The Space for Expatriates
American and Canadian Expatriates
Location: Cabo San Lucas, Mexico
Latest Activity: Jun 11
Started by Nadia Evelyn Garcia Bernal. Last reply by Carol Billups Feb 1, 2011.
Started by Ron Lopes. Last reply by Carol Billups Dec 24, 2010.
IYES, there are realtors in Mexico who do not take the time to study OR seek the advice of profesionals to help.
Our company has experience and prodessionals on staff as well as afliatiions with professionalsd who know and understand Mexican law and the implications of Canadian and U.S. tax laws.
I suppose my POV regarding real estate in Mexico is different from many because I was a specialist in how your IRA or Individual 401(k) can buy real estate including foreign real estate including the use of a Fidei Comiso.
My experience was too many people relied on Real Estate Agents who didn't have a clue about IRAs and didn't want to take the time to learn. Just making a quick sale was the top priority. Often I heard statements like, "Don't worry, you can personally use the IRA owned property any time you want". Or, "The process of buying foreign real estate with an IRA is easy". It's not and it must be handled carefully otherwise the IRA Owner will owe a 10% penalty on the funds withdrawn from the IRA is he/she is under age 59 and also, if the IRA is NOT a ROTH, ordinary income tax will be assessed. Ouch! Combined that could add up to a big bite, 30% - 50% of your IRA funds.
I guess my point is, are there judgments or liens that have stalled or prevented the project from moving forward or is it a simple case of the "old" developer running out of money likely due to sagging sales, if any.
Thanks, and please let me know.
Thank you for your comments and if I may ask, do you have more information about, or you can point me in the right direction to find information regarding the "SEMINARP judgement". I notice there are active listings of Rolling Hills lots by Cabo Realtors(r) which raises a question, are they disclosing these surrounding facts?
Foxy ( and smart) lady!
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