Closing costs include everything you need in order to take title to your property as well as taxes. Closing costs do not include escrow fees or Title insurance.
The closing process is just as vital as any other during a real estate transaction. When choosing the closing company, be sure to pick one which will take care of all the work for you while keeping you informed throughout the process. Pacific Closing Company is Grupo Rivera’s in-house Closing Company and is dedicated to service all buyers and sellers of real estate in Baja California Sur by providing efficient closing guidance and service to all real estate transactions in a professional and timely manner. Pacific Closing Company (PCC) can help you at coordinating the transfer of property from the moment an offer is accepted until the buyer receives the title in hand and is done by taki ng care of all the paperwork, including the transfer of funds through the escrow company of the client’s choice. PCC also helps with any title related matters, such as changing the substitute beneficiaries in a client’s trust, payment of trust fees and payment of property taxes, among others. Pacific Closing Company has been working with many clients over the past decade handling transactions for Coldwell Banker Riveras, the developer of Pedregal de Cabo San Lucas and Pedregal de La Paz, as well as many other independent clients. The following are a few of the most frequently asked questions about the closing process.
The documents needed as a seller depend on the way the property is held (As an individual, an LLC or a Family Trust), but the following are the general documents required to a seller: ID (Passport, driver’s license) Recent Utility Bill (it can be a gas bill, electric receipt, bank statement or water bill any of these that shows your residence address). Current Property Tax receipt HOA receipt (If necessary). Last month’s water receipt Manifestation of Construction/Lot
Escrow is a third-party company that handles the funds for an operation and does not disburse funds to the seller until the conditions established by the parties are met.
Closing periods vary on a case by case basis, averaging four and a half months. This period starts the moment all documents are procured. The Closing is executed at the signing with a notary and is completed when the buyer is holding the original title registered at the Public Registry.
For a smooth and fast closing process, talk with your listing agent regarding the needed paperwork and keep in mind the following:
The closing process in Mexico is different from the one in your home town, mainly because of the purchase is made through a Trust (Fideicomiso).
Be sure that your trust records the actual price that you paid for the property.
Make sure the substitute beneficiaries are included in the Trust.
If you are going to build on a lot, make sure that your construction license is based on the amount that you will be investing in the construction. Using a lower value might save you some money now, but it will backfire when you sell your property due to the Capital Gains Tax.
Read all documents carefully before signing, or have them read and explained to you.
Once closing is completed, notify all utility services of the change in ownership, so that all new receipts are under your name.
It is very important that your closing process is advised by an attorney. For more information about the closing process in Mexico and the services Pacific Closing Company can provide you, please contact us, we are at your service.
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