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 Moderated by: bartmanaz
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Cheapest bank trust - bare lot  Rate Topic 
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 Posted: Thu Feb 28th, 2019 11:25 pm
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nice guy
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Who is the cheapest bank trust to start a new one on a bare lot?  The lot is owned by a NOB person so is in a paid up trust for 10+ yrs already now - is it cheaper to take over his?

Last edited on Thu Feb 28th, 2019 11:26 pm by nice guy

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 Posted: Thu Feb 28th, 2019 11:32 pm
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long time resident
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It depends what bank he has his trust with. Each bank has different fees. It might be less expensive to transfer the trust documents if the fees are not high.

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 Posted: Fri Mar 1st, 2019 06:35 pm
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Bullshipper
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I doubt if you will do better, and it takes months to cancel and start another. 

You might just want to wait to change escrituras and trust as this is another cost that will have to be repeated again when you build or sell. Waiting is what most Mexican housing tracts do to avoid duplication of transfer costs and taxes, and usually only the final buyer pays this cost.

Your notary can draw up an unconditional sales contract and irrevocable power of attorney to you the current buyer. Just make sure your notary and you take in any federal income tax that the seller would pay, and will not now, so that is deducted from the price you pay to compensate you for the tax you will pay when the formal estrituras are filed in the future.



Last edited on Fri Mar 1st, 2019 06:42 pm by Bullshipper

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 Posted: Tue Mar 5th, 2019 02:34 pm
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japasp
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Do most banks send out a yearly statement for trust fees due or is it up to the land owner to run it down?

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 Posted: Tue Mar 5th, 2019 02:48 pm
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maryt
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We get a yearly email from Banco Interaciones telling us the trust is due and the amount (although the amount is fixed.)

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 Posted: Tue Mar 5th, 2019 02:51 pm
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japasp
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Thanks. We have never received anything.

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