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DETAILS TO FILE A NEW OR EXISTING BANK TRUST:
LEGAL REQUIREMENTS FOR TRANSFERRING AN EXISTING TRUST:
1. – Address a “letter of instructions” signed by one of the owners, instructing your bank that you wish to transfer your property, describing his name, property location, etc.
2. – The bank at the same time will instruct a local Notary (your choice) to draw and proceed with a transfer.
3. – You will need to show proof of the following documents:
a) Current appraisal
b) Certificate free of encumbrances.
c) Certificate free of taxes
d) Recording certificate showing you are the current owner
e) Depending on the appraised value, you might be liable to pay “capital gains” taxes. However, if you can provide a utility bill under your name for at least two years, there will be a substantial reduction.
f) New buyer is liable to pay an “acquisition” tax, depending also on the current appraised value.
g) Notary’s fees are set, depending on the current appraised value and not in the normal transaction price.
h). An FM-T might fit the legal terms of transfer (you must check with Notary), if he accepts this document. Otherwise, you will need to show a current FM-3
An FM-T Visa is obtainable at any Tijuana or Otay border crossing on the Mexican side and is valid for six months and this is called a (Multiple entry visa). a current U.S. passport is required for this transaction.
For your convenience, our office can offer this kind of service for a minimal fee.
ADDITIONAL BENEFITS: For those who are becoming new owners: If you have an official FM-3 and you want to bring all your personal household property, you may do so ONLY one time (inquire for details).
MORE BENEFITS: For those who are buying or selling, there is a requirement to meet the legal requirment to show an FM-T (temporary visa) that will accommodate Notary’s requirements while transferring/closing property.
BENEFIT TO REDUCE CAPITAL GAINS: When you become a new property owner and obtain your final Bank trust, it is highly recommended to immediately change the current name (s) in ALL utility bills. This will definitely help you minimize your “Capital Gains Taxes” when you decide to sell in the future.
Of course, you may do all these steps yourself or with the assistance of your Realtor, but if you want to save money, let us know at your earliest convenience. We are prepared to help you.
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