THE FOLLOWING OUTLINE IS VERY IMPORTANT INFORMATION PLEASE PRINT OR SAVE THIS PAGE TO YOUR FAVORTIES SO THAT YOU CAN REFER BACK TO IT OFTEN:))
TIMELINE OF EVENTS FOR PROPERTY PURCHASE IN MEXICO/PURCHASE PROCEDURE FOR NON-MEXICANS
1.) MAKE A WRITTEN OFFER CONTAINING DETAILS OF PRICE, DATES, CONDITIONS, ITEMS INCLUDED OR EXCLUDED, SPECIAL CIRCIMSTANCES ETC. ACCOMPANY YOUR OFFER WITH EARNEST MONEY CHECK TO BE USED AS AN EXAMPLE OF GOOD FAITH. ATTACH A COPY OF YOUR PASSPORT TO THE OFFER.
2.) NEGOCIATE PRICE AND TERMS OF OFFER.
3.) MEET WITH MEXICAN ATTORNEY, NOTARY OR CLOSING SPECIALIST TO RECEIVE AND ESTIMATE OF CLOSING COSTS AND FILL OUT FORMS FOR YOUR TRUST OR FIDEICOMISO. PREPARE POWER OF ATTORNEY DOCUMENTS IF YOU WILL NOT BE IN TOWN TO SIGN DOCUMENTS.
4.) WHEN OFFER TO PURCHASE IS ACCEPTED MAKE EARNEST MONEY DEPOSIT IN ESCROW ACCOUNT PROVIDED BY ELIMAR PROPERTIES OR CLOSING SPECIALIST OF YOUR CHOICE VIA BANK WIRE TRANSFER. THE ORIGINAL CHECK THAT YOU USED FOR GOOD FAITH WILL BE RETURNED TO YOU.
5.) AT THIS POINT A LICENSED MEXICAN ATTORNEY WILL DRAFT A LEGAL PURCHASE CONTRACT FOR YOU. PURCHASER AND SELLER MUST BOTH SIGN ORIGINAL COPIES AS FAX SIGNATURES ARE NOT CONSIDERED LEGAL IN MEXICO THAT IS WHY MANY TIMES A POWER OF ATTORNEY IS NECESSARY AS THE CONTRACT USUALLY TAKES AT LEAST A FEW DAYS. THE LEGAL FEE FOR THE CONTRACT IS USUALLY INCLUDED IN YOUR ESTIMATE OF CLOSING COSTS.
5.) YOUR ATTORNEY WILL INITIATE PROCESS OF THE BANK TRUST OR FIDEICOMISO BY COLLECTING A 50% OF CLOSING COSTS FEE FROM THE PURCHASER THE BALANCE WILL BE DUE AT CLOSING WHICH CAN BE AS EARLY AS 3 WEEKS FROM THE SIGNING OF THE LEGAL SALES CONTRACT AND DEPOSIT OF 50% OF CLOSING COST PAYMENT.
6.) FOLLOW THE FORMAT OR TIMELINE OUTLINED IN THE CONTRACT REGARDING DEPOSITS THAT SHOULD BE MADE TO ESCROW ACCOUNT OR SELLERS ACCOUNT.
7.) MEET IN PERSON OR THROUGH A POWER OF ATTORNEY TO SIGN THE ESCRITURA OR DEED AND SIMULTANEOUSLY PAY ALL OUTSTANDING BALANCES.
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