Closing
Closing Process
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)
- Receive buyer authorization, data and purchase information.
- Receive seller documents
- Prepare estimate and request beneficiary and title information
- Receive deposit for closing costs.
- 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
- Obtain Property Tax and No-Lien Certificates.
- Order the title investigation
- Obtain permit from the Secretary of Foreign Relations
- Order official appraisal
- Order title insurance
- Confirm return of all documents from buyer and seller
- Confirm receipt of permits from the Secretary of Foreign Relations
- 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 expensesMake provision for payment of Seller's capital gains tax.
- Bank trustee signs the deed if required
- Confirm receipt of signed and accepted disclosure documents
- Confirm amount of transfer tax and capital gains tax with the Notary Public
- Settlement Company representative executes documents before the Notary Public
- 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
