The Notario Publico is a government appointed lawyer who processes and certifies all real estate transactions, including the drawing and review of all real estate closing documents, thus insuring their proper transfer.
Furthermore, all powers of attorney, the formation of corporations, wills, official witnessing, etc. are handled and duly registered through the office of the Notario Publico, who is also responsible to the government for the collection of all taxes involved.
In connection to real estate transactions, the Notario Publico, upon request, receives the following official documents, which, by law, are required for any transfer:
A nonlien certificate from the Public Property Registry based on a complete title search. A statement from the Treasury or Municipality regarding property assessments, water bills, and other pertinent taxes that might be due. An appraisal of the property for tax purposes.
Cost of the Fideicomiso
Based on a present tariff, the bank charges the person desiring the Fideicomiso an initial fee (approximately $700 US) for the drawing up of the agreement and establishment of the trust, plus a percentage according to the value of the property. In addition the bank charges an annual fee (depending on the value of the property) to cover its services as a trustee.