7.- How will my investment be guaranteed?
With the purpose to develop the SEAHOUZ project, the company known as AJ, S. A. de C. V., owner of the land, irrevocably placed it in a REAL ESTATE AND ADMINISTRATION TRUST, and BANCO INMOBILIARIO MEXICANO, that specializes in Real Estate developments, is in charge of the Trust as the FIDUCIARY. Apart from that, the company known as ESTRUCTURADORA DE PROYECTOS INMOBILIARIOS,SAPI S. A. de C. V., that structures Real Estate developments, will cooperate to the patrimony of the trust, five million dollars, without the right to withdraw it, and to reach its goals, the partners of the two companies formed a new one: VIMAR SAPI, S. A. DE C. V., that will assume the responsibility of the construction, commercialization and administration of the project.
As a result of the formalization of the Trust, the owner of the project, the land and the capital brought into the patrimony, will be the Trust known a SEA HOUZ BIM-85100271, that has the instruction to purchase from Baja Title Closing Company a Title Insurance that will guarantee to the Buyers their investment.
All income from the sales will be deposited in the Trust Account and will increase its patrimony, and from said account the bank will grant VIMAR the recourses for the construction subject to the condition that they will only be used to satisfy its compromises and obligations with the Buyers.
When the Buyer pays the amount agreed with VIMAR, he would get a release once the necessary permits have been obtained from the authorities to assign the property, so the Buyer can obtain from the bank the corresponding Trust or Deed of Property, and it will be the bank’s representative who would formalize the assignment of the property to the Buyer.