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Brian

Dec 1, 1919, 5:00 AM

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30 year trust expiration question

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I have some friends who inherited a home in Baja California which is held in a fideicomiso. For reasons too complicated to get into here, they look like they will not be renewing the trust at its expiration. I am curious as to the disposition/ownership of the property once their beneficial rights no longer exist. Will the bank then be the "owner" with the right to dispose of the property as it sees fit? I am thinking along the line of a foreclosure sale as would be done in the US. What rights will the current tenants have once their landlords are no longer legitimatly collecting the rent? I believe that this circumstance is unprecedented in Mexico as the fideicomiso concept only came into existence 30 years ago. Again, the reason for their defaulting isn't relevant and I am just curious about the legal aspect. If it were my property, I would be consulting a Mexican attorney rather than soliciting opinions here. Thanks.

Kate

Nov 30, 1919, 12:00 AM

Post #2 of 2 (1072 views)

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30 year trust expiration question

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Very curious.My guess is the renters will be able to clain squatters rights and buy cheap (if they are Mexican) fromthe bank..Who knows??<p><p> I have some friends who inherited a home in Baja California which is held in a fideicomiso. For reasons too complicated to get into here, they look like they will not be renewing the trust at its expiration. I am curious as to the disposition/ownership of the property once their beneficial rights no longer exist. Will the bank then be the "owner" with the right to dispose of the property as it sees fit? I am thinking along the line of a foreclosure sale as would be done in the US. What rights will the current tenants have once their landlords are no longer legitimatly collecting the rent? I believe that this circumstance is unprecedented in Mexico as the fideicomiso concept only came into existence 30 years ago. Again, the reason for their defaulting isn't relevant and I am just curious about the legal aspect. If it were my property, I would be consulting a Mexican attorney rather than soliciting opinions here. Thanks. <p>