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In Mexico, many couples live together as partners without the formalities of legal or religious marriage. This lifestyle choice may work perfectly for your day-to-day life, but when significant events such as asset accumulation, separation, or even the death of a partner occur, the legal status of your relationship takes on new importance. If you’re in a common law relationship, known in Mexico as concubinato, it’s crucial to understand how to protect yourself and your partner under the law.

What Exactly is Concubinato?

Concubinato is Mexico’s version of common law marriage. While the term might sound like the English word “concubine,” it holds no such connotation in Mexican law. It simply refers to two people who cohabit as a couple without being married.

To be considered in a concubinato relationship, both partners must meet certain criteria:

• Neither can be a minor.
• Neither can be legally married to someone else.

Registering Your Concubinato Status

The legal process of registering concubinato has become more streamlined in many Mexican states. Under the Federal Civil Code, couples who have lived together for at least two years as partners can officially register their relationship. This allows them to obtain a certificate confirming their status as a concubinato couple. However, the two-year cohabitation requirement does not apply to couples with a child.

A significant update for 2024 is the increasing availability of online services for this registration in some states (such as Mexico City and Quintana Roo) making it easier for couples to validate their relationship without needing to go through complex in-person processes.

To complete the registration, the couple will need two witnesses. In states like Quintana Roo, this certificate can be obtained from DIF (Integral Development of the Family), though local processes may vary slightly depending on where you live.

Parental Rights in Concubinato

When it comes to parenting, the legal status of a concubinato couple mirrors that of legally married couples. If a couple has children, they are automatically recognized as co-parents with equal responsibilities, whether or not they’ve been together for the required two-year period. This means that, in case of separation, the rights and obligations surrounding parenting and child support remain identical to those of a married couple.

Proving Concubinato in Court

In unfortunate situations such as the death of a partner, the surviving individual may be required to prove their concubinato status to claim any inheritance, benefits, or property. While having a concubinato certificate simplifies this process, it’s always wise to go a step further in protecting your assets and your partner.

The Importance of a Mexican Will

While proving concubinato may grant a surviving partner certain rights, the Mexican legal system still strongly encourages preparing a Mexican will. As of 2024, this is especially important given recent changes in probate laws that streamline inheritance processes for registered couples.

Additionally, the cost of creating a Mexican will during “Mes del Testamento” (the Will Month), traditionally in September, remains significantly reduced. This offers an affordable opportunity to protect your assets, ensuring your partner and children are taken care of, regardless of your marital status.

Takeaways

The legal recognition of concubinato is becoming more robust, providing better protections for unmarried couples across Mexico. However, it’s essential to:

1. Register your concubinato status, this is particularly important if you’re accumulating assets or co-parenting.
2. Understand your state’s laws, as the recognition and registration process for concubinato can differ.
3. Consider drafting a Mexican will to safeguard your loved ones in the event of an unforeseen tragedy.

Protecting your relationship and ensuring your legal rights is more accessible than ever in 2024. Mexlaw is here to support you in taking advantage of the evolving legal landscape to secure peace of mind for both you and your partner/family.

The post Concubinato (Common Law Marriage) in Mexico in 2024: What You Need to Know appeared first on MEXLAW.

As a foreigner married to a Mexican citizen, you can apply and receive your temporary residency right away by providing proof of the marriage and proof that your Mexican spouse can financially support you here in Mexico.

The married foreigner will receive one year of temporary residency; the residency will be renewed for a second year. Upon renewal, in the third year, you may apply for either permanent residency which never expires, or you may wish to apply for Mexican citizenship.

This method of naturalization or citizenship is an option for foreigners who have lived continuously in Mexico for two years previous to the application date and can prove they are married to a Mexican citizen.

As a spouse of a Mexican, you will not be required to leave Mexico to begin the residency process.

Naturalization Benefits to Immigrants

• Purchase property in restricted areas without a trust (fideicomiso).
• The possibility of dissolving your current trust (fideicomiso) rewrite the title deed in your name.
• The right to vote in Mexico.
• No need to inform the National Institute of Immigration (INM) of each change regarding your living and work situation.
• Avoid the expense of changing your immigration status or renewal fees.
• Hold a Mexican passport and enjoy reduced wait times for immigration at Mexican airports.
• Hold dual citizenship (if your country of origin allows dual citizenship).
• The right to work for any employer in Mexico, the business will not require a Constancia de empleador.

Requirements

• Original and copy of the completed application form: http://sre.gob.mx/images/stories/docnatnacio/dnn3.pdf
• Original and two copies of your passport.
• Original and two copies of  Mexican ID.
• Original and two copies of resident card.
• Demonstrate continuous residency in the country for a minimum of two years prior to the date of the application and be valid for at least six months after applying.
• Copy of Unique Code of Population Registry CURP (Clave Única de Registro de Población)
• Original and two additional copies of a foreign birth certificate issued by the appropriate Civil Registry office. The birth certificate must be legalized at a Mexican consulate or apostilled by a competent authority.
• Certificates must be translated into Spanish by a Mexican government-authorized translator.
• Original and two additional copies of the marriage certificate of the foreign applicant issued by the appropriate Civil Registry office. If the wedding took place in another country, the certificate must be legalized by the Mexican consular representative or be apostilled by a competent authority. This document must be translated into Spanish by a Mexican government approved translator.
• Letter under oath with two copies, recording the number of exits and entries to and from the country over the past two years preceding the date of the application. (You should not be out of Mexico more than 180 days during that period
• Original and two copies of “Certificado de NO Antecedentes Penales” (No Criminal Record Certificate) issued by a competent authority at federal and state entities in your place of residency.
• Demonstrate you have a basic conversational level of Spanish.
• Complete a questionnaire regarding Mexican history and general culture.
• Be integrated into the national culture.
• Applicants aged 60 and over are not obliged to take the test but will be interviewed by an officer of the Ministry of Foreign Affairs, and will be required to speak some Spanish.
• Two passport-size pictures, frontal with a white background, no glasses, bare head.
• Applicants will travel to Mexico City for fingerprints and questionnaire or interview.
• Proof of payment of the application fee is required.

The processing time for this procedure is approximately four to six months.

If you have any inquires about immigration to Mexico, contact us by email: contact@mexlaw.com

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Many foreigners invest in real estate in Mexico to benefit from the high returns on investment that this market offers, to enjoy their leisure time here by owning vacation property, to retire, or a combination of all of the above. Ironically, few foreigners give any thought to what will occur to their property in the event of death. The purpose of this article is to provide some insights on how Mexican Law will deal with property owned by foreigners upon death and, hopefully, will provide foreigners with some suggestions on how to deal with this situation.

A foreigner with property in Mexico who dies will have their property distributed to their legal heirs, depending on whether they die without a Will (ab intestate), with a Mexican Will, or with a foreign Will.

If a foreigner with property in Mexico dies without a Will, the law provides that their property is divided proportionately between their legal spouse (and not common-law spouses) and their children. The process is complicated and requires the translation and certification of foreign documents such as marriage certificates, marriage contracts, birth certificates of the children and, if they are minors, the representation of those minors by an independent tutor in Mexico. The process can take more than a year to resolve and the property, in the interim, needs to be administered until they are transferred to the rightful heir. The cost can be considerable.

A foreign Will is legally valid in Mexico. However, it is inconvenient and it can be costly to have it recognized and acknowledged in this country. The process to have a foreign Will recognized in Mexico is as follows, the steps need to be done consecutively and in order: the Will needs to be probated in the jurisdiction or residence of the deceased; once probated, the Will must be legalized in Canada, or apostilled by the Secretary of State in the United States. Other countries have the same process but different government authorities will have the documents apostilled.  

Once this is accomplished, the certificate of death, the Will and the Probate decision must be sent to Mexico to be translated into Spanish by an official translator in the state and district where the property of the deceased is located. This technically constitutes a second Probation of the Will were a judge acknowledges the testator’s directions and, in some cases, will require the presence of the heirs or representatives in Mexico during the reading of the Will.   A judgment is then issued instructing notaries (for real estate) or financial institutions (for bank accounts) to transfer the property to the name and benefit of the heirs.  It can take six to nine months or more for this process to be completed and the costs are determined by a percentage of the value of the assets being transferred (one to three percent) plus expenses, if any.

With a Will made in Mexico, the process is simplified and the delays are shortened. If a foreigner owns property through a Bank Trust, the Trust Deed provides the names of the first and second beneficiaries of the Trust.  In that case, a certificate of death needs to be provided to the Bank Trustee who then is required to change the name of the Trust to the benefit of the named beneficiaries. Property held through a Bank Trust is not included or referred to in a Will made in Mexico. For other property, including real estate that is not held within a Bank Trust, a Will made in Mexico identifies the beneficiaries (general heirs that inherit all the property) and specific legatees (individuals that inherit an identified item or amount of money).  It also appoints an executor who will administer the property until it is transferred to the heirs and will assist the notary with this process.

A foreigner needs to go before a Notary in order to grant his/her Will made in México. Lawyers can act as legal counsel and advise foreigners on how to structure their Wills, transfer their property and consider certain fiscal consequences on the transfer of property. Most lawyers prepare the Will on behalf of their clients, in Spanish, explain the contents to their clients in their language of choice and then have a Notary register it to give it full legal effect. The Will needs to be signed in the presence of the Notary.

There are three steps to follow to Probate a Will made in Mexico. The first step is called Radicación where the Will is opened and the Notary reads it to all the beneficiaries in the presence of the Executor. The Executor of the Will is recognized and acknowledged and they must accept this position as administrator. Beneficiaries need to accept or refuse the inheritance of the estate. The second step is the publication or edictos. At this stage, the Notary will send an official document to two publications that are wildly circulated in the State where the Will is opened and also to the official newspaper of the State informing the general public of the existence of the Will, and to provide them with the right to claim an interest against the estate. If no-one files a claim within 40 working days, then the process will continue to the third and final stage. The final step is referred to as the escritura de adjudicación where the property is officially transferred to the name and benefit of the heirs.

If there is a claim against the estate, or if there are any minors involved, then the process is referred to the local courts who will decide on the claim or who will assist the minors for the transfer of the property.

Finally, property transferred on death is not subject to any capital gains in Mexico but, in some cities, will be subject to transfer duties if it is real estate.

Understanding who will inherit your property in Mexico requires careful consideration and proper legal guidance. The process can vary significantly depending on whether you have a Mexican Will, a foreign Will, or no Will at all, and each scenario comes with its own set of challenges. To ensure that your wishes are honored and that your heirs face minimal complications, it’s crucial to have expert legal advice. Mexlaw is here to assist you in navigating these complexities, offering personalized support to safeguard your investments and secure your legacy. Reach out to Mexlaw today to learn how we can help you protect your property in Mexico.

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Whether you are a Mexican national, a Mexican resident or a foreigner, if you are selling your property in Mexico, you may be liable to pay a capital gains tax.There are ways to reduce or claim exemption from capital gains. Before you complete the sale of your property, you should seek the advice of an accountant in Mexico. The assessment of capital gains tax in Mexico can be complicated and changes over the years.

Deductions vs. No Deductions

The rate of capital gains tax varies greatly and must be reviewed by an accountant to ensure you receive the largest deduction possible. For example, with no deductions, the tax may be assessed at 25% of the gross sale of the property. Or, it could range from 1.92% – 35% of the profit.

Pesos not Dollars!

All real estate transactions are recorded in Mexican pesos, regardless of whether you negotiated the purchase price and paid for your property in USD or CAD. You must consider the official exchange rates when calculating a gain. Let’s say you bought your property on January 1, 2010 for $100,000 USD and you sold it on January 1, 2023 for $100,000 USD. In USD, it appears there is no gain. However, you must use the exchange rate provided daily by the The Diario Oficial de la Federación to convert the purchase and sale prices into MXN.

Exchange rate 1/1/2010: $13.0437 x $100,000 USD = $1,304,370 MXN

Exchange rate 29/4/2024: $16.9615 x $100,000 USD = $1,694,150 MXN

Capital Gain = $389,780 MXN or $22,980.27 USD

*The exercise is for explanatory purposes only. We recommend contacting us to review each specific case in detail.

Mexican Resident vs. Non-Resident

There are significant benefits to having permanent or temporary residency in Mexico when it comes to reducing or being exempt from capital gains tax. A non-resident without an RFC or CURP will be liable for 35% capital gains tax. As a property owner, you should consider obtaining Mexican residency in order to reduce or even eliminate your tax liability should you decide to sell your property.

As a foreigner with Mexican residency, you receive the same consideration and benefits as a Mexican national which means you may be eligible for a complete exemption of capital gains. If you are able to prove that you are selling your primary residence and that you have resided in the home for a minimum of three years, you may be eligible for the exemption from capital

gains. Additionally, you must have an RFC (Mexican tax ID number) and CURP, and the property cannot exceed three times the size of the home.

As a Mexican resident, if you do not meet the above criteria for complete exemption from capital gains, you are able to still reduce your tax liability by applying deductions from improvements made on the property. You will be required to provide all official invoices (facturas) for property improvements and other related expenses such as broker fees, legal fees, and taxes paid. If you do not have an official invoice issued by the service provider and registered with SAT, the improvements and fees will not be eligible for a deduction.

Additionally, if you are a co-owner with your spouse, both you and your spouse can claim the property as your main residence and both can claim the deduction for a further reduction in capital gains.

The Role of Notaries

Notaries are responsible and liable for calculating and collecting the tax on residential transactions. Notaries may also interpret and apply tax laws differently. It is important to understand how the notary considers, for example, eligibility of deductions or residency status of the seller.

Sales of commercial properties are not handled by notaries and business owners should consult an accountant to assess deductions and tax obligations.

How a Mexican Tax Expert Can Help

Navigating the intricacies of the capital gains tax in Mexico is best handled by a professional. Our professional and experienced team of tax experts can review all of the requirements for deductions and exemptions to be sure you qualify and provide you with expert advice on steps to take if you don’t qualify for an exemption or reduction. Please contact our team today.

The post Are you planning selling your Mexican property? Don’t forget to consider your capital gains tax appeared first on MEXLAW.

The CURP, short for “Clave Única de Registro de Población,” which translates to Unique Population Registry Code in English, it is an 18 digit alphanumeric code, and is akin to Mexico’s version of a Social Security or Social Insurance number. It serves as a unique identification number assigned to each individual living in Mexico and remains unchanged throughout one’s lifetime.

If you are residing in Mexico and possess a  Temporary Resident Card or Permanent Resident Card, it’s crucial to understand that the CURP is now automatically generated and printed on your residency card as part of the residency application process. There is no longer a necessity to apply for it separately.

The CURP plays a vital role in various administrative procedures within Mexico. It is indispensable when applying for a Mexican driver’s license, registering a vehicle, seeking employment, obtaining an RFC (Registro Federal de Contribuyentes – a tax identification number), which would enable you to file taxes, start a business, or open a bank account. Furthermore, a CURP is required for Civil Registry matters and to access government services such as healthcare and the INAPAM senior discount program.

As the CURP is now automatically generated during the residency application process, it will be given to applicants along with their Temporary Resident Card or Permanent Resident Card. It is important to consider that although your CURP is already printed on your card, some agencies may require it in PDF format, which can be downloaded from: https://www.gob.mx/curp/

This update significantly streamlines the administrative requirements for residents in Mexico, eliminating the need for a separate CURP application and ensuring a smoother immigration process.

For any questions or assistance with immigration in Mexico, please do not hesitate to contact Mexlaw’s team of immigration experts for guidance and support. We are here to help you navigate through the process smoothly.

The post Getting a CURP Number for Foreigners with Residency in Mexico appeared first on MEXLAW.

“Vehicles should only be registered by foreigners holding a residence visa”

You should obtain a Temporary or Permanent Visa before buying and registering a vehicle as you will be required to provide a CURP number at some point, which you receive from having a Resident Visa.

In other incidents you may hear of the car dealer providing tourists with a generic RFC in order to make the sale, again we recommend you complete your immigration process and receive a valid CURP so then after you can request an RFC. Depending on the State the CURP should only be assigned through your residency and issued by INM Instituto Nacional de Migración, in person or online or by Registro Civil.  In Playa del Carmen INM issues the CURP.

If you are in the market for a used car and find one you are interested in buying be sure the seller can provide the original factura (receipt) of the car, you will need this receipt in order to register the car. If the seller does not have the original receipt, you should move on and find a different vehicle.

The seller should provide tax receipts for previous years if the seller does not have them you would have to go to the licensing center and pay for a print out of all the past receipts and pay the balance owed.

Preparing to Purchase and Register a Vehicle:

• Make sure the vehicle is not recorded as stolen by entering the vehicle’s information into this government website; https://www.repuve.gob.mx/repuve
• Get recommendations for a reliable mechanic to inspect the car before you agree to purchase it, it is very inexpensive and can save you a lot of grief down the road.
• The original invoice of the vehicle with the names and signatures of the previous owners written on the back, attaching a copy of their identification.
• Check the VIN and the registration to ensure it matches.  
• Ask for proof that the seller has authority to sell the vehicle.
• Tax receipts from previous years when the Tenencia was in effect, if the tax is outstanding, you will need to pay it before registering the vehicle.
• Before you pay for the car, the seller should attend the Registration office with you to do the transfer of ownership. The Playa del Carmen office is located at 15th Ave., at 1st Street Sur.
• Bring original and copy of your passport, residence visa,
• Proof of address, a utility bill, title deed, or rental contract.
• CURP Clave Única de Registro de Población (Unique Population Registry Code).
• Buy insurance; it is mandatory to have liability insurance for your vehicle. Choose a policy which includes a bail bond and legal representation in the case of an accident and injury. If you are in a serious accident you will be detained, be sure to purchase insurance from a broker who is available if you need assistance.
• It is essential to consider that the vehicle registration tax is annual, and the change of license plates is made every 3 years, depending on the year of change of plates, the payment must be made.

Buying a new car at the dealer may be a less complicated option, with the benefits of a new car warranty, guaranteed to be free of liens and some car dealers have been known to do the registration for you for a fee.

If you are interested in learning more about the residency process in Mexico or are ready to apply for your Mexican residency, please contact Mexlaw’s Immigration Services Department today: contact@mexlaw.com

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The condominium regime is a document granted by a Notario Publico and recorded in the Public Property Registry, and until the developer has received the regime, the new buyers do not have legal title to the property. In some instances this process can take up to six months.

Once the state and local municipalities approve the project, the regime is the legal approval issued by the government.

The regime contains the rules and regulations of the development. It also includes the legal documents of the property including location, description and measurements of the property, including the private units and common areas of the complex. The regime also contains construction or renovation permits, licenses, the blueprints, a common shares table, and the appraisal.

Detailed procedures are outlined in the regime regarding the collection of maintenance fees and the reserve fund, including the amount and schedule of payments, as well as the processes of voting on a surveillance committee, holding assemblies, bylaws and the process for changing or updating the bylaws, the rules of common areas, and any issues foreseen by the law and the condominium regime.

It should contain detailed rights and obligations of the owners, providing the legal description of the private units and identifies the percentage of the common property corresponding to each owner. This rate is typically used to determine the voting right the owner has in the assemblies and defines the co-owners’ common property expenses/fees.

The condominium regime is constituted on real estate that because of its physical characteristics, allows its owners both the exclusive use of the private property, as well the use of the common areas which are undivided. It grants each condominium owner exclusive property rights over the individual unit, as well as the right of co-ownership of assets regarding common areas or facilities.

The condominiums may be of progressive social housing type, social interest, residential, high residential and country, industrial or agro-industry, supply, trade, services and mixed.

According to the nature of the development, the condominiums will be of private order – those that constitute the private ones, and of public order – those established by institutions or public agencies of the federal government, the state or municipalities.

The condominiums by their structure may be:

1. Vertical condominium: the modality in which each condominium owner is the exclusive owner of a floor, apartment, house or premises of a building, and also co-owner of its common elements or parts, as well as of the land and facilities of general use.
2. Horizontal condominium: the modality in which each condominium owner is the exclusive owner of an area deprived of the land and, if applicable, of the building that is built on it, while co-owner of the areas, buildings, and facilities of common use.
3. Mixed condominium: the combination of the same property of the modalities indicated in the previous fractions.

The condominiums shall be administered by a management committee or by an administrator appointed by the General Assembly, for a determined time, except when the designation is in a condominium, in which case it shall last from one to three years, determined by the assembly.

All joint owners are obligated to contribute to the constitution of the administration and maintenance funds and reserve funds, as well as to cover the quotas established for that purpose by the assembly. Delinquent owners will be subject to legal action and risk the loss of their unit.

Condominium property regimes and condominium assemblies are of paramount importance to organize and coordinate a condominium, including the owners of each unit and achieve a harmonious environment.

For information about legal counsel and condo associations email contact@mexlaw.com

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Getting Possession of the Original Title Deed

Get that title deed in your hands; five to six months after both parties sign the title deed, your lawyer or the Notary must provide you with the original title deed.

The original title deed includes the boleta de registro with the folio number; this document guarantees the title deed has been registered in the Public Registry of Properties. In their files the last information will be the transfer of rights in favor of the purchaser.

Annual Payment on the Trust

Begin paying the annual fees to the fiduciary; the amount depends on the bank trust. Your lawyer can provide the contact information of the fiduciary to request the invoice which must be paid each year to comply with the obligations of the trust. The annual fees will vary between $400.00 to $600.00 USD depending on the bank and the property and may be paid by wire transfer. Confirm with your lawyer the bank trust account number and verify the due date of your annual fee. You may never see an invoice, so it is essential to keep track of your due date to avoid late fees and always keep your receipt as proof of payment. Some foreign property owners hire an accountant or property manager to take care of their property financial obligations; it is imperative you follow up and request proof of payment that your taxes, fees or utility bills have been paid.

Condo Fees

If the newly purchased property is in a condominium development, you must contact the administration office to coordinate your condominium fees which are paid monthly.

Attending Condominium Assemblies

If the property is in a condominium, you should attend the assemblies along with the other owners in order to voice your opinion and vote on major decisions concerning your new home.  You will need to vote on the budget and determine the amount that each owner must pay for the monthly condominium fees, the reserve fund and also to ensure you stay informed of any issues that may arise in the complex.

Predial Property tax

Property taxes must be paid annually. When the parties sign the title deed, the seller will provide a copy of the property tax to prove it is paid up to date and the purchaser will take over the payments for the following year. Review the invoice at the municipality or online. Confirm the property location and name on the deed. The property owner will be registered to the bank if it was purchased through a fideicomiso. Make sure the Cuenta Catastral is the same as the account number on your deed.

We recommend paying property taxes in December since the municipality provides a discount of the 20% or 25% if you pay the full year in advance. Property managers, real estate agents, your lawyer or a friend can make this payment if you are not in Mexico during this time, but again, request proof of payment. Keep your receipt from the property tax with your title deed.

Insurance

Purchase home insurance. Consult a reputable Mexican insurance broker to review your options. If you have purchased in a condominium obtain a copy of the master HOA insurance policy. This will help you determine which policy you require to protect your personal unit. Consider hurricane coverage, water damage, rental liability and loss of rental income coverage.

Employees

If you are employing workers in your home, you need to research the social security and benefit requirements. Mexico has strict labor laws which generally favor the worker; it is important to understand your obligations as an employer.

Hire an Accountant

Starting a home business or renting out your home? Consult with the accountants at Mextax, a professionally trained accounting team who will manage your personal and business tax and accounting obligations in Mexico with consideration of your country of origin’s requirements.

contact@mextax.com.mx

The post You Have Purchased Property in Mexico, What’s Next? appeared first on MEXLAW.

In order to create a new trust, there will be added fees and the cost of extinguishing the current trust.

Anytime a person accepts to carry out an assignment of bank-trust rights they agree to comply with all the conditions and obligations established in the bank trust already created.

Currently, the duration of a bank trust for property located in the restricted zone has a term of 50 years. For that reason, it is imperative to verify the remaining years of the trust before proceeding with the transfer of rights. If the trust is close to expiring, it will be necessary to renew a permit for another 50 years, and this procedure may generate expenses for the new owner.

Typically, the process is straightforward and sometimes can take less time than creating a new bank trust. To carry out an assignment of bank trust rights, the Fiduciary (bank) must be involved since it is established within the clauses of any bank trust that the (fiduciary) bank must be notified and provide its approval.

In the same way it is necessary to hire the services of a Mexican Notary Public who will be responsible for preparing the title deed and carrying out the finalizing procedures, including payment of expenses and taxes, registration of the new title deed before the Public Registry of property (Registro Público de la Propiedad).

The requirements that must be taken into consideration before carrying out an assignment of bank trust rights are:

• The seller must provide an original letter with instructions to the bank to notify their desire to sell the property, the letter depending on the circumstances must be authenticated before a Mexican Notary Public, Apostilled or Legalized in order to take legal effects.
• The seller must be up to date in the payment of the annual fees of the bank trust.
• A fee must be paid to the bank for the signature of the assignment of bank trust rights, as well as for the presentation of notices to the government authorities which oversee the bank.
• Provide information and documents of the new owner and of the person that will be the beneficiary of the bank trust in case of death of the new owner.
• Obtain a copy of the instruction letter issued by the bank to the notary in which the bank expresses its agreement to proceed with the assignment of bank trust rights.

The other option for the seller is the extinction of bank trust, if the property is being sold to a Mexican citizen or Mexican corporation the trust is no longer necessary, or if the trust is close to renewal the buyer may choose to create their own bank trust. In these cases, the trust will be extinguished.

Please note that is very important to have the written approval of the bank trust sent to the notary or parties involved in the transaction before the parties sign the title deed before the notary public.

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