TOP Tip in a Minute: Bank Trust

Hello, I’m Thomas Lloyd and this is the Top Tip in a Minute…
Today we are talking about: Bank Trusts

4 Simple Things You Should Know about the Bank Trust:

1. If you are a non-Mexican, Canadian or American and you wish to buy property within 50 km of any coastline here in Mexico or 100 km within the boarder of a neighboring country you will be required to have a bank trust.
2. The term of a bank trust is 50 years but don’t worry you can extend it once you arrive to 48^th or 49^th year. You can extend it for another 50 years.
3. There are three parties to the bank trust. You have the financial institution who owns the property. You have the first beneficiary, which would be you. And you have the second beneficiary, anyone you would like to pass on the property to in case you or your partner passes away.
4. Basically, when you own a property here in Mexico underneath a bank trust you have all rights to that property. You can extend on it, you can make modulations, and you can sell or take a lease out on the property.

Those are the four basic things you need to know about a bank trust here in Mexico.

I’m Thomas Lloyd and this has been Top Mexico Real Estate’s Top Tip in a Minute. Feel free to check out all the other informative Top Tip’s on the Top Mexico Channel.

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