The following is a deal time line guide that will be very helpful in allowing you to keep track of what phase of your deal we are in. Please print or save this page to your favorites so that you can refer back to it often J Thanks! Eli
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 circumstances 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. (Keep in mind that in the USA and Canada the offer typically becomes the legal contract. Here the offer is first negotiated and the next step is the legal sales contract.)
2.) Negotiate price and terms of offer.
3.) Meet with 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. (We recommend Stewart Title Riviera Maya for your closing specialist. If you are on your way out of town, don’t worry! The rest of the process can be done via email, phone and wire transferJ)
4.) When the offer to purchase is accepted make earnest money deposit in escrow account provided by 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 provided by the closing specialist will draft a legal purchase contract for you. Both purchaser and seller shall sign the agreement and the deal plan begins.
6.) 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 just before closing.
7.) Follow the format for the deal plan outlined in the contract regarding deposits that should be made to escrow account or sellers account and any other tasks that should take place
8.) Close the deal. Meet in person or through a power of attorney to sign the Escritura or deed and simultaneously pay all outstanding balances. Congratulations! J