Tulum, Q.Roo, México.
Date: June 21st, 2017.
Dear TAO Homeowner and Resident,
As Chief of Operations of TAO’s Group (CONDO HOTEL GBP, S.A de C.V.), I am pleased to inform you that we have finalized & completed all legal procedures to have the Condominium Regime documents ready to enable title closings on townhomes (TH-D), Cenote Residences, KIN, CHI, HIRA, MEI, LAO, TSE, HAI, RAM, XIARA and SIU buildings, also known as Phase III buildings, therefore if your unit belongs to one of these buildings or residences, we can now start to move forward on the following steps:
- If your unit is not paid in full we invite to do so at this time, leaving no outstanding balances with TAO or the Home Owners Association. This also applies to those cases where an outstanding balance is conditioned to the title.
- If you have taken the financing route, and have received delivery of the unit previously to this date, you need to be current on property taxes (2017), utilities, Hoa’s fees, and your monthly payments.
- If the above event has not happened, and your delivery date is imminent (May - August 2017) you will be very welcome to take possession of the unit, after completing and executing the necessary Power of Attorney templates that will be required to formalize your financing loan option as well as appointing your attorney to represent you at the closing ceremony and for that matter a closing date has to be set no later than September 2017.
- If you have selected your closing attorney, he/she will be forwarding you a final quotation to settle before the closing date which will include taxes, fees, rights, special permits, certificates, notary fees, and bank fees to have your unit deeded and recorded at the local public registry office.
- Also your Closing attorney will be coordinating with the bank, the notary, and TAO any and all necessary documents, informing you about the progress of such procedure. If you need information on whom and how to contact the most hired law firms in the area we are happy to help you connect to them by sending you their contact information.
- If any of the above information is unclear or if you may have specific questions regarding your closing procedure please contact our in house attorney at email@example.com he will be happy to guide through the steps.
We will like to remind you that if you belong to TAO Phase I or II (Residences Lake, TH-A-B, QI, ZEN, XIAO, KUN and TH-E) and are narrowing down a delivery date, please be advised that you need to complete the closing process before such time; all walkthroughs are permitted for you to inspect the property at any point after the unit is fully finished.
In retrospect to our previous bulletins, I would also like to take this opportunity to highlight some of the advantages of having a registered title:
1.- A Registered Title gives you the security to hold ownership under your name and under the public records as a real estate trustee.
2.– Facilitates safely selling transactions, since the title & recording note are necessary to show legal proof of ownership in Mexico.
3.- For those that are binded by a finance plan, having that plan inserted on to a mortgage trust deed gives them the opportunity of also having title (once the mortgage is fully paid), another advantage is that you'll be paying closing cost now rather than later, which means lower tax rates. (In this year for real estate transactions in Cancun, buyers are being taxed with a 3% over the purchase price, Tulum is currently at a 2% level, however, the acquisition tax is moving up, so you can expect to have it raised by the local government on the upcoming years).
4.- Name a successor trustee without having them go thorough long and difficult judicial procedures or probate courts if and after you pass away, nor do you need to have a Will registered in Mexico to secure your estate, since that same trust deed will be sufficient for the bank to follow through your instructions, helping your heirs retain all of your trustees rights for their benefit.
5.- Financial institutions or individuals will want any loan secured by a registered title.
6.- You will have unquestionable representation on HOA assemblies and voting will be permitted accordantly to the bylaws.
7.- You could have a more successful outcome when filing and summiting for financial, government, & immigration paperwork.
8.- Irrevocable mandatory conditions for all parties will be set upon signing the deed, where a Mexican Financial Institution will be designated to follow through and supervise that such conditions are fully met as an independent third party trustee for the benefit of its beneficiaries.
If you have any queries, our staff will be happy to assist you at firstname.lastname@example.org. Please note that we cannot give you legal advice and will not be able to comment on taxes and fees to be paid, that should be addressed with your attorney, this is why we advise that you hire a professional real estate lawyer who can represent your best interests. However, we will assist you by explaining how you can obtain a registered title on your unit.
I would also like to take this opportunity to thank you for your preference, your consideration and your business at TAO, where we fully appreciate your support and loyalty.
ISAAC HENARES DUCLOS