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Bell

Jun 16, 2008, 1:22 PM

Post #1 of 8 (6153 views)

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Applying for a TRUST

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As a newbie, a previous renter and a future purchaser, I require info on how and what documentation is required to apply for the TRUST. I apologize in not knowing the correct term for a TRUST, however, I do know I need one.
I have contacted the Consulate Office in Toronto & Ottawa without results.
I do not want to arrive in Mexico without proper receipts or documents but I am unable to find out exactly what is required. Please steer me in the right direction so that I may arm myself with the adequate knowledge.
Thank you Bell

Marlene

Jun 16, 2008, 1:44 PM

Post #2 of 8 (6143 views)

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Re: [Bell] Applying for a TRUST

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The Notario Publico or real estate agent you plan to use in the location you are purchasing the property will be able to provide you with the information you need for obtaining the fideicomiso.

(This post was edited by Marlene on Jun 16, 2008, 1:47 PM)

sioux4noff

Jun 16, 2008, 8:21 PM

Post #3 of 8 (6113 views)

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Re: [Bell] Applying for a TRUST

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I don't believe there is any information the consulate can give you, it is not their department. The trust goes with the property you buy, so the advice that the notario wiill tell you what you need is good.

jerezano

Jun 17, 2008, 7:46 AM

Post #4 of 8 (6093 views)

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Re: [sioux4noff] Applying for a TRUST

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Hello Bell,

You are apparently in Canada so you cannot consult easily with your notario. About the only thing I can think of that will be a problem for you is your residence document in Mexico. While the law permits people on Tourist Visas to buy property whether through a Trust arrangement (Fideocomiso) or through fee simple some regions will not honor that permission. Some regions will require an FM3 or perhaps even an FM2. Your notario should have told you about this requirement when you were looking at the property. He should also have told you what other documentation you might need. If he didn't or if you never even talked to a notario but only the sales agent, I would think twice about buying that property. Something smells.

By the way a notario in Mexico is not the typical notary in the USA. In Mexico he is a fully qualified and licensed attorney with special training and experience in the transfer of real estate rights.

Wish you luck. jerezano.

sioux4noff

Jun 17, 2008, 7:59 AM

Post #5 of 8 (6089 views)

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Re: [Bell] Applying for a TRUST

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Have you already made an offer on a property, or is this just for future information? When you prepare to purchase, be sure that you know what documentation you wil need.
In this area (Puerto Vallarta) I have not heard of anyone having difficulty purchasing a property while holding a tourist card rater than an FM2 or FM3.

ncferret

Jun 19, 2008, 10:54 AM

Post #6 of 8 (6039 views)

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Re: [sioux4noff] Applying for a TRUST

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I think if you take a look at the 3 links at the top of this page:

http://maztravel.com/kwiki/RealEstate

you will find most of your questions answered regarding trust issues and the purchase of property in Mexico.

jerezano

Jun 20, 2008, 9:03 AM

Post #7 of 8 (6007 views)

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Re: [ncferret] Applying for a TRUST

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Hello all,

ncferret has posted a link for us on what is a Mexican Notario Público and what is a Mexican trust which is invaluable.

Although I have lived in Mexico for 20 years now and knew these things in general, this link to two subjects offers clear, readable and easily understood answerrs to many questions which I didn't even know that I had.

I recommend without reservation that anyone considering buying property in Mexico on a land-lease Fideicomiso basis read these two explanations before even considering such a purchase. For one thing if nothing else the explanation on Notarios Públicos will explain the high fees which they must collect by law for certain trusts. So, there is no need to shop around among Notarios for a better fee. It could be useless. Rather search for a Notario based on reputation.

Thanks again to ncferret for this valuable link.

To the moderator of this forum: This topic is important to all expats buying property in Mexico whether in the restricted zones or not. I would suggest that the referred to link by ncferret be posted on the general and retiring in Mexico forums for all to read

Hasta luego. jerezano

ncferret

Jun 20, 2008, 4:34 PM

Post #8 of 8 (5982 views)

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Re: [jerezano] Applying for a TRUST

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Thanks Jerezano.

However, I'm going to disagree with you about shopping around for a price from a notario. With the last property I purchased, I got quotes on the fees from 3 well known notarios. There was a 23% difference from the lowest to highest. Quite a bit of money on some properties. I saved more than $1000 on my closing expenses.

To us, they may ALL seem high, but as you said the article explains some of the reasons for the expense.

(This post was edited by ncferret on Jun 20, 2008, 4:35 PM)