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CozICan

May 17, 2015, 6:05 PM

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Cancelling a fideicomiso

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Has anyone out there that has recently obtained Mexican Nationalization canceled a fideicomiso ??? I would like to know what the charges were from the bank and how much to expect to pay a Notario for this service... Thanks for any info you might be able to share with me......... CozICan



rvgringo

May 18, 2015, 9:03 AM

Post #2 of 13 (3332 views)

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Re: [CozICan] Cancelling a fideicomiso

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We have not done it, but I suspect that the deed will have to be re-written and the property will have to go through a closing procedure from the bank to you. It would seem that a notario would be required for this ‘sale‘, but that taxes could probably be avoided. So, why not ask the notary that you used when you purchased the place?


CozICan

May 18, 2015, 9:19 AM

Post #3 of 13 (3326 views)

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Re: [rvgringo] Cancelling a fideicomiso

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Most of the Notarios in this area are thieves, that is why I put the question to people in other areas of Mexico. I was really hoping to hear from someone that actually has first hand experience.


rvgringo

May 18, 2015, 9:43 AM

Post #4 of 13 (3319 views)

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Re: [CozICan] Cancelling a fideicomiso

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It will be a property transfer and you cannot avoid using a natario, so bite the bullet and ask. Ask several, if you like.


CozICan

May 18, 2015, 9:57 AM

Post #5 of 13 (3314 views)

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Re: [rvgringo] Cancelling a fideicomiso

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rvgringo... Why do you keep replying to posts that you know nothing about ???


rvgringo

May 18, 2015, 10:11 AM

Post #6 of 13 (3308 views)

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Re: [CozICan] Cancelling a fideicomiso

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Simply because I do know that all property transactions and deed preparation & registrations must be done by notarios.
I think you know that too, but are hoping to hear something different......you won‘t, but you can keep on waiting.


mcm

May 18, 2015, 12:05 PM

Post #7 of 13 (3288 views)

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Re: [CozICan] Cancelling a fideicomiso

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Two friends did this, after becoming Mexican citizens, but this was several years ago (about ten). At that time, the fees were over 10,000 pesos, but I don't recall how much. RVgringo is correct, and the property transfer must be done through a notario (this is because it is a change in ownership, from the bank as owner, to you as owner). If you are skeptical about the local QR notarios, try calling a notario in Merida to get an idea of what to expect.


rockydog85251

May 18, 2015, 12:51 PM

Post #8 of 13 (3281 views)

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Re: [mcm] Cancelling a fideicomiso

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I did this and also used to sell real estate here for over 6 years. Yes, you MUST use a notario and hope that the original bank holding the trust has not been taken over by another one! That's what happened to mine...originally it was with Bital and they were taken over by HSBC - not my favorite banking institution. It seemed to take forever to get them to find the trust/fideicomiso so it could be released and turned into a regular Mexican escritura...cost was as much or more than a new trust.
Not sure what you mean when you say that all the notarios there are crooks, because they stand to lose a lot if found guilty of illegalities so most are VERY careful about how they conduct their practice.
Good luck!
Willie

(This post was edited by RickS on May 19, 2015, 8:25 AM)


AlanMexicali


May 19, 2015, 4:15 PM

Post #9 of 13 (3149 views)

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Re: [CozICan] Cancelling a fideicomiso

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In Reply To
Has anyone out there that has recently obtained Mexican Nationalization canceled a fideicomiso ??? I would like to know what the charges were from the bank and how much to expect to pay a Notario for this service... Thanks for any info you might be able to share with me......... CozICan



All "escrituras" have a beneficiary. Is your´s also a Mexican citizen. If not possibly keeping the" fideicomiso" and if possible talk to the original Notario and ask if that is possible without getting a new "escritura".


I´ve heard a property with a "fideicomiso" sells faster and for more as it is transferable.


(This post was edited by AlanMexicali on May 19, 2015, 4:42 PM)


slainte39

May 19, 2015, 10:42 PM

Post #10 of 13 (3102 views)

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Re: [AlanMexicali] Cancelling a fideicomiso

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But you have to keep paying the bank trust fee annually, whereas with the direct deed that expense stops. Weigh the notarial cost for the transfer from one vehicle to the other and possible ISR assessments vs. the payback from no trust fees as the way to compute the financial advantages.


CozICan

May 20, 2015, 5:26 AM

Post #11 of 13 (3084 views)

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Re: [slainte39] Cancelling a fideicomiso

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slainte39.. That is exactly what I am trying to determine. Right now I am thinking it may be less expensive to stat with my Residente Perminante and keep paying the fideicocomiso yearly. If I knew how old I would live to it would make the decision easier... LOL


playaboy

May 20, 2015, 6:39 AM

Post #12 of 13 (3071 views)

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Re: [CozICan] Cancelling a fideicomiso

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Something to consider is how long you plan to keep the house.

If you plan to sell in 5 years, who are most likely be the potential buyer? Foreigner or Mexican. If you sell to a foreigner, than your fideicomiso is already in place, you just transfer it. If there is not fideicomiso in place and a foreigner purchases the house then there are the additional costs to set one up.


CozICan

May 20, 2015, 10:03 AM

Post #13 of 13 (3041 views)

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Re: [playaboy] Cancelling a fideicomiso

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I will probably die in this house... But i hope not too soon LOL
 
 
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