Thank you for all your input... You are right on.
I called my friend that is a realtor in los cabos and she is also a member of club regina in los cabos. She stated as you have, that in no way are we owners of any property in mexico. No matter what they tell you. Because of the fideocommisso you can "lease" the property from them for a time and they have the right to take it back at any time the feel the need. It's mexico...
She compared this to membership in a country club, you may use the club, but you do not own it. You pay your yearly fee to maintain the club, but you do not own it. She even said that when selling the "fractional ownerships" they are nothing more than "glorified timeshares" there again they lie and tell you that you are an owner, but you do not own it. It is against mexico fiedocommisso rules. Especially any property 100 yards from the oceanfront.
Even in mexico if your buy property you would have received a deed of trust for that property. I have been an owner for 12 years and never received a deed of trust and I upgraded. I have three different contracts and they all say "right to use" and "lodging rights." look up the word lodging... Room for hire, room hired for temporary residence... Hire... Paying a set sum once or at regular intervals for the use of a dwelling or room.
Does not show ownership..
We were "buyers of a membership only"
Anyway the responsibility lies with the management company to us our monies wisely and effeciently. To do the necessary upgrades on a yearly basis and to maintain a reserve fund for times that the fees may not cover everything that year. The reserve fund is to be replenished with the following maintenence fees and is only to be used for maintenence fee purposes.
She was very precise in the ownership issue.
We need to continue to communicate with the texas attorney general for the misappropriation of monies.
I told my friend for all the money I have put in to this
Club now and for the monies I will in the future (I have a 50 year contract) I could have bought a condo in cabo and been farther ahead.