Buying property in a trust in Mexico

Here's some information on how to buy property in a trust in Mexico

Once a property is in a Promise of Sale Agreement (or Promissory Contract) signed by sellers and buyers, the actual sale starts.The Notary Lawyer (chosen by buyers) will provide both parties with an Estimated Closing Costs, including the taxes that each party should pay. In order to start the process of the Trust, buyers will send funds to cover the Bank fees necessary for the Trust.

The permit to have a Trust is given by the Federal Ministry of Foreign Affairs, and the the Bank or Notary Lawyer oversees obtaining it. Once the permit is granted, the Notary Lawyer will draw the Deed or Escritura, which will contain all the information of theproperty, owners, sellers, beneficiaries, etc. The Bank chosen to hold the Trust, will work together with the Notary Lawyer in order to have the Trust Deed approved and ready to be signed by both parties. Once the Trust Deed is signed, and full amount of sale is paid, the new owner is ready to start enjoying his/her new property!

The Trust has an annual fee which will be paid by the owner of the property. The Notary Lawyer is a government appointed Lawyer who processes and certifies all Real Estate transactions. Also, Powers of Attorney, formation of Corporations, Wills, etc., are handled and duly registered through the Office of a Notary Lawyer or Notario Público, who also collects all taxes involved and pays them to the Government.