Posted by Matiz on October 31, 2000 at 11:45:38:
In Reply to: Re: Found the following.... posted by KRICO on October 31, 2000 at 11:20:22:
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From my perspective, the "mistake" is investing in a country where the legal system has so many uncertainties. As I understand it, the Mexican Supreme Court recently decided that the original presidential decree awarding title to the ejido in 1973 was illegal, and so the title reverted to the pre-1973 owners. They are a collection of entities who said they have been trying to negotiate with the evicted resident for some time, presumably to agree on a new land lease. The article said several of the Americans are trying to negotiate a new lease with the "new" owners, but the problem is that some of the new owners want to develop the property differently than resort housing. Also, many of the residents had poured their life savings into building their retirement homes and don't have anything left to buy a new lease. In the U.S., the evicted residents would sue their lawyers for malpractice, the title companies for negligence, the sellers for fraud. Maybe they could eventually recoup some of their loss. It doesn't sound like that's an option in Mexico. Their attorney in TJ says he's going to file a claim under NAFTA, but that sounds pretty desperate. For me, the lesson is "rent, don't buy" in Mexico.
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