There have been several comments over the
past few years from nay sayers about the
supposed lack of "due diligence" on the part
of several hundreds of investors who have lost
millions of dollars on crooked real estate
schemes prevalent in Rocky Point. Despite
the presentation of supposedly legal documents
from allegedly reputable Mexican attorneys, Mexican Notarios, real estate
agents, title companies and banks, and the assurances of the Mexican
government, it has been virtually impossible for Americans and their American
attorneys to verify the legality of these documents. The investors mistakenly put
their faith and trust in the Mexican legal system. The following story highlights
the futility in depending upon this system to protect any investor who is
considering any type of investment in Mexico:
| Doing Due Diligence |
| Rocky Point Exposed |
Visit www.rockypointexposed.com/blog to post a comment. |
| Be Careful, Be Very Careful! |
An attorney from the United States owns property in Puerto Penasco near Manny’s Beach
Club. He lives in Puerto Penasco about 10 months out of the year. He recently decided to
purchase another property with the assistance of a reputable Mexican Attorney. The two of
them did extensive research to determine that the seller had clear and legal title to the property.
They also used a reputable notario who also determined that the title was legitimate. A few
months after the purchase was finalized, the attorneys noticed a “for sale” sign on the property.
They removed the sign and noticed another “for sale” sign a short time later. The individual who
was putting up the “for sale” signs indicated he had legal title to the property and filed a lien
against the property. To date, the attorneys are attempting to determine who has the legal
title. This is a typical problem in Mexico and particularly in Puerto Penasco. If Mexican and
American attorneys and a reputable notario cannot determine ownership of a property……who
can?
Club. He lives in Puerto Penasco about 10 months out of the year. He recently decided to
purchase another property with the assistance of a reputable Mexican Attorney. The two of
them did extensive research to determine that the seller had clear and legal title to the property.
They also used a reputable notario who also determined that the title was legitimate. A few
months after the purchase was finalized, the attorneys noticed a “for sale” sign on the property.
They removed the sign and noticed another “for sale” sign a short time later. The individual who
was putting up the “for sale” signs indicated he had legal title to the property and filed a lien
against the property. To date, the attorneys are attempting to determine who has the legal
title. This is a typical problem in Mexico and particularly in Puerto Penasco. If Mexican and
American attorneys and a reputable notario cannot determine ownership of a property……who
can?
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| So much for doing "Due Diligence"! |
| Visit www.rockypointexposed.com/blog to post a comment. |
| The information herein has been obtained from various sources and is not guaranteed by rockypointexposed.com. Prospective investors are advised to conduct their own investigation of the information contained herein before proceeding with any real estate investment in Rocky Point (Puerto Penasco). The information contained on this site is not legal advice. While the highest standards were used in compiling this information it should not be considered legal advice and all legal questions should be handled by appropriate representation. Copyright rockypointexposed.com. All rights reserved. Web Hosting by Yahoo! |