Playa De Oro: Doing Things Right!
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Playa De Oro is the First subdivision in the history of Mexico to have Title Insurance on the entire project!
WHAT IS TITLE INSURANCE ALL ABOUT AND IS IT REALLY NECESSARY?
Most Americans would never buy property in the U.S. without purchasing title insurance. Title insurance in Mexico is a relatively new concept, partially because it is tremendously expensive. Also, there has been an ambiguous sense of security reached because a Notorio Publico researches the public record to ensure legal ownership prior to authorizing a sale, whether deeded or Fideicomiso. Combine that with a bank reviewing the current developer's documents thoroughly before issuing a Fideicomiso and the question arises, why do I need title insurance?
In the U.S., a bank also researches the legalities of ownership if a property is mortgaged or financed, and we have our deeds recorded along with any liens in the county registry. Yet, this is not considered adequate assurance of past ownerships or salability in lieu of title insurance. The same holds true in Mexico. While the Notorio Publico and the Bank Trust offer strong protection under the law, they do not offer complete protection or any protection against third party intervention, fraud, or errors and omissions in public records. Mexico has a great registration process. However, as in any process, room for error or fraud exists. Example: as part of the process, the Notario will ask for identification of the registered owner, will witness that the identification matches the person, but does not verify that the identification is free of fraud. Part of the registration process is to register sales, liens, notes, etc. in the public records. These records consist of hand written notes made in the public registry noting every property transaction in Mexico.
The Notorio or an employee of the Notario Publico will check and make recordings in this public register. Humans can and do make mistakes no matter how thorough they are. Regularly there are multiple books in the public registry for every property. These contain margins for what is called a marginal notation that refers the recorder to every major event that could affect any sale on the property (example: a sale or lien in book seven is to be registered in the margin of book one, etc.) One error or omission in any of the books could leave room for litigation. Playa de Oro has title insurance through Grupo Nacional Provincial, S.A. on the entire development. This policy guards against any third party intervention including Government and Ejido claims on Parkstrong's original purchase of the property. Claims can be made through Grupo Nacional Provincial.
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