We know that often it takes time to obtain your bank trust. In fact, we had to be diligent ourselves for several years to get the trust on our own house. During this time period it can be easy not to follow up with the attorney or notario handling the paperwork, we all get busy and sometimes put things on the back burner.
*If you have not received your bank trust, we want to encourage you to please continue to follow up with the attorney that handled your closing. Often we hear “but no one has contacted me” and yes, that is probably true. In Mexico, it is the cultural standard that everyone is responsible for themselves and that holds true for the seemingly overwhelming amounts of paperwork, for any and everything.
*If you have received your bank trust, we want to make sure that you are paying the annual fees to the bank that holds your trust, Bancomer, Interaciones, Santander, etc. Sometimes the banks send out reminders by email or snailmail but most often not and again, you are responsible for making the payment. The banks will charge a late fee and continue to do so for every year not paid. This can be very expensive and a very unpleasant surprise. Another way you may incur a late fee is by not paying in the month due. Just because your neighbor’s is due in January does not mean your is, yours may actually be due in September.
*If you have financed your property through an owner carryback, you are responsible for paying the bank trust fees, even if the seller still holds the bank trust in their name. As you have been legally granted the right of use and enjoyment of the property, you have also been granted the responsibility of paying all fees, like property taxes, electric bills, water and garbage service and bank trust fees.
*Another point is to make sure that the bank trust fees you are paying are actually for you and your property. The bank issues you a “bank trust number” which is how the bank identifies you for payment. This is different than the Escritura number on your bank trust. We have seen where a bank identification number is off by a number or two and the fees were being paid for a different property. When you pay your fees, ask the bank teller for the name on the account and make sure it is yours.
New property owner? Click here for information regarding your responsibilities as a homeowner in Mexico.
If you are interested in using an attorney to help you with legal and banking inquiries, please feel free to contact us for a referral. Attorney fees will vary depending on how extensive the inquiry and process may be.