Unlock eSignature Legitimateness for Purchasing in Mexico

How to eSign a document: e-signature legitimateness for Purchasing in Mexico

[Music] hello guys my name is enrique i am your real estate agent in mexico and today i want to talk really briefly in this video about the closing process what to expect when you're buying property as a foreign person in mexico check it out so specifically like i said i specialize in real estate in riviera maya mexico it's this area right here let's talk about it so this is it this is the area that i specialize in and let's do some uh geographics some of you might not understand the difference this is what riviera maya is okay so here it is riviera maya it starts from my perspective as an agent in puerto morelos in tulum the main areas that we promote in riviera maya is puerto morelos playa del carmen there's a couple of different spots in between here and there but this is the main ones that we will be talking about so the first thing that you need to know it doesn't matter really what of this areas you select because they are all in the fierce 50 kilometers along the coastline of mexico you will have to buy through a process known as the trust the trust is basically a document that helps the mexican government administrate the properties that are along the coastline and in the borders they want to know how many foreigns are buying along the coastlines and the reason why it's it's it's a history reason back in the day in the times where invasions were done with battleships they had to protect the coastlines and that was a way to keep a control into what was going on that was the whole concept behind it is we have to keep always control of the of the coastlines we we know now uh invasions are not as common anymore but the reality is that it it's still a good way for the government to know who is in in the borders and uh the frontiers of a country so now what happens is that when you buy true uh process of affide komiso which is the actual name in spanish it's a trust basically what's happening is that a mexican institution which in this case are banks participate with you in the process of buying there is thousands of foreign people owning property in mexico for more than 30 50 years so trust me uh there's nothing to worry about all you have to know is that it's a process that makes your buying time length just a little bit longer than usual the closing process of pretty much any property as soon as all the paperwork is ready and the properties that deliver it takes roughly between 35 and 45 days and the cost for the trust or fide comisso is usually around first of all there's the part of the annual payments that you're going to make which is around 500 dollars in 2022 it's around 500 per year and it can be renewed you can have beneficiaries in this document which means that if you and your spouse passed away and you want to leave beneficiaries on this document your kids or anybody that you put as beneficiaries can claim that also it's important for you to know that the cost is around 2 dollars roughly and this is added to the cost of the closing of the property actually at the end of the day i have calculated that and not only me anybody that it's in this business can tell you that when you're closing the property in mexico especially anything under 1 million dollars the rough amount that you're going to see in percentage over the purchase price of the property is gonna be between five six maximum seven percent of the cost of the property so if you're buying for a hundred thousand dollar condo you can easily know that another five to seven thousand dollars it's gonna be the cost for your closing which means the the lawyers in the notary which means the registration of your property in the public registry the process with the file commission the trust that it doesn't just involve a bank it involves uh relations exteriors which means immigration office the part where they study who you are they need to find out obviously if you are a felon somebody that it's been looked in other countries so they need to go through a process of understanding that your money is good that you're good so it's it's important for you to understand that the glossing process is not complicated 35 to 45 days around 2 000 for the cost is included in the closing cost and costing cost is usually around 5 to 7 of the total purchase price of the property and now something really important do real estate agents take care of the closing process the reality is that a professional real estate agent like myself understand all the basics of the legal the legality behind what the notary does but the reality is that what we recommend and what you should do is to hire a lawyer we have a list everybody has a list of people that like to work with i have these three people i like to work with usually the price for them depending on what kind of process uh we're dealing with it has to be around fifteen hundred to two thousand dollars and what they will do is that they will verify that the seller has all in order that you have all in order and it will be during the whole process what i like to do always is once we have found the property that you like it's introduce you and assume uh if you're not in person in town uh if you're in town obviously we can go to their offices but if now we can do a video call and i'd like to introduce you to the person that's going to be taking care of you it's going to answer all your questions and along all the process is going to be making sure that you understand obviously i will always be there but it's important for you to know that compared to uh the peace of mind that it gives you it is worth it to pay that money um they will also provide the system in that included in that price they provide the system for the escrow which means that they will have an account to disperse the funds that is very common for you guys but believe it or not latinos don't use so much escrow companies and many of the times they don't want to hire a lawyer which i don't recommend because i mean most of our deals go really well but sometimes something can go wrong or something can be missing and it's better if somebody's there to you know catch up whatever is going on and stop the process so uh i hope you enjoy this video i really enjoy doing it taking advantage of technology is important know that i've been doing this for more than 15 years i started in puerto vallarta and now i'm here in quintana roo i've made all the mistakes that you can make i've gained a lot of experience closed a bunch of deals have a lot of people that are very happy with what they got and now i am here ready to help you so if you have any questions you want to check some properties out you want to ask specific questions just contact me thank you for watching this video [Music]