Finance North America

   
 

Financing for Mexican Real Estate

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

email: [email protected]

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