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Mexican Financing: Commonly Asked Questions,
Process |
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- Do I need to be present at time of
closing?
No, you may use a power of attorney and have
a representative that you designate as a
signer for the transaction. You must inform
your loan officer early in the transaction
if you wish to use a power of attorney as
additional steps and requirements are needed
in order to close in this way.
- How long does the loan take to
complete? The process takes as little as
30 days and in some cases over 90 days to
close escrow. Unlike in the US, the
seller has a major influence on the time
line. The seller must cancel their
current bank trust before a new one can be
created, the loan could be approved and
ready to close and if the bank trust still has not
been canceled, te loan cannot close. In order to close the loan as
quickly and efficiently as possible, make
sure both you and the seller have all
the required information and disclosures to
your loan officer and Notario as rapidly as
possible. Additionally, make sure you and
your realtor keep on the seller to stay on
top of canceling his or her current Bank
Trust.
- Where do I obtain my Forma
Migratoria?
You can go to a Mexican Consulate. For a
list of Mexican Consulates in the United
States go to
www.mexonline.com/consulate.htm.
- What language are the disclosures in?
Because the transaction is taking place
in Mexico and Spanish is the official
language, the official disclosures are all
in Spanish. A duplicate copy of the
disclosures in English will also need to be
signed but is not legally binding in Mexico.
- How do I begin to create a trust?
The Notario will write up the new trust and
contact the trust bank to establish it.
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