Obtaining Your Fideiocomiso and Transfer of Interest

Generally conveyances in Mexico are handled along the lines of transfers of property in the Mid-west and Eastern United States where the attorneys or accountants investigate the history of ownership and to determine whether or not there are any liens or encumbrances rather than through Title Companies and Escrow Companies that perform those services in the Western States.

Consultation

All aspects of purchasing property and securing your ownership rights through the Fideiocomiso process (commonly referred to as a Bank Trust) process as required by Mexican law when foreigners purchase real property in the restricted zone which, as defined in the enabling statute encompasses all of the land beginning north of La Paz and extending to Cab San Lucas.

Summary of Matters to be Discussed During the Consultation

• The rights, duties and obligations of the Seller(s) and the Buyer(s) and the nature and scope of the Banks role in the administration of the Fideiocomiso
• An estimate of the Bank fees to establish the Fideiocomiso ( trust) in your name
• The steps necessary to complete the transaction and the payment of taxes and fees

Outline of Services to Complete Conveyance of the Property

When you have reached an agreement with the Seller(s) to purchase a property and you have with our representative he will initiate the processing of the conveyance of the property on your behalf.

The necessary steps to complete the process will include:

• Contacting the bank to request either a transfer of an existing Fideiocomiso or issuance of a new one.
• Conducting a Title Search and, if necessary securing documentary evidence that the Seller(s) is legally empowered to convey the property
• Obtaining a certificate of no liens or encumbrances, a certificate of no property taxes due, and an appraisal for transfer tax purposes.
• Preparation of all Information and Documentation for presentation to The Notary Public for his approval *
• Making an appointment with the Notary public and arrange for all of the parties and/or their representatives to be present for the signing of The Notary’s original and to receive your copies.

Recordation of your property with The Planning Department, The Registry and The Tax Department Catastro) where you will receive a tax number for the payment of annual taxes.

* The approval of Notary Public in Mexico verifies that the matters recited in a particular document are both factually correct and are in compliance with applicable laws. The notary maintains a permanent record of the document in a master book much the same as a County Recorder in the United States. His or her approval also establishes that the parties to the document were at the time they signed the document competent and legally empowered enter into the contract. The failure to acquire approval of a Notary Public, in most cases, renders the agreement invalid. Improperly prepared documents will, at the least, result in time consuming and costly delays.