This is usually done in the form of an “Offer to Purchase Agreement” or a “Promissory Agreement” , your real estate attorney or the realtor you’re working with will prepare one.
- Set aside 10% as earnest money in “escrow”
Once your offer is accepted in writing, you’ll need to put a certain amount (usually 10%) of the purchase price aside as earnest money (depósitos condicionales) in “escrow” with a third party..
- Wait while the notary (and your title insurer if you have hired one) investigates the title, gets an appraisal, and puts the closing papers in
order You need to have a “Purchase Sales Agreement” (Contrato de Compraventa) drawn up at this point. Normally you’d have your attorney do this. But if you are working with a real estate agent, then his office may be able to take care of this for you. It should be in English for you and in Spanish for the Mexican authorities. Whatever you do, don’t let a seller’s attorney draw this up. You want to be absolutely sure your interests are not compromised.
- Close on the property
Once you have assurances from your attorney, notary, that the property’s title is good, and the “Purchase Sales Agreement” (Contrato de Compraventa) is ready for you to sign, you’ll meet with the notary, the seller, and your attorney or broker for the closing. You get the deed (escritura), and you either bring a check for the remainder of the payment or have the funds transferred into the escrow account and have whoever is acting as escrow agent release them once you have the deed in hand.
- The notario registers your ownership
Though you’ll have a copy of all the paperwork associated with the property, the transaction isn’t really complete until the notary registers your
deed with the land registry office.
You might want to have a look at the properties we have for sale. We can show you any home that is listed with other realty companies. Have a look at our Yucatan Real Estate
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