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PROCEDURE FOR THE VIRTUAL CLOSING OF A PURCHASE SALE TRANSACTION (Escritura de Compra - Venta) A NEW TRUST (“FIDEICOMISO”) OR UNDER AN ASSIGNMENT OF RIGHTS IN AN EXISTING TRUST (CESION DE DERECHOS)

 

STEP 1

  • Receive buyer authorization, data and purchase information.

  • Receive seller documents.

  • Prepare estimate and request beneficiary and title information.

  • Receive deposit for closing costs.

STEP 2

  • Prepare Settlement Instructions.

  • Signature Registration and Consent to Fax, Mandate Power of Attorney and draft of Mortgage Document, if any.

  • E-Mail to client with request to execute, obtain Apostille and to return via courier service.

  • Prepare seller instruction for the trustee bank or mandate-power of attorney

STEP 3

  • Obtain Property Tax and No-Lien Certificates.

  • Order the title investigation.

  • Obtain permit from the Secretary of Foreign Relations. 

STEP 4

  • Order official appraisal.

  • Order title insurance.

STEP 5

  • Confirm return of all documents from buyer and seller.

  • Confirm receipt of permits from the Secretary of Foreign Relations.

STEP 6

  • Confirm amount of transfer tax and capital gains tax with the Notary Public.

  • Obtain and review draft of Escritura-check names, terms and conditions.

  • Prepare and send out disclosure form for buyer and seller, if applicable.

  • Request the balance of funds from the buyers for their closing expenses.

  • Make provision for payment of Seller's capital gains tax.

 

STEP 7

  • Bank trustee signs the deed if required.

  • Confirm receipt of signed and accepted disclosure documents.

  • Settlement Company representative executes documents before the Notary Public. 

STEP 8

  • Make tax payments; pick up original deed from the Notary Public.

  • Obtain stamp from the property tax department.

  • Deliver to Public Registry Send recording information to title insurer for issuance of policy.

STEP 9

  • Verify recording stamps and dates.

  • Send original documents to the parties, together with  an  accounting of all funds.

Note: The above is a general outline of procedures. Actual procedures and the time required to accomplish same will vary depending upon the property being transferred.

 

 

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A Mexican real estate transfer is concluded or consummated at the time the Escritura Publica, the public deed, is signed and witnessed before a Mexican Notary Public. The Escritura Publica, or public deed must then be registered in the property tax department and in the Public Registry of Property and Commerce in the jurisdiction where the property is located in order to protect the interests of the Buyer and to provide notification to third parties.

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