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Cabo San Lucas (Video)

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Cabo San Lucas (Video)

American and Canadian Expatriates

Website: http://reloscabos.com/
Location: Cabo San Lucas, Mexico
Members: 26
Latest Activity: Mar 12, 2015

Los Cabos

Discussion Forum

Cabo Cooking Classes 1 Reply

Started by Nadia Evelyn Garcia Bernal. Last reply by Carol Billups Feb 1, 2011.

Considering relocating to Cabo San Lucas 9 Replies

Started by Ron Lopes. Last reply by Carol Billups Dec 24, 2010.

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Comment by John K. Glaab, CIPS on March 2, 2011 at 12:06pm

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.

Comment by Thomas Phelan on March 2, 2011 at 11:45am

John,

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 It's not and it must be handled carefully otherwise the IRA Owner will owe a 10% penalty on the funds withdrawn from the IRA is he/she is under age 59 and also, if the IRA is NOT a ROTH, ordinary income tax will be assessed.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.

Comment by John K. Glaab, CIPS on March 2, 2011 at 11:11am

Help us Celebrate!!
 
 
  On May 1st, 2011, the settlement company® will commence its 20th year of operation. Since then, we have served clients with properties in all parts of Mexico.   These people have come from the United States, Canada, Asia, Europe and Australia.
Twenty years ago almost no one in Mexico understood the word, “escrow” or “custodial account” which is now common to people with high value properties.
Twenty years ago no one understood the concept of title insurance which, today, is the norm and accepted in almost any real estate transaction, especially in tourist areas.
Twenty years ago it was rare to use a closing agent in a real estate transaction.   Now it is customary in the “Restricted Zone”. 
 
With pride,  , the settlement company® has been the pioneer in these important steps which has brought security to real estate dealings between people of different cultures and customs.
With pride , the settlement company® has helped increase confidence and credibility in real property transactions in the resort areas of the country.
 
To mark this event and to contribute to the history of real estate in this country we are putting together a document containing comments from clients and friends in the real estate industry.   We would love to have your contribution!   A message about your Settlement Company® experience:  where you bought or sold and how it was handled, will add to our history and will help us to serve you, and others, better in the future.
 
This message is going out, today to all of you who are on our mailing list.  We hope you will respond and will share your feelings and experiences with us!   Looking forward to hearing from you!
 
Cordially,  
 
linda neil,
Director and Founder
the settlement company®
 your safety net in Mexico
 
skype:  linda.neil
 from anywhere outside Mexico  (011-52)  612-123-5056, ext 102
Comment by Carol Billups on February 4, 2011 at 2:23pm
Yes, there are environmental problems, fines, penalties and they need to make restoration/restitution on destruction of endangered species is my recollection of reading the account of the developer's arrest.
Comment by Thomas Phelan on February 4, 2011 at 1:31pm

Carol,

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,

 

Tom

Comment by Carol Billups on February 4, 2011 at 1:26pm
Heard from my two contacts: only one had any info. He believes the 'new' developer is really the old developer but with a new investor.
Comment by Thomas Phelan on February 2, 2011 at 5:06pm

Carol,

 

Thanks, and please let me know.

 

Sincerely,

 

Tom

Comment by Carol Billups on February 2, 2011 at 8:52am
I know two people who would be plugged in, but don't want to put their contact info up here without permission. Let me work on this
Comment by Thomas Phelan on February 2, 2011 at 2:01am

Carol,

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?

Comment by John K. Glaab, CIPS on February 1, 2011 at 4:50pm

Foxy ( and smart) lady!

Saludos,

John

 

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