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Obtaining Your Fideiocomiso and Transfer of Interest
In meeting with the Erskine Group, we will
review all aspects of purchasing property and securing your ownership
rights through the Fideiocomiso process.
A summary of the issues to be reviewed:
- The rights, duties and obligations
of the Seller(s) and the Buyer(s) and the nature and scope of the
Banks role in the administration of the Fideiocomiso.
- An estimate of the Bank fees to
establish the Fideiocomiso (trust) in your name.
- The steps necessary to complete
the transaction and the payment of taxes and fees.
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When you have reached an agreement with the
Seller(s) to purchase a property, our representative will initiate the
processing of the conveyance of the property on your behalf.
The necessary steps to complete the
process will include:
- Contacting the bank to request
either a transfer of an existing Fideiocomiso or issuance of a new
one.
- Conducting a title
search and, if
necessary, securing documentary evidence that the Seller(s) is
legally empowered to convey the property.
- Obtaining a certificate of no
liens or encumbrances, a certificate of no property taxes due, and
an appraisal for transfer tax purposes.
- Preparation of all
information and
documentation for presentation to the notary public for his
approval.
- Making an appointment with the
notary public and arrange for all of the parties and/or their
representatives to be present for the signing of the notary’s
original and to receive your copies.
- Recordation of your property with
The Planning Department, The Registry and The Tax Department
where you will receive a tax number for the payment of annual taxes.
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