Step 5: Closing
A notario must be involved in the closing of the transaction for a sale to be legal. The Notario obtains the signatures required for the deed of conveyance which authorizes the execution of the escritura. He collects from both the buyer and the seller the applicable taxes owed. The buyer makes his payment via a wire transfer or certified check.
The buyer brings to closing:
- Payment for the property
- Identification documents such as a passport, visa/tourist permit, and marriage certificate
- Real Estate Payment for fees and taxes
The seller brings to closing:
- Deed
- Identification documents
- Tax records
- Paid utility and other property-related bills
- Spouse and marriage certificate
After the closing, the Notario records the deed in the Public Registry (Registro Público de la Propiedad). However, a buyer should confirm that it is in fact recorded because a deed is not defensible until it is recorded.
Absent Buyers or Sellers/Power of Attorney and the Apostille Process
It is not necessary for a buyer or seller to be present at the closing. A power of attorney may be granted to a third party who will act on their behalf. After the power of attorney is signed before a notary public it must then be “apostilled” by the Secretary of State. The grantor should grant the grantee sufficient authority to carry out the intended action, but no more should be granted than necessary. Visit www.apostilleinfo.com
Real Estate Buyers
If you are considering purchasing land in Mexico it’s very important to get proper representation.
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