Closings For Buyers

December 30, 2019 admin 0 Comments

Click here for the Closing Fideicomiso Application for Buyers.

These are the steps which generally need to be followed after your offer has been accepted.

Step 1

Buyer and seller submit personal information and information about the property to be transfered.

Review and approve the Estimate of Costs for the transfer. Wire transfer the funds required for the initial part of the closing process.

Step 2

Choose your Transaction:

  • Bank Trust (Fideicomiso)
    Pronounced “fee-day-co-miso”, this is the trust document that is required for non-Mexicans who purchase property in the “restricted” zone; along the coasts and borders of Mexico. FOR FURTHER DISCUSSION OF THE BANK TRUST CLICK HERE.
  • Assignment of Rights
    When the property being purchased is already in a trust the Seller of the rights in the trust may simply transfer his/her rights in the property. Trust remains with the same bank and expiration date for the term of the trust does not change.
  • Purchase in Fee Simple
    Property may be acquired by a foreigner in the interior of Mexico in a direct deed without the need for a bank trust (fideicomiso). Non-residential property in the coastal and border areas may also be acquired by a Mexican corporation with 100% foreign capital in a fee simple deed, without the need for a bank trust.
  • Mortgage
    This transaction may take place if you obtained a loan on a Mexican property from a Mexican or foreign individual or corporation.
  • Extinguish Current Trust and Create a New One
    In the event you do not wish to acquire the rights in an existing trust (through an Assignment of Rights), we can request cancellation of the old permit and obtain a new one with a term of fifty years.
  • Trust with Pledge Guarantee
    This takes place when the seller or an independent lender makes a loan secured by the property. Buyer receives title and possession, subject to payment of the remaining balance to the seller or the lender.
  • Change Trustee Bank
    Among other rights you have under a Mexican Bank Trust (Fideicomiso), is the right to change the trustee (the banking institution) in the event you decide to do so.
  • Other
    You may have a need for one of many other services which we may be able to provide for you. Please e-mail us a description of your needs as fully as possible. We will be pleased to provide you with information and/or suggestions as to how to resolve your situation. Contact us.

Click on the name to see a brief description of what the transaction is about.

Please Read All 9 Steps Before you hit GO to customize your transaction!

Step 3

Sign registration and consent to fax forms.
Sign Settlement Instructions.
Request a title investigation.

Step 4

Certificates and permits are ordered.

Step 5

Appraisal is ordered.

Step 6

All documents, including bank instructions to the Notary Public are reviewed for accuracy.

Step 7

Verify Seller’s Capital Gains Tax. Inform Seller and Buyer of the amount to be set aside for this purpose.

Step 8

Review the draft of the deed. Coordinate the signing of the deed by the Seller and the bank. Order title insurance. File preventative notice with the Public Registry office.

Step 9

Deed is registered in the property tax and public registry offices. Final accounting of all funds handled through The Settlement Company is prepared. This is sent to the Buyer, together with the deed, a translation of the pertinent parts, and, hopefully, a check for the overage.