Town Hall held for Las Conchas Vecinos on Expiration of Master Trust

Apr 17, 2016 by Rocky Point Times

Las Conchas homeowners attended a Town Hall meeting on Saturday, March 5, 2016. This was held in Puerto Peñasco to discuss the next steps related to the November 17, 2017 Master Trust expiration. Four homeowners shared their experiences in completing the process for a new individual Bank Trust. Key take-away from the Panel was “Get started soon as there are always exceptions which could delay the time required to complete your new trust”.
Over 700 properties in Las Conchas are impacted by this expiration date. This includes homes as well as unimproved lots. Each owner will need to secure a new individual trust since Master Trusts no longer exist. At this point in time, it appears that approximately 30% of the impacted lot owners have completed or have begun the process to receive a new bank trust.
Following the panel discussion, representatives from trust service providers were available for Vecinos to ask individual questions. The attending local service providers included PROASET, PROASET Bank Trust & Real Estate Consultant, Law Office of Ricardo Borquez, SQS Advisor, Las Conchas New Trust and Intercam Banco. Notarios are restricted by Mexican law from participating in these types of meetings.

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