Realty Executives : sandy beach

Roger Clyne Returns June 6-9, 2013

Realty Executives Puerto Penasco// Rocky Point — Mon, 04 Mar 2013 17:30:00 GMT

Circus Mexicus XXII 2013 is set for June 6-9 with three days of fabulous music, soccer, great works for charity, and beach fun! Just 3.5 hours south of Phoenix and Tucson, Puerto Penasco, or Rocky Point, serves as the perfect beach setting for terrific music, beachfront soccer benefitting the Esperanza Children's home, Hot Dogs and Smiles, and the big concert on Saturday night all set along Sandy Beach. Perfect weekend getaway for that Mexican Moonshine lover, just rent a beachfront condo, enjoy the views, music, help the kids, and have a Blast! For details and tickets, see their website: http://azpeacemakers.com/tour/circus-mexicus/ Better yet, come see us and buy your own condo where you can enjoy the views anytime!

Escape to the Beach for Labor Day

Realty Executives Puerto Penasco// Rocky Point — Mon, 27 Aug 2012 21:03:00 GMT

Looking for something fun for Labor Day Weekend? Rocky Point has some great condo specials for the whole family. Be sure to beat the heat and have some great times in Rocky Point. After a fun day of sun and sand, be sure and check out some great music at Changos and The Lighthouse. Saturday night at Las Palomas will feature stand up comedy from Gene Pompa. Hope to see you there!

FUN ACTIVITIES ABOUND IN ROCKY POINT

Realty Executives Puerto Penasco// Rocky Point — Wed, 11 Jul 2012 18:39:00 GMT

More and more activities to report here, south of the border. We finally have a movie theatre, just like the big guys. Of course, you don't want to spend too much time indoors, so there is more to do at the Sea of Cortez. Check out the Ecofun activity company, with a new huge boat to take you for snorkeling at Bird Island!! Or check out the catamaran at delmar charters, always fun. And of course, fishing trips with Captain Ray Ramirez are always the BEST. Need more info, just give us a call or send an email. Of course, we would be happy to show you some condos, still a perfect time to buy your own Oceanfront condo!

Las Palomas Triathalon this Weekend March 31st

Realty Executives Puerto Penasco// Rocky Point — Tue, 27 Mar 2012 03:08:00 GMT

Back for the 7th year in a row, Las Palomas on Sandy Beach is host to the Rocky Point Triathalon. Over 600 athletes are expected to attend. For those participating in the event, there will be free food and drinks. If you want to just participate in the food and drinks you only need to purchase a ticket for $20. Every year the number of athletes grows and are looking forward to making this the most sucessful year yet. If you are planning on attending there is a great opportunity to donate clothing or parishable foods. The event is sure to be a lot of fun.

Penasco Palooza Saturday March 17th Featuring An All Star Lineup You Won't Want To Miss...

Realty Executives Puerto Penasco// Rocky Point — Fri, 17 Feb 2012 23:12:00 GMT

Penasco Palooza is sure to be a good time. This all star lineup is goin' to be rockin away just behind the Sonoran Spa Resort. Beautiful weather and great tunes is the perfect way to escape the daily grind. Accomodations are sure to book up quick so be sure to get in on the action before it's to late.

Penasco Palooza Concert coming March 17

Realty Executives Puerto Penasco// Rocky Point — Thu, 16 Feb 2012 21:45:00 GMT

Get ready for another fantastic concert at Rocky Point, Puerto Penasco Mexico. The perfect setting to Rock with the stars from some of our favorite bands of the 70s, 80s, 90s. Members from Steve Miller Bank and Boston highlight the stage. Enjoy music and drinks during the concert, then be sure to spend some time on the beautiful beaches of Pensaco. This is the absolute best time of the year, temps should be in the 80s, a perfect combination of Sun, Sea, and Sand. The best bet would be to buy a condo while you're here, so you can enjoy these gorgeous days anytime!

Upcoming Events in Rocky Point Mexico you wont want to miss...

Realty Executives Puerto Penasco// Rocky Point — Tue, 31 Jan 2012 17:50:00 GMT

Super Bowl Sunday Sunday Feb 5th

Don't miss out on some great tailgating for Super Bowl. What better way than to watch the big game next to the Ocean. You can either make your way to Don Julios for some great bbq or to Latitude 31 for some all Day Tailgating.

Taste Of Penasco Iron Chef Competition. Feb. 11th

Here is a great opportunity to sample your taste buds from many of the local restaurants. The event will be selling raffle tickets to raise money for local charities and will also feature some great local artists as well as music and entertainment. The event goes from 11-5 and will be held at Plaza del Camaron.

Puerto Penasco 2012 Carnaval Feb 17-21

Be sure to set some time to check out this fantastic carnaval kicking off on the 17th. Among some of the events will be a colorful parade right down the middle of Blvd. Benito Juarez. Its a great opportunity to check out some local fun and festivities.

Mark Mulligan to Perform Charity Event New Years Eve for the Penasco Childrens Foundation

Realty Executives Puerto Penasco// Rocky Point — Fri, 23 Dec 2011 18:11:00 GMT

He will be performing at Puesta del Sol Restaurant at Playa Bonita Resort Beachside. Proceeds will go to help the Penasco Children Foundation. Be sure to check out the great event for some dinner and dancing. Tickets are $50 per person.

To puchase tickets go to:

http://www.seasidemexico.com/pcfevents/

Rocky Point Gift Guide 2011

Realty Executives Puerto Penasco// Rocky Point — Mon, 05 Dec 2011 19:47:00 GMT

Need some ideas for the holidays? Rocky point is always full of fun and creative ideas. With endless shops, your sure to find the right gift for anyone. One of the best ways to shop in Rocky Point is right from your lounge chair. Just hang out at the beach and let the vendors come to you! Be sure to stop by Old Port and see the new downtown facelift. Want the ultimate gift, How about your own oceanfront retreat for the holidays. What better gift than fun and memories all year round.

Happy Shopping and Happy Holidays

Mark Mulligan coming back to perform in Rocky Point (Puerto Penasco) Saturday December 10th

Realty Executives Puerto Penasco// Rocky Point — Mon, 05 Dec 2011 19:35:00 GMT

Come check out the awesome sound of Mark Mulligan this Saturday December 10th at the Sonoran Sky Resort Beach Bar. The concert is open to the public so be sure to stop by. If you are unable to make it, he will also be in town on December 14th, 29th, 30th, 31st. After that he won't be back in town for quite some time. Be sure to check out Mark Mulligans Calendar for more info and times. Its sure to be a blast

Rocky Point (Puerto Penasco) Food bank needs your help!

Realty Executives Puerto Penasco// Rocky Point — Mon, 05 Dec 2011 19:15:00 GMT

The Rocky Point food bank is in serious need of help and donations. The food bank has done such a great job at helping those trully in need. Please keep the food bank in mind if you are travelling to Rocky Point anytime soon or if you are unable to make it in the near future, please feel free to contact John or Kathy and they would love to help make arrangements to get your donations to the food bank. Any donations are greatly appreciated and really do go a long ways. Thank you for all of your help and support.

God Bless, Realty Executives Rocky Point

Mexico Q&A

Realty Executives Puerto Penasco// Rocky Point — Thu, 27 Nov 2008 16:33:00 GMT

Q: I've always heard that foreigners can't buy coastal property in Mexico, is that true?

No. While it was once true, times have changed. Prior to 1973, foreigners were not allowed to hold legal title or exercise direct rights to real property in an area within 64 miles of Mexico's borders and 32 miles of its coasts. But laws passed in 1973 and1993 have made it possible for foreigners, foreign firms and Mexican firms with foreign participation to acquire interests in coastal real estate through a bank trust (Fideicomiso).

Q: Who is involved in this bank trust?

Three parties. The seller of the property is the Trustor. The bank is the Trustee. (Fiduciario), and the buyer, or Beneficiary (Fideicomisario).

Q: How does the trust function?

Title to the property is transferred to a trust with a Mexican bank acting as Trustee. The Trust Agreement is formalized by the issuance of a permit from the Mexican Ministry of Foreign Affairs. The lot or home buyer is designated as Beneficiary in the Trust and the beneficiary rights are recorded in the public record by a Notary Public.

Q: What are my rights as a buyer?

The trust is a legal substitute for fee simple ownership, but in this case, the Trustee is the legal holder of the property. As Beneficiary, you have the right to sell your property without restriction. You may also transfer your rights to a third party, or pass it on to named heirs.

Q: Is the trust renewable?

Yes. According to the Foreign Investment Law passed in 1993, trusts can be renewed for an indefinite number of successive 50 year periods. In effect they run in perpetuity.

Q: If at a later date, I decide to sell my property can anyone buy it?

Yes. If the buyer is also a foreigner, you simply assign beneficial rights. If the new buyer is a Mexican National, you can instruct the bank to endorse the title in favor of the buyer.

Q: If the buyers is a foreigner, is his interest limited to the balance of my 50 year trust?

No. Upon application, a foreigner automatically receives his own renewal 50 year permit. This, however, is not mandatory.

Q: Do many foreigners currently own coastal property in Mexico?

Yes. Today thousands of foreign owners enjoy their ocean side resort property; many have benefited from the appreciation of their property.

____________________________________________________________________________________________

In 1972, a Constitutional Amendment known as the Foreign Investment Law was established to allow non Mexicans to acquire coastal and border property through a trust, called a “Fideicomiso,” in conjunction with a Mexican bank. This trust assures the foreign buyer of all rights and privileges of ownership, and is needed to own properties which fall into the "Restricted Zone". The “Restricted Zone” includes any property located within 50 km (32 miles) of any coastline, or 100-km (64 miles) of any border. As of 1993, the New Foreign Investment Law dictates that the Trust be established for a term of 50 years and extended in 50 year periods.

The Mexican government established the Trust Agreement as a way of protecting foreigners who own property in Mexico. After the buyer and seller have prepared the proper documentation to obtain a bank trust, the bank applies for a trust permit with the Ministry of Foreign Affairs in Mexico City (this takes 4 to 6 weeks), then sends it to a Notario Publico (Public Notary). The “Notario Publico” is a highly educated attorney (Abogado) who is appointed to the position by the governor of the Mexican State in which he practices. The Public Notary draws up the Trust Agreement, obtaining the necessary documents (Bank Appraisal, Certificate of Non Physical Liens & Non Encumbrance), calculates the taxes due, and informs the bank when the Trust Agreement is ready to be signed (stating the final closing costs). The bank informs the seller and buyer so that they can sign the Trust Agreement at the Notary's office. The Notary will inform the buyer of the amount necessary to cover closing costs. All parties involved, seller, buyer and bank, sign the Trust Agreement. The Notary records the Trust Agreement with the Public Registry of Property and then gives it to the bank. The bank in turn records the Trust Agreement with the National Registry of Foreign Investments. The Notary then sends a Certified Copy of the Trust to the buyer.

The bank, known as the "Trustee", holds the Deed for the purchaser of the property, known as the "Beneficiary". This property is not part of the Bank's assets and cannot be subject to a lien, or attached to bank obligations. The Beneficiary has all the ownership rights to the property and may sell, lease, mortgage, pass to heirs, or do any other legal act with the property. The Trust is not a lease. The difference between a lease and a trust is that there is no equity in a lease, whereas a trust is fully maintained.

If property is purchased and currently held in a trust, a new 50-year period can be established or the existing trust may be assigned. Trusts are renewable at any time by simple application. It was never the intent that these properties pass back to the Government at the end of the trust period, which has been a common misconception and fear of foreign purchasers. In fact, at the end of the 50-year period, the Beneficiary has an additional 10 years to renew the Trust.

___________________________________________________________________________________________

CAN FOREIGNERS REALLY OWN PROPERTY IN MEXICO?
Yes, Americans and other foreigners may obtain direct ownership of property in the interior of Mexico. However, under Mexican law, foreigners cannot own property outright within the restricted zone. Instead, a real estate trust must be set up to hold title for the foreigner. Since foreigners are not able to enter into contracts in buy real estate, they must have a bank act on their behalf, much as a trust is use to hold property for minors because they also can not contract. The following is a brief outline of the law regarding such trust, known as "fideicomisos", but potential buyers should always get advice and have all real estate transactions overview by a licensed Mexican attorney.

WHO'S INVOLVED IN REAL ESTATE TRANSACTIONS IN MEXICO?
Normally, there are three to four players involved in any real estate transaction in the restricted zone:

A real estate company
The buyer's lawyer
A bank
A public notary

All four are helpful in their respective areas in assisting with real estate transactions. Transactions outside of the restricted zone do not involve a bank since it is not necessary to establish a real estate trust in those areas. Otherwise the transactions are much the same.

Because of the similarities of real estate transactions in general, it is easy to assume that the basic terms and principles which are familiar in the United States also hold true in Mexico. This assumption becomes easier to make when United States real estate terminology is adopted for transactions in Mexico. Much of the paperwork is similar, if not exactly the same, as that used in the US. Although, there are many aspects of Mexican real estate transactions that are identical to procedures carried out in the United States, there are many aspects that are completely different. As a rule, a foreigner should assume nothing.

Mexican real estate transactions are not carried out in the same manner as United States real estate transactions. The buyer must retain professionals to assist in the transaction. Mexico has yet to regulate real estate transactions. Real estate agents and brokers are not legally licensed in Mexico. Consequently, a foreign buyer cannot always depend on the normal safeguards that would be applied to real estate transactions in the United States. The old saying "let the buyer beware" is very appropriate. Anyone can set up a real estate company in Mexico. There are no special requirements or brokerage licenses to obtain. A would-be real estate agent merely has to establish a Mexican corporation, obtain a work visa, and he is in business.

There are good reasons why the real estate industry in the United States is highly regulated. Until the real estate industry is regulated in Mexico, there will always be some real estate companies who prefer that buyers know as little as possible about real estate transactions. After all, a buyer cannot ask questions if he does not have any knowledge of the laws.

Currently there is nothing similar to a Real Estate Commissioner or a Department of Real Estate in Mexico. Some states are beginning to look at some kind of real estate legislation, but it might be some time before this is a reality. The American Embassy and the American consulates in Mexico are good places to start when trying to determine if a real estate company is reputable. Some of the real estate companies have established quite a reputation for themselves at some of the Consulates.

A Mexican attorney should be involved to draw up contracts and to review the conditions and terms of sale. Additionally, an attorney can do a title search and point out any problems or alternatives a buyer may have. The buyer should always have his or her own attorney rather than using the attorney of the seller or some attorney used by a real estate company free of charge. As the old saying goes, you get what you pay for, and usually if someone's services are offered free of charge you are probably paying for them in some other way. Legally, only a licensed Mexican attorney should provide advice on the law. If an attorney is licensed in Mexico he should be able to produce a "cédula profesional." This document is a registered license to practice law in Mexico and includes a photo of the attorney and his signature. To be sure that an attorney is licensed in Mexico, a foreign buyer should ask to see the attorney's license, or have the attorney's license number included in a retainer agreement before employing any services.

American attorneys are not licensed to practice law in Mexico and should not give advice on Mexican Law. I should clarify, here, that I am referring to individuals who are licensed to practice law in the United States, and not merely individuals who are citizens of that country. There are currently very few Americans who are licensed to practice law in Mexico. The fact that a person is licensed to practice law in the United States in no way allows him or her to practice law in Mexico: Mexican or United States law.

Besides formalizing your real estate transaction, an attorney can be very helpful in saving you money. This is because attorneys are involved in many different transactions and have contacts with banks, notaries, and the Mexican government on a regular basis. Because of this they are aware of the most competitive cost and fees involved in a transaction and can make sure that the buyer is given the best possible prices. An attorney can also inform the buyer regarding his or her legal options and by doing so can make sure that no opportunities are missed: tax planning considerations, closing costs which should be paid by the seller, and ways of taking title to the trust rights which make sense for the particular circumstances of a specific buyer. Very often one piece of good advice can save the buyer thousands of dollars in tax savings or other savings when the buyer eventually sells the property.

When looking for an attorney it is important to remember that any Mexican attorney can normally handle a real estate transaction. The buyer is not limited to only the local attorneys where the property is located. All real estate transactions involving a trust are governed by federal law. This means that all such transactions are carried out the same way regardless if the property is in Cancun or Los Cabos.

THE RESTRICTED ZONE AND "FIDEICOMISOS"
The law declares that the Mexican nation has original ownership to all land and water in Mexico, as well as minerals, salts, ore deposits, natural gas and oil; but that such ownership may be assigned to individuals.

The Mexican Constitution prohibits direct ownership of real estate by foreigners in what has come to be known as the "restricted zone." The restricted zone encompasses all land located within 100 kilometers (about 62 miles) of any Mexican border, and within 50 kilometers (about 31 miles) of any Mexican coastline. However, in order to permit foreign investment in these areas, the Mexican government created the "fideicomiso," (FEE-DAY-E-CO-ME-SO) which is, roughly translated, a real estate trust. Essentially, this type of trust is similar to trusts set up in the United States, but a Mexican bank must be designated as the trustee and, as such, has title to the property and is the owner of record. The Mexican Government created the "fideicomiso" to reconcile the problems involved in developing the restricted zone and to attract foreign capital. This enabled foreigners, as beneficiaries of the trusts, to enjoy unrestricted use of land located in the restricted zone without violating the law.

A "fideicomiso" is a trust agreement created for the benefit of a foreign buyer, executed between a Mexican bank and the seller of property in the restricted zone. Foreign buyers cannot own real estate in the restricted zone due to Constitutional restrictions. The bank acts on behalf of the foreign buyer, taking title to real property. The bank, as trustee, buys the property for the foreigner, then has a fiduciary obligation to follow instructions given by the foreigner who is the trust beneficiary. The trust beneficiary retains and enjoys all the rights of ownership while the bank holds title to the property. The foreigner is entitled to use, enjoy, and even sell the property that is held in trust at its market value to any eligible buyer.

In order to allow foreigners to enter into the agreement contained in the Calvo Clause, Mexico requires all foreigners to apply for and obtain a permit from the Ministry of Foreign Affairs prior to contracting to acquire real estate in Mexico. This is currently done by the trustee/bank at the time a real estate trust is set-up.

Given the changes made for 1997 in the foreign investment Law, and the fact that a buyer can now apply for and obtain a trust permit in a matter of days, it is always better to secure the trust permit from the Ministry of Foreign Affairs before entering into any contract.

The bank, as trustee, must get a permit from the Ministry of Foreign Affairs to establish a real estate trust and acquire rights on real property located within the restricted zone. The purpose of the trust is to allow the trust's beneficiary the use and exploitation of the property without constituting real property rights. The beneficiaries of the trust (fideicomisarios) may be:

Mexican corporations with foreign investment
Foreign individuals or legal entities

The law defines "use" and "exploitation" as the right to use or possess the property, including its fruits, products, or any revenue that results from its operation and exploitation by third parties or from the bank/trustee.

The law does not clarify how trust permits will be issued. Article 14 of the law states that the Ministry shall decide on issuing the permits "...considering the economic and social benefit, which the realization of such operations imply for the nation." The basic criteria used to determine such benefits are likely to change somewhat with the publication of the new foreign investment regulations. However, it is reasonable to anticipate that some of the unwritten rules used by the Mexican government in the area of real estate trusts will be included in the new foreign investment regulations. It is also possible that some of the confusing elements will be eliminated. It is important to understand the application of the current regulations, even if they are going to be replaced, as well as some of the unwritten policies the government has used in the past, to better understand what criteria will be used by the Ministry in the future.

The Ministry of Foreign Affairs must grant any petition for a trust permit that complies with the stipulated requirements within 5 working days following the date of its presentation to the Ministry's central office in Mexico City. It must be granted in 30 days if the application is submitted to one of the Ministry's state offices. The Ministry of Foreign Affairs must confirm the registration of any property acquired by foreign-owned Mexican corporations a maximum period of 15 days following the filing of the petition. In both cases, if the maximum period passes with no action by the Ministry, the trust permit or registration are considered authorized.

There is a common misconception among foreigners investing in Mexico that once the trust expires, the beneficiary loses all rights and benefits of the sale of the property held in trust. This is not the case. On the contrary, the beneficiary has a contractual right under the trust agreement with the Mexican bank to all benefits that may result from the use or sale of that property, even though he does not hold title to the property. Under Mexican Law, the bank, as trustee, has a fiduciary obligation to respect the rights of the beneficiary.

A real estate trust is not a lease. The beneficiary can instruct the bank to sell or lease the property at any time. The beneficiary can develop and use the property to his liking and benefit, within the provisions of the law. Generally, the law allows most activities engaged in by foreigners.