How is an offer made and what are the next steps?
So you have made a decision and want to move forward placing an offer on a home…what an exciting event!
Here are the next steps:
Submitting an offer in writing, with clear terms and conditions.
Seller to either accept or Counter Offer.
Once a Buyer & Seller reach an agreement, expect to open escrow with a 10% non-refundable deposit. This will also be the time we start the closing process where you will need to provide a percentage of the Closing Costs to the attorney or Closing Coordinator.
We also draft the Promise of Purchase contract between Buyer and Seller in Spanish to comply with Mexican Real Estate laws, with a courtesy English translation.
Buyers with Mexican citizenship can hold title through an escritura, the equivalent of Fee Simple Title.
Closings involving fideicomisos can take anywhere from 90 days up to 180 days with difficult banks like HSBC and Bancomer.
There will be numerous amounts of emails and paperwork that need to be completed but we do assist you through this process. If you are north of the border and don’t have immediate access to a printer and scanner, you will have to utilize the services of a local UPS or Staples type store for the documents transmissions.
In your search for a San Felipe home, the process of making an offer and getting to closing will much quicker if you are prepared with the following documentation:
- Valid Passport
- Valid Driver’s License
- Social Security Number
- Proof of Address north of the border
Along with the following which may be required by the bank creating the fideicomiso:
- Copy of Marriage Certificate
- Copy of Birth Certificate
It will also be helpful to have the Passports and Driver’s Licenses of those who you will be designating as your Substitute Beneficiaries, who will inherit the property when applicable.
If you don’t have all of these items, don’t let that discourage your search! We have time to collect all of the documents the bank will require but being prepared will greatly shorten the amount of time to get to closing.
Once we are notified that all of the documents have been completed and the transfer is ready to be executed, we will arrange for the Sellers and Buyers to meet with Darryl and the attorney before the Notario Publico in Mexicali to authenticate the property transfer.
The balance payments for the property purchase and closing costs are submitted into the escrow account 7 days prior to closing date. At closing you are recognized as the legal owner of the property and possession of the property is handed over to you while escrow disburses the payments to the Sellers and Real Estate Agents. The Notario Publico will complete the finalization the property transfer documents and then submit them to the Public Registry office. It often takes 5-6 months for the transaction to be duly recorded in the Public Registry but we will make sure you receive the completed document ASAP.
If you would like to discuss purchasing a San Felipe property please call us at 619.793.5571 or email us at bajasunrealestate(at)gmail(dotted)com.