I like this house – now what do I do?  

 

You finally found the house of your dreams. After you’ve been searching, comparing prices, comparing spaces and layouts, and arranging your money.  

Now you want to move forward and buy this home. 

Here is everything you need to know and all you should expect. 

 

Step 1: Ask your realtor to send a purchase offer. The purchase offer should include your personal details, the description of the property, your payment plan, and any important note the seller should know about, for example, “The down payment will be paid upon signing the promissory contract”. 

 

Step 2: Pay the reservation fee, usually USD 5,000 (refundable within 15 days). By paying this fee you are showing genuine interest. Now you have the right to access this property’s important documentation. The seller must freeze and hold all running listings about this property. So other interested clients can’t send a “better” offer than yours. 

 

Step 3: Your realtor will find a bilingual attorney to represent you in this process. The lawyer will be in charge of checking that all the paperwork is in place, the title is clear, no leans on the property and the deed has issues with a public registry. The lawyer will help you open an Escrow account if needed, and to open your bank trust (Fideicomiso). 

 

Step 4: Your lawyer will review the promissory contract and will send his comments to the seller. This might take a few days or even weeks. depending on both lawyers. 

 

Step 5: The contract is ready, you can now sign it, and pay the down payment you mentioned in the purchase offer. 

 

Step 6: The lawyer will notify you when the deed is ready. The Notary will summon you to his office for the final closing. Once the new deed is signed and you got the No Leans certification, you are ready to get the keys to your new home. At that point, you should pay the remaining balance to complete the payment. 

 

Step 7: Congratulations!! You are now owning a new home in Mexico!!