What Happens After the Offer Is Made

What Happens After the Offer Is Made

I. Legal Closing Process

After the seller’s acceptance of the Offer Letter, a comprehensive title search and legal due diligence process is conducted to confirm:

• That the seller holds clear and legal ownership of the property.
• That the property is free of liens, claims, or encumbrances.
• That property taxes (predial) and utilities are fully paid and current.
• That there are no legal or administrative issues that may affect your ownership rights.
• Whether the property is already held in a Fideicomiso (bank trust) and, if so, that all trustee bank fees are current.
• That all homeowners’ association or condominium fees are up to date.

Once the legal due diligence is completed, the buyer will receive a copy of the due diligence report.

The next step is drafting and signing the Promissory Purchase Agreement (Contrato de Promesa).

Typically, it is the buyer’s legal team that prepares the purchase contract because the contract matures into the deed at closing, and the buyer wants the deed to contain the provisions that are important and legally necessary for them. Our vetted lawyers will prepare and negotiate this agreement to ensure your interests are fully protected.

Finally, the transaction concludes with the execution of the Title Deed (Escritura Pública) before a Notary Public. The Notary will oversee the closing, calculate and collect applicable taxes, and ensure the deed is duly registered with the Public Registry of Property.

II. Trust Agreement (Fideicomiso)

As foreign nationals, you must acquire coastal property in Mexico through a Real Estate Trust (Fideicomiso), with a Mexican bank acting as trustee.

We will coordinate this process directly with the trustee bank, the Notary Public, and the Ministry of Foreign Affairs to ensure that your acquisition is fully compliant with Mexican law.

The following sections outline the documentation and information required to move forward with the trust and closing process.

III. Documentation Required

To move forward, the seller’s agent (or lawyer directly to lawyer) provides the buyer with:

• Signed Offer Letter.
• Copy of the previous Title Deed with proof of registration (antecedente con boleta de registro).
• Most recent property tax (predial) receipt.
• Proof of ISAI tax payment from the seller.
• Valid identification for both buyers and sellers.
• Proof of payment of trustee bank fees (if applicable).
• Proof of payment of homeowners’ association fees.

IV. Legal Fees

Legal fees vary depending on the purchase price of the property. On average, legal fees range between $750 USD and $3,000 USD.

Typical Payment Schedule

• 50% of legal fees upon engagement, allowing the lawyer to begin the legal due diligence process.
• 50% upon closing, at the execution of the Title Deed.

Closing costs, aside from legal fees, are typically paid at closing from escrow. Total closing costs are approximately 8% of the purchase price (depending on the value of the property) and generally include:

• Property transfer taxes (ISAI).
• Notary fees.
• Trust bank fees.
• Government filing and registration fees.

Please note that estimates for other closing costs (taxes, notary fees, trustee bank fees, etc.) will be provided once the Offer Letter has been signed and the final purchase price has been confirmed, as these amounts depend directly on the official appraisal and the value of the transaction.

Typical Documents Required From Buyers

• Full name.
• Date and place of birth.
• Occupation.
• CURP (if Mexican or resident).
• Mexican Tax ID (RFC) (if Mexican or resident).
• Social Security Number (from your home country).
• Marital status.
• Address.
• Phone number.
• Email address.

Requirements for Purchaser(s)

• Copy of current passport(s).
• Copy of current driver’s license.
• Immigration document (visitor visa, Residente Temporal, or Residente Permanente).
• Copy of proof of address (utility bill, water bill, electricity bill, or bank statement from your place of residence).
• Copy of marriage certificate (if married).

Requirements for Substitute Beneficiaries

• Copy of current passport(s).
• Phone number.
• Email address.
• Copy of proof of address (utility bill, water bill, electricity bill, or bank statement).

All documentation provided to the lawyer handling the transaction must be properly scanned and fully legible. Notaries, banks, and financial institutions do not accept photographs, crooked images, or poor-quality copies. Documents should be submitted as properly scanned PDF files.