What Happens After The Sale Closes
When you close on a Mexican Real Estate transaction you do not receive your executed Trust Deed that same day if you attended the closing in person or by proxy. Within the weeks following the close date the Notary will be sending the executed Trust Deed to register the deed and property in the buyer(s) names at the Public Registry and Property Tax office. The requisite sale and acquisition taxes (2% of the purchase price) will be paid for seller and buyer.
Within approximately two weeks of payment of the buyer's acquisition tax, the Notary may issue (upon request) a non registered non certified copy of the Trust Deed so that the buyer may use it to transfer utilities, memberships etc into their name.
LIST OF DOCUMENTS PROVIDED AFTER THE CLOSE
BUYER DOCS
- Copies of all prorated expense
- Certified translation of the registered Trust Deed and Certified copy of Registered Trust Deed
- Summary of important parts of the Trust Deed. Such as the Tax ID number, Amount of Trust payment fee to be made each year and when Legal description of the property etc.
- Final statement and escrow disbursement and any applicable refund if the escrow account was overfunded.
- Closing receipts for the Notary fees, Trust fees, Acquisition tax paid
- Buyers documents will be forward in hard copy and a digital copy to the closing agency/attorney and the buyer will be contacted to determine how the buyer would like to receive their documents. For pick up or sent by courier.
SELLER DOCS
- Statement of sellers expenses with receipts of payment.
- Receipt for Capital Gains Taxes paid and a letter of payment of the CGT (ISR) or exemption of taxes.
WHAT HAPPENS IF AT A LATER DATE I LOSE MY DOCUMENTS OR CAN NOT FIND THEM
It is possible to obtain a copy of the Trust Deed from the Public Registry Department for a fee. It may take up to 60 to 90 days if it means someone there must look through documents by hand as they were previously stored. The Pubic Registry and Property Tax office only just began computerizing their system to match Trust Deeds with Property Tax information in approximately 2014. This means when you go in to pay your property taxes you bring a copy of your Trust Deed along with ID, address, email and phone number to be registered into the system. If you have not already done this you will be asked to do so before paying your next statement of property tax.
IT'S SAFE AND IT'S EASY LET ME HELP YOU FIND YOUR PIECE OF PARADISE
YOUR Los Cabos Real Estate Professional
I Love your referrals
|