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Making the Closing

Retaining legal counsel

32. Do I need always retain legal counsel?

33. Can I hire an Attorney from USA or I need to hire one in Mexico?

34. Who is a good Attorney to hire?

35. What are the fees of a Attorney?

Escrow account

36. What is an Escrow account?

37. Can I use an Escrow Company?

38. Do I always need an Escrow account?

39. Who can do this service for me in Mexico?

40. Do I need to tell the seller that I'm going to hire an Escrow account?

Contract

41. What is a Reservation Agreement?

42. What is a Purchase Contract?

43. What are other names for a Purchase Contract?

44. Who reviews this document?

45. Who signs this document?

46. Do we need a Notary Public for the signing of the Purchase Contract?

47. What items should this document contain?

Property documentation

48. What are all the steps/documents needed for a closing?

49. Who should be responsable in collecting these documents?

50. How do I know that all this documents are legally correct?

51. What happens if the owner don't have all the documents?

52. What's the appraised value of a property?

53. What's the assessed value of a property?

54. What's the difference between an Offer and a Purchase Sale?

55. Private title search Do I need title insurance?

56. What is a private title search?

57. Who can provide me this service?

58. What is the cost of this service?

59. Should I need to tell the seller that I'm doing private title search?

Bank Trust or Mexican Corporation

60. What is a Bank Trust?

61. Who can provide me with this service?

62. What is the cost of the Bank Trust?

63. Can I legally own property without a bank trust if I have an FM2?

64. What can the foreigner beneficiary expect from the Trust Agreement?

65. Is the Trust Renewable?

66. Do I lose possession of property after 50 years have traspased?

67. What happens to my "Fideicomiso" if the bank fails?

68. How does the trust function?

69. Are there additional fees for the Bank Trust?

70. Who is involved in a Bank Trust?

71. What is the First Beneficiary in the Bank Trust?

72. What is the Second Beneficiary in the Bank Trust?

73. Permission from the Foreign Secretary's: office What is this permission and why do I need it?

74. How can I get this permission?

75. What do I need to get this permission?

Notary Public

76. What is a Notary Public?

77. What are the Notary Public's responsibility during the property transaction?

78. Does the Notary Public need to be from the city where I'm making my purchase?

79. Do all the Notery Public provides the same service?

81. What are the fees of a Notary Public?

82. Which are the Taxes that the buyer needs to pay?

Taxes

83. Which taxes are paid in a closing?

84. How much is the transfer tax?

85. What are the property taxes for Mexico area and that general region?

86. Who pays the Capital Gains Taxes?

Payments

87. How much cash can I bring with me from my original country?

88. Do I need to be present for the signing of the title transfer?

89. When buying or selling a property in Mexico, who pays the closing costs?

90. How should I pay the seller: wire transfer or cashiers check?

Public Registry

91. What is the Public Registry?

92. When do I receive my Title?

93. Will I own title to the land?