PURCHASER WHO WAS THEN NAMED BENEFICIARY UNDER THE TRUST. UNDER THE TRUST AGREEMENT, WHICH CAN BE COMPARED WITH SOME OF THE TRUSTS WE ARE FAMILIAR WITH IN THE U.S. AND CANADA, THE BENFICIARY HAS FULL CONTROL OF HIS PROPERTY…HE MAY BUILD ON IT…HE MAY TEAR IT DOWN..HE MAY MODIFY IT…HE MAY RENT IT…LEASE IT…SUBDIVIDE IT OR SELL IT…AT ANY TIME…AND RECEIVE THE PROFITS OR RENTS THEREFROM. I’VE BEEN ASKED…”ISN’T THIS MORE LIKE A RENEWABLE LONG TERM LEASE?” THE ANSWER IS NO!!! BLACK’S LAW DICTIONARY DEFINES OWNERSHIP AS “THE COLLECTION OF RIGHTS TO USE AND ENJOY PROPERTY, INCLUDING THE RIGHT TO TRANSMIT IT TO OTHERS” THE CALIFORNIA CIVIL CODE…SECTION 654…DESCRIBES OWNERSHIP AS “THE RIGHT OF ONE OR MORE PERSONS TO POSSESS AND USE A THING TO THE EXCLUSION OF OTHERS” PERHAPS IT IS MOST ACCURATELY DESCRIBED AS EQUITABLE OWNERSHIP AS IN HAWKINS V. STILES, TEXAS CIVIL COURT OF APPEALS, WHICH SAYS THAT THE EQUITABLE OWNER IS: “ ONE WHO IS RECOGNIZED IN EQUITY AS THE OWNER OF PROPERTY, BECAUSE THE REAL AND BENEFICIAL USE AND TITLE BELONG TO HIM, ALTHOUGH BARE LEAGAL TITLE IS VESTED IN ANOTHER, AS A TRUSTEE FOR HIS BENEFIT. IT IS THE ONLY LEGAL AND SECURE METHOD FOR RESIDENTIAL PROPERTY IN THE RESTRICTED ZONE. PERHAPS THE BIGGEST ADVANTAGE IS THAT THE TRUST CAN BE MODIFIED IN A FAIRLY SIMPLE PROCEDURE TO ALLOW FOR NEW BENEFICIARIES…AND, IN THE EVENT OF DEATH OF ONE OF THE PRINCIPALS, THE REMAINING BENEFICIARIES…CONTINUE TO ENJOY FULL RIGHTS WITHOUT THE NEED FOR A PROBATE PROCEEDING IN MEXICO. WHAT ARE THE DISADVANTAGES? NONE THAT I HAVE ASCERTAINED!!! WE MAY NOT LIKE USING THE BANK TRUST…IT IS HOWEVER, THE ONLY LEGAL WAY TO HOLD TITLE TO RESIDENTIAL PROPERTIES IN THE RESTRICTED ZONE. |
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