What rights and obligations does the beneficiary assume upon the celebration of the Mexican trust contract?
As the Trust Beneficiary, you will have the use and possession of the property, that is, you may live on the land, undertake any alterations and improvements. You also have the capacity to instruct the Trustee on mortgaging the real estate, renting it, selling, transferring it in to your beneficial interest to another person or corporation. If you sell the property to another foreigner, you may assign your beneficial interest to the new purchaser. This assignment of rights must be formalized before a Mexican notary public, prior to the payment of the federal and local taxes and fees that arise from the transfer of beneficial rights. You will have the obligation to pay the duties on land, i.e.: Annual property tax, condominium, maintenance fees, water, electricity, annual Trustee fee, ETC.
