Terrasol gets titles

finally!

by John K. Glabb,  CIPS, The Settlement Company

After a twenty year struggle, a group of condo owners in Cabo San Lucas have finally obtained titles to their units.
 
It all started when Phase 2 of Terrasol, one of the most attractive projects in Los Cabos, ran into financial problems during the “ peso meltdown” in the early 1990s. It was compounded by a problem with Mexico’s finance department. Some of the owners had made payment in full, but did not receive title.  Once that was resolved, the bank failed to cooperate and the titles were in limbo. As well, there were units in Terasol Phase 2 that were never finished.

A few years ago a group of investors known as “The Terrasol Relief Group” (TRG) bought out the remaining debt. It was still not over, as the bank continued to throw up road blocks. Eventually the problem was resolved, by creating a new master title. But still it did not end there. Terms and conditions for payment of the TRG expenses had to be negotiated with The Settlement Company® team led by Linda Neil. The issue has been resolved and owners are now starting to receive their titles.

During the years of overcoming issues,  The Settlement Company® kept in touch with its clients by writing and distributing 136 Bulletins. These were created to keep clients informed of the twists and turns along the way.

Commenting on the victory, Settlement Founder Linda Neil said, “The completion of the project comes at an auspicious moment. The Settlement Company® is preparing to celebrate its 25th Anniversary of serving the Mexican real estate industry. The company opened its doors in M\ay of 1991. Mexico’s oldest escrow and title company has been dubbed, ” your safety net in Mexican real estate.”

For further information contact us at info@settlement-co.com, www.settlement-co.com.
Editors Note: With the at-long-last receipt of their new clear and clean titles, many Terrasol units may be on the market soon for you to take advantage of this fabulous location and its amenities.