Similarly, all obligations of owner, are also acquired as it is the payment of the property tax, water, light, fees if any, maintenance etc. On the other hand, the trustee has the right to appoint one or more recipient (s) substitute (s) who (is) at the same time will receive all rights and obligations arising from the fideicomisio if the beneficiary dies during the life of the trust. In this way, the heirs will not have to carry out any legal procedure before the Mexican courts, which would take time and money in legal fees. They will simply have to notify the Bank of the death of the settlor and present his death certificate and their identifications. Later the Bank will instruct a notary public of protocolarizar these documents and writing resulante will be recorded as the new beneficiaries of the trust, and therefore the new owners of the property.
The trust at the same time has a duration of 50 years. However, on 27 December 1993, published a presidential decree that establishes the new investment Act Foreign. Article 13 of the said Act, stipulates that the Secretariat of Foreign Affairs (SRE) will allow the renewal of the trusts on the restricted areas at the end of its duration. Also, the SRE may authorize a new trust on the transferred property of a trust to another for a period of up to 50 years when the beneficiaries of the original trust and the new are different. Escrow fee varies depending on the banking institution is selected as trustee, as well as the annual fee charged for administrative costs of the trust.
The process itself is simple also. The first step is to select the notary public and the Trust Bank will work. The trust at the same time, shall apply for the permit with the Ministry of Foreign Affairs.Permission is granted to the buyer’s choice banacaria institution, which, through its trust delegate must obtain a free copy to the SRE that contains the name and nationality of the grantor (seller), the name of the Bank which will act as trustee, the name and nationality of the (the trustee (s) and fidecomisarios substitutes, the duration of the trust, the use that will be given to the property, description, location and area of the property, the distance of the property with respect to the Federal terrestrial Maritmo zone or boundarythe annex containing the measures and adjoining properties of the property, and pay for rights.Once obtained the permission, the notary can proceed to develop the public deed, which must be approved by the trust. Subsequently the three parties sign the deed before the notary to formalize the transfer of domain of the property, which must be registered in the public registry of property and commerce by the notary public. And thus concludes the process of acquiring a property for a foreigner within the restricted zone in Mexico. This whole process can be simplified even further with the help of a real estate professional, properly prepared to guide the buyer through the process easily, specific and complete, making sure that they comply with the essential requirements.