The closing costs in Mexico change on a case to case basis, they are a combination of percentages and set fees, as a consequence, the higher the purchase price is, the lower the percentage will be. Typically, the range will be between 6 to 9 % of the purchase price, which include, notary fees, taxes and duties, trustee bank fees, among others. It’s worth mentioning that the closing costs might be higher in Mexico compared to other countries, however, once you are a homeowner, you will notice that recurring utility bills are very low, such as property taxes, where on a 300-thousand-dollar property, you might be paying from 200 to 400 hundred dollars a year.Please consult with Title Solutions in order for us to provide you with an accurate estimate of closing costs.

Typically, yes, because you will be formalizing the deed that transfers title, however, through a limited power of attorney you can designate an individual to execute the closing documents on your behalf. Title Solutions will be happy to prepare and send with instructions the power of attorney for its execution.

The answer is Yes, the real estate transaction is composed of legal documents that need to be revised. In addition, the attorney must explain what are the legal and financial obligations that as buyer or seller will be assuming.

Transferring title is simple.

First, you will need certain documents to prove ownership and later execute a purchase and escrow agreements with the potential buyer. Once such documents are executed a closing date will be set, date when all parties will execute the deed that officially transfer title to a buyer, ending with this last phase of the real estate transaction.

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The Notary Public in Mexico plays a different role from the ones in other countries where they are limited to witness the execution of a document. In México, the notary is an attorney, a government appointed official who grants public faith and is responsible to produce the deed that transfers title to a buyer. In addition, the notary has the obligation to calculate, retain and pay taxes on behalf of both buyer and seller and supervise the recording of the deed in the public registry.

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The timeframe for closing depends on the property that Is been purchased. If it’s in pre-construction, the developer wouldn’t have a finished product nor the legal documents to transfer title, therefore the closing date could be up to 24 months, however, if there is finished product and legal documents are ready, the closing timeframe can be from 30 to 45 days depending on the agreement of the parties.

The condo regime is a legal document that individualizes private units and designate common areas, this document is mandatory prior to a developer transferring title. If you are acquiring in a pre-construction phase, the developer must formalize the condo regime prior to transferring title.

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The purchase agreement is the legal basis of the real estate transaction, such document must be clear, not subject to interpretation and the obligations assumed by both buyer and seller must be very well defined. Such document must contain key elements, such as name of buyer, seller, description of the property, purchase price, payment schedule, delivery dates, penalty clauses, among others. Please contact Title Solutions in order to prepare and/or review the proposed purchase agreement.

Escrow is one of the most important aspects of the real estate transaction, the Escrow agent will receive, hold in custody and release funds based on the terms and conditions agreed by both buyer and seller. Escrow is a great tool, it provides financial security not only to buyer and seller, but as well to lenders, realtors or any other party that has a financial interest.

Escrow is a very delicate service since it’s the handling of cash, reason why, its most important that the parties are 100% protected from a legal and a financial aspect, the escrow accounts offered by Title Solutions are not only regulated, but supervised and audited by the banking commission.

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