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Frequent questions

At the beginning

The Settlor is the Real Estate Group that develops the project and has contributed to an autonomous patrimony administered by the trustee,it is the property on which the reserve and financial resources are built, which come from a credit builder to ensure its completion.
The Area Beneficiary is the owner who has decided to buy one or more of the individual dwelling units that are distributed in the Project.
The beneficiary of the project area is linked by signing a trust agreement with the trustee under which he/she is committed to make money contributions for the property price.
On completion of the Project development the Fiduciary Entity turns the interest that the beneficiary Autonomous Area had into a property equity on the property purchased.

As we have explained, the project promoters (Settlers) have entered into a trust management with FIDUCIARY ACTION by which it receives from those, and destined for an autonomous equity, real estate and money from a builder that ensures credit Project realization.
Likewise each buyer of the Individual Housing Units is linked to this Order Trust under which the trustee receives the resources that are part of the price of the property and, under them, making them a Area beneficiaries.
At the end of the project this Autonomous Heritage is settled so that the interest of each of the Area Beneficiaries becomes a property right of the individual dwelling unit that the owner has acquired, the builder credit that has been granted to promoters is paid and they also receive profit achieved by the development of the Project.

The three original copies are delivered to each of the parties to the contract: the trustee, the Trustor and the Area Beneficiary.

In most cases the Trust Management duly filled is enough for buyers to withdraw the money they have deposited in the unemployment funds and that will be useful,according to the case, to the payment of all or part of the price of property purchased . If this document is not sufficient, the Management, through the staff of the Board of Sales, will be attentive to contribute to the completion of this process.

Credit of Major Extension is the credit that the Project Promoters requested from the bank and it is intended to cover the money that has not been provided by the Area Recipients for the construction.
The proceeds of this credit will be payed out by the Bank to the Fiduciary Entity and as security the property on which the project is developed.
At the end, the Fiduciary Entity will deliver the resources to repay this credit of Major Extension and the Mortgage that served as collateral for the bank is canceled.
The Mortgage Credit is the credit acquired by the new buyer to pay part of the value of the property that was not payed with their own resources. This credit can be applied to any lender and is subject to the conditions imposed. To guarantee payment of the loan the bank will request that the property is given in mortgage.

No, but to process it with the Bank that financed the project has great advantages.
The Bank that finances the project will advance a more streamlined and simple process since it has already studied the legal feasibility of the project and thus it will not have to study titles like any other financial institution would have to. This will likely result in cost reduction.