Closing costs - Greg Reddeman

Closing Process

the settlement company®

PROCEDURE FOR 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 an 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.