the settlement company®
THE VIRTUAL CLOSING
OF A PURCHASE SALE TRANSACTION (Escritura de Compra -Venta) A NEW TRUST (FIDEICOIIISO) OR UNDER AN ASSIGNMENT OF RIGHTS IN AN EXISTING TRUST (CESION DE DERECHOS)
Receive buyer authorization, data and purchase information Receive seller documents
Prepare estimate and request beneficiary and title information Receive deposit for closing costs.
Prepare Settlement Instructions. Signature Registration and Consent to Fax, Mandate Power of Attorney and draft of Mortgage Document, if any. E-Mail to client with request to execute, obtain Apostille and to return via courier service.
Prepare seller instruction for the trustee bank or mandate-power of attorney
Obtain Property Tax and No-Lien Certificates.
Order the title investigation
Obtain permit from the Secretary of Foreign Relations
Order official appraisal.
Order title insurance
Confirm return of all documents from buyer and seller
Confirm receipt of permits from the Secretary of Foreign Relations
Confirm amount of transfer tax and capital gains tax with the Notary Public.
Obtain and review draft of Escritura-check names, terms and conditions
Prepare and send out disclosure form for buyer and seller, if applicable Request the balance of funds from the buyers for their closing expenses. Make provision for payment of Seller's capital gains tax.
Bank trustee signs the deed if required
Confirm receipt of signed and accepted disclosure documents
Settlement Company representative executes documents before the Notary Public
Make tax payments; pick up original deed from the Notary Public.
Obtain stamp from the property tax department. Deliver to Public Registry Send recording information to title insurer for issuance of policy
Verify recording stamps and dates
Send original documents to the parties, together with
accounting of all funds.
Note: The above is a
general outline of procedures. Actual procedures and the time required to accomplish same will vary depending upon the property being transferred.