{"id":205,"date":"2009-05-07T02:34:27","date_gmt":"2009-05-06T19:34:27","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/temp-blog\/?p=205"},"modified":"2014-11-04T01:25:34","modified_gmt":"2014-11-04T07:25:34","slug":"the-mexico-real-estate-closing-process","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2009\/05\/the-mexico-real-estate-closing-process\/","title":{"rendered":"The Mexico Real Estate Closing Process"},"content":{"rendered":"

So, you have found your Mexico real estate property Or in my case, you have found a property in Yucatan<\/a>, we have negotiated and signed a contract, you have paid your Mexico earnest money<\/a>\u00c2\u00a0deposit and contracted with a notario\/attorney to handle your closing. You have decided to either utilize the Fideicomiso, corporation or both. Your attorney\/notario has copies of your passport, visa, the contract, and perhaps a POA from you to sign on your behalf.<\/p>\n

\"MexicoThe ball is now in your attorney’s court to prepare all the necessary documentation for closing. This documentation includes checking to see that there are no debts or liens against the Mexico property; that the taxes are paid, the meets and bounds descriptions are correct, title is clear, the property is in the name of the seller listed in your contract, order the permiso for your Mexico bank trust<\/a>(Fideicomiso) and\/or create your Foreign Owned Mexican Corporation.<\/p>\n

Typical closing time from signing the contract to actual transfer of title is a process of 4-6 weeks. If there are problems with the title or meets and bounds it may take longer. Usually the “Offer to Buy” purchase contract provides for an automatic extension of 90 days to acquire proper documents if there is a problem. Should the documentation problem take longer to rectify, the seller and buyer will need to sign a contract to amend the closing date.<\/p>\n

Most foreign buyers wire the proceeds for closing to the Mexico real estate agent’s earnest money account a few days prior to closing. If the Seller wishes to be paid in pesos, the realtor exchanges the proceeds into pesos on the day before closing and orders certified checks or cash to pay the seller and the notario. The realtor issues a final closing statement for review by the seller, buyer, agents, attorneys, and bank the day prior to closing.<\/p>\n

The Mexico notary public<\/a> will provide the buyer with a copy of certified escrituras at closing, after all signatures are collected. Afterwards, the notario will send the new escrituras to the office of the Catastro for recording of the new owner and title. The Catastro will then send the newly recorded title either back to the notario, the buyer, or the buyer’s agent or accountant. The Office of the Catastro is notoriously slow. It is not unusual to wait many months for the new escrituras.<\/p>\n

The offices of Catastro in the states of Yucat n and Quintana Roo are in the process of moving all the title and property tax information from paper files to electronic files that will be digitalized and stored electronically. This process has caused additional delays in receiving new title documents from the Catastro.<\/p>\n

Mitch Keenan <\/strong>has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. <\/em>www.<\/span>TOP<\/span>mexicorealestate.com<\/span><\/a> 512-879-6546<\/p>\n\n\n\n
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\"Page<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

So, you have found your Mexico real estate property Or in my case, you have found a property in Yucatan, we have negotiated and signed a contract, you have paid your Mexico earnest money\u00c2\u00a0deposit and contracted with a notario\/attorney to handle your closing. You have decided to either utilize the Fideicomiso, corporation or both. Your […]<\/p>\n","protected":false},"author":12,"featured_media":13467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[77,301,383],"tags":[404,1549,1555],"class_list":{"0":"post-205","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-how-to-buy-real-estate-in-mexico","8":"category-mexico-purchasing-process","9":"category-mitch_keenan","10":"tag-mexico-earnest-money","11":"tag-mexico-purchasing-process","12":"tag-yucatan-real-estate","13":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=205"}],"version-history":[{"count":2,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/205\/revisions"}],"predecessor-version":[{"id":9330,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/205\/revisions\/9330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/13467"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}