I have been asked this multiple times, can I switch banks, the reason usually is to save money or to have a functional relationship with the bank (Bancomer is too expensive and bureaucratic, Banorte is slow as a snail, HSBC is not taking any more business and is hard to reach).
Well, it is possible to switch banks by replacing your current one but it is not going to be cheap.
What is required:
- Paying a fee to the current holder of the trust and to the one stepping in.
- Getting a government permit and paying duties.
- Paying notary fees.
- Recording fees.
- Legal fees (if you retain the services of an attorney or closing agent).
So is it doable?
Yes, if you are with HSBC and or you have an old trust (one of the few 30 year trusts that are about to expire), also, if the property is to be put in the market you surely can afford to pay around $4,000 to $5,000 dollars now or risk having the transaction fall through since the 3 banks named are bound to take forever with their internal procedures.
Attorney at Law / Licensed Exclusively in Mexico
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