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Taking the Mystery Out of Owning Property in Mexico
The Closing Process
This is the moment that you have been waiting for since the start of your transaction
with much anticipation. You have been thru the credit process, the appraisal process,
the permit process, and the final approval process, and now it is time to fund
your loan. Before this last step is completed, there are a few details to be addressed.
Listed below is an outline of these items which will be discussed in more detail
in upcoming articles.
POA or No POA - Before you finish the transaction, you have to decide if
you will be available to attend the signing with the Notario
in Mexico or if you
will designate someone with a Power of Attorney to sign on your behalf. If it
is inconvenient for you to attend the meeting, Finance North America can assist
in providing a POA for you and walk you thru the steps to receive it.
The Closing Documents - Before you make your flight or travel arrangements,
it is important to review your closing documents to verify that all the terms
and conditions of the loan are correct and to determine the amount (if any) of
remaining closing costs to be wired to Escrow. As a standard procedure, Finance
North America will review the closing documents first and confirm with you that
everything is correct.
Required Documents - In order to sign a legal document in Mexico, you must
bring a valid passport and either an FMT, FM2, or FM3. The FMT is a tourist Visa
which is good for 6 months and you can obtain an FMT from a Mexican Consulate,
at the border crossing, or on the airplane. The FM2 and FM3 are for Immigrant
and Non-Immigrant status and are also valid for signing legal documents in Mexico.
Coordinating the Signup - When everything is ready, the closing agent will
coordinate the signing date with the Notario, the seller,
the Bank Trustee, and the buyer. Usually all will be present to sign the required
documents.
The Closing - At this time, if it is determined that remaining funds are
required for closing costs, the buyer will authorize
a wire transfer to Escrow. After all the items are signed, the Notario sends a confirmation letter to the lender that all
parties have signed the Title. The lender will then instruct Escrow to disburse
funds. The Notario is responsible for registering the
Title and in a few months will receive confirmation of the registered Title which
he will forward to the buyer.
Dream
Home.
Finance
North America - The industry leader, dedicated to providing our clients with exceptional
service and peace of mind through a safe and secure transaction insuring clear
title - free of liens, and risk aversion.
Finance
North America
Mortgages For Mexico Real Estate
www.FinanceNorthAmerica.com
Toll
Free from US/Canada: 866-Yes-4-Mex (866-937-4639)
From
Mexico: 001-858-481-4871
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