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"Deed" or not??

Lisa G. · 2009-02-07T17:18:18-0800

I am curious about the "deed" issue raised recently in a few of these discussion topics. We bought in June 2007. The sales pitch at that time was that the fractional ownership had been changed to "deeded", actual real estate we could mortgage, pass on to heirs, etc. The Sales price sheet we were given (dated 3/15/2007) stated that American title insurance would be issued in 2008. Our contract included a $2500 closing cost. We were told that we would not receive the deed until the property was placed in a fideicomiso, which could not take place until the unit was fully constructed (summer of 2008). We were told this was different than the initial sales of the first villas built, which were not sold as deeded. When we returned in June 2008, we got a new price list - this one dated 2/08 - no longer any mention of American title insurance being issued on the price sheet. Our initial Certificate of Fractional ownership gave us 100 years of use, clearly not a "deed". Last fall I inquired about the "deed" we were promised, and received another Certificate of Fractional ownership. This one does not contain the 100 year language and states "the above mentioned individuals use period shall be in effect for perpetuity". The normal meaning of perpetuity is indefinitely. However, based on recent comments in this forum I am getting even more paranoid, and wonder whether the language is limiting the use to the life of my husband and I - meaning we could not pass on to heirs. This would be less than the intitial 100 year certificate. FInally, a link below is to an article in 2007 WInter edition of LosCabos Guide, stating that ..."Youll find Montecristo Estates high on a ridge within the 1,800-acre Cabo Pacifica resort, also home to Pueblo Bonito Sunset Beach and Pacifica Holistic Retreat and Spa. Since converting to deeded fractional, sales of these freestanding hacienda-style luxury villas have been booming" Clearly - even Cabo real estate agents were aware that these were being sold as deeded. http://www.loscabosguide.com/magazine/articles11/realestate1.htm I am wondering what we really own? Has ANYONE ever received a deed or fideicomiso documentation. Does anyone know the current sales pitch? Are they still claiming the fractional ownership is deeded? Like everone else we love the Villas, however the price we paid was based on our belief that we were buying a deeded fractional ownership of the villa.

Sarah L. Apr 26, 2023

So you bought on the property? We are hoping to just sell it back to them and have it gone.

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