{"id":17286,"date":"2019-02-12T15:47:00","date_gmt":"2019-02-12T20:47:00","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/blog\/?p=17286"},"modified":"2019-02-12T15:48:54","modified_gmt":"2019-02-12T20:48:54","slug":"real-estate-closing-process","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2019\/02\/real-estate-closing-process\/","title":{"rendered":"Real Estate Closing Process: Everything You Need to Know"},"content":{"rendered":"

Now that you have finally found your dream home, it\u00e2\u20ac\u2122s time to exchange ownership of property. This can only happen once the Offer to Purchase, the Promissory Contract and the Sales Contract<\/a> have all been accepted, along with the funding of the escrow account<\/a>. After both the seller and the buyer have come to full terms, the closing process should take no more than 30 to 45 days. The time frame mostly depends on having a clear title and having all the closing paperwork done correctly and in a timely manner.<\/p>\n

The Closing Process is Not so Simple<\/h3>\n

You can help the closing process along by doing certain things. If you\u00e2\u20ac\u2122re not a Mexican citizen, then it will be necessary for you to find a trustee bank to hold title of your newly-acquired property. A one-time processing fee of approximately $600 USD will be charged to set up the account. You will also need to cover an annual fee, paid in advance at closing to maintain the trust. This annual fee on average is of $500 USD plus an IVA tax (VAT) of 16%.<\/p>\n

Legal Counsel is Essential<\/h3>\n

\"Lawyer\"<\/p>\n

Most buyers seek legal counsel specialized in foreign real estate transactions. This helps keep the scheduled closing on point. To do this, you will need to make sure that all the proper certificates, permits, registrations, tax assessments and other required paperwork are ready to go. The list below will outline the basic forms and their average cost that will be the buyer\u00e2\u20ac\u2122s responsibility.<\/p>\n