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Making the dream of owning a home in Mexico come true will take some time… Read this to avoid delays in the process. Anita De Cou, Closing Coordinator at Top Mexico Real Estate, gives you a timeline so you can go through the process smoothly and have everything ready to sign at the notary.
The closing process is the time between making an offer to the physical delivery of the unit and signing the deed. For a foreigner, this takes between 40 to 45 days, although sometimes it can be less if it’s a slower time of the year when the notary and the bank are not that busy.
Please note that if you’re purchasing pre-construction, this time will depend on how long it takes to build the property, but if it already exists it takes about two weeks to create a promissory contract or a purchase agreement, and then about 30 days to get the Fideicomiso (bank trust) done, or to set up a Mexican Corporation.
In order to have all the documents ready prior to signing at the notary, you need to file your documents for the bank trust or Mexican Corporation about 30 days before closing. Find out either at the bank or with your lawyer, what you need regarding paperwork and documents for the beneficiaries. You must also get all the no-lien and no-debt certificates.
About two weeks before closing, the lawyer or the notary will give you a final cost and ask you to make the payment for any balance left on the property, and whatever fees are still to be paid to the notary.
On the signing day
When you come to the signing you must bring your and your partner’s passports (provided you’re purchasing the property together), a proof of address – which is normally a driver´s license for Americans and Canadians, and your immigration documents, which is either your visa card or your temporary or permanent residence card
Taking physical possession of the property
For a pre-construction purchase, you will do a walk-through, usually at the time of closing. During this walk-through, you make a list of items that you feel need to be addressed in the property. The standard is that the developer has 30 days to address those items.
If it’s a resale, typically you will do a walk-through the day before or the same day as the signing, and that is just to ensure that the property is in the same condition as when you saw it before and that all the included items, if any, are in place.
No surprises, please…
If you have to make a payment during or around the signing day, make the appropriate arrangements for the payment to be done when you want it to.
Depending on your bank, you might not be able to get money wired just with a phone call. Some banks might take several days to wire the funds or require you to be in person at the bank in order to make the transaction. There could also be a limit on the amount of money that can be transferred on a single day.
Because sellers will not want to sign until they receive full payment, make sure to find out the transfer conditions of your bank and ensure that you won’t have any unpleasant surprises on your big day.
Learn more about the closing costs in Mexico. Download our report!