Escrow and Closing
Buying a second home in a foreign land is scary: Everyone has heard the horror stories about that friend who went off to another country and found his dream home for a great price, but when the deal actually starts to happen the agent/seller/whoever runs off with the buyer’s hard-earned savings. Another common scenario, that we all know, is the condominium buyer, who after paying 80% of the condominium’s price receives a half-way done condominium and the developer is asking for more money to finish.
The way to avoid these scenarios is through a qualified escrow broker who you can trust. The escrow process is simple, the client and the escrow broker sign a professional services contract in which the terms of the escrow are laid out: how much money will be put in escrow, how will the escrow broker use the money and under which conditions is the broker authorized to pay the developer/seller. The buyer then deposits the money with the escrow broker and when the seller/developer complies with the predetermined conditions, the broker distributes the seller’s money accordingly.
Closing costs in Mexico are different than in the United States, Canada or Europe. Some buyers think that they are too high, others are surprised that they are so low. Many people wonder who should pay what and everyone else has an opinion on the matter. The truth is often not as black and white as many make it out to be: The costs involved in buying and selling a home are often more complicated than a simple percentage or number, they change depending on whether the buyer is an individual or a corporation, a foreigner or national, among other factors.
Another problem people run into when buying their home in Mexico is that they find that dream home and decide to buy it, but need to go back to their country of origin to arrange the transfer of funds or just go back to work. Flying back and forth to Mexico for administrative closing tasks, while exotic, can become somewhat of a hassle. Calderón & Asociados can represent their clients in the closing in order to organize the transaction with the seller and the notary, sign the title in representation of the client and give piece of mind to the client that their home-purchase is being taken care of while they are away.
Having proper representation in you closing is the best way to assure that you are not being taken advantage of and that you are paying only the amount you need to. Our staff has experience in the real estate field and can help you get into your dream home comfortably and with the least amount of headache possible.