Here’s a very important tip for anyone and everyone who wants to know something about Mexico real estate; if you read something on our blog and you have a question about more details, go ahead and leave your question in the comment box! Even if you have a question that’s not related to the blog post, feel free to leave your question in the comment box. We will answer your question ASAP, using our years of combined expert experience in the industry, sending the answer directly to your e-mail to get it to you more directly and quickly.
If we cannot answer your question, we will do our best to put you in contact with an expert in the appropriate area of expertise.
Just this Monday (May 7) a soon-to-be owner who had been seeking information for a month and a half left the following comment/question in our comment box:
I have the opportunity to buy 50% into a house located in Sonora MX. Can I be added onto the existing bank trust as a primary beneficiary and reflect 50% ownership? The trust expires in 3 years and my intent is to buy out the remainder ownership and establish a new bank trust in my name only. I have been looking for legal help for advice and to assist with this process. No luck so far. Can you help with both of my questions?
Within the day, our editor responded and forwarded the question to one of the experts on our team, Bjoern Koch, who, on the same day, replied with this information:
While I cannot give you any legal advice, based on my experiences with Bank Trust here in Mexico I can give you my opinion. If the property is held in just an individual name you can ask for an assignment of trust or trust modification. However adding you as a main beneficiary of the Trust will also mean creating a new trust agreement as the terms have now changed and therefore you will need to go through the entire closing process of establishing a new trust.
You should consult with an attorney on this, but when I have been asked the same question in the past this was my answer which later has been verified by legal counsel.
The soon-to-be buyer was delighted that finally TOPMexicoRealEstate was the only place that could offer an opinion and direction on this issue:
Thank you for the quick response. It has taken 1 1/2 months just to get this information. No one else would even give some sort of direction. This information has helped greatly.
The buyer now has a sense of direction, known what next steps he will take!
You as a reader can take two important points away here; one is the steps involved in changing a bank trust for partial ownership, and the other is: when you need clear, reliable information quickly on buying real estate in Mexico safely, you know who to ask! Remember:
OUR EXPERIENCE; thousands of Property transactions & years of assignments in Mexico AT WORK, PROTECTING YOUR INTERESTS
TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely
