Plan Now For Your Upcoming Closing
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The final step to complete your transaction is the closing process. There are still a few items which have to be completed and as we get closer to the end of the year, deadlines become critical. Once the investor has given a Final Approval, the closing documents are requested. At the same time, the Notario is completing the Fideicomiso and preparing for the closing.
Unlike in the U.S. and Canada, many of Mexico’s government offices shut down around the 2nd week of December and start up 1-2 weeks after the New Year which makes it imperative to have everything in line to meet that deadline.
Listed below are a few things borrowers can do to avoid delays and help expedite the process:
Updates
After the appraisal and Permits are complete, the investor may request updated income and asset documents for a final approval. These documents are good for 30-60 days, depending on the investor. There may also be additional items the investor may require so get these in as quickly as you can.
Scheduling a Closing Date
Once the closing documents have been reviewed and the Notario has completed the Fideicomiso, it’s time to schedule a trip to sit with the Notario and sign the Trust. One of the most common delays is the ability to schedule a trip right away. Usually there is a two week period before most people can accommodate their travel plans which, nearing the end of the year, can be a problem.
Using a Power of Attorney
The best solution for insuring a timely closing with the most amount of convenience is to use a Power of Attorney (POA). By assigning someone to sign on your behalf, you can be assured that the closing will not be dependent on whether or not you can schedule a trip before the end of the year deadline.
More importantly, the POA’s are valid for a period of time so if the deadline is not met, then it can be used as soon as the file is ready without inconveniencing you. It can take up to a week to have the POA properly validated and sent to the Notario so it is best to decide early if this is an option that you want to exercise.
Be Proactive
By anticipating deadlines and knowing what is required, you can insure that you are doing whatever you can to assist a timely closing and thus avoid missing the December 15th deadline.
Our Clients Say:
“You did a wonderful job on the entire process. I felt very confortable with your staff on board.”
Birger Bacino
Purchased Los Cabos BCS. Mexico
Call Finance North America today to learn more on how to realize owning your Mexican 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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email: [email protected]
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