What rights and obligations does the beneficiary assume upon the celebration of the trust deed?
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 your beneficial interests to another person or corporation, or performing any of the acts that by law derive from the ownership. 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 the payment of the federal and local taxes and fees that arise from the transfer of Beneficiary rights. You will have the obligation to pay the duties on the land, i.e.: real estate and water service taxes, the condominium maintenance fees, if applicable, as well as the Trustee’s annual fee. You are also obliged to pay once a year mexican property tax, which is very low compared with the property taxe
