4: CLOSING AND TITLE TRANSFER
At this point, both parties should be able to execute the purchase/sales agreement (compra-venta), start the closing process, and transfer Title of the Property to the Fideicomiso.
Once the bank trust office has received the trust permit from the Ministry of Foreign Affairs, your attorney will be able to start the drafts for the closing deed. Your lawyer, the Notary, and Bank Trust Officer will then review the final draft of The Deed.
Once everything has been verified as correct and all the closing paperwork is ready, you’ll be notified of the closing date and Closing Costs.
At closing, the final deeds will be signed in front of the Notary Official, at the Notary office. Final payments will be settled, and the property title officially transferred to the bank Trust.
The Notary then issues a Notarized copy of the closing Deed. This is your first proof of ownership and can be used to put utilities in your name.
Within approximately three months of your closing date, the Public Registry issues the final deed containing an electronic folio, copy of all certificates, and payment of rights.
MANAGING DIRECTOR
ROBIN DIZER
Robin Dizer is the Managing Director of Top Listings Riviera Maya and has over a decade of experience in the Real Estate Industry in the Riviera Maya, Mexico.
