How to Expedite the Process and Avoid Delays

Buying in Mexico involves many entities and requires numerous items to be completed.  The process is much more complex than in the U.S. and Canada and because of this, delays can and often do occur.  Many of these delays are out of anyone’s control but there are things you can do to expedite the process and insure that you are not the cause of any delays. 

Provide all initial documents upfront

When you receive your application package, make sure to complete all pages and supply all the documents that have been requested.

Sign exactly as your passport

A few of the lender’s documents require that you sign exactly as your passport.  Each lender has different documents so be sure to see which require an exact signature.

 

Ask Questions

If you do not understand a document, ask for clarification.  If there is anything you have a question about throughout the transaction, ask right away.

 

Send all pages

Whether it is bank statements or any other document, send all the pages.

 

Include seller contact information

Provide the seller phone numbers and address at the beginning so as to expedite requesting seller items and setting an appointment for the appraisal.

 

When requested, wire initial funds to Escrow immediately

After your file is approved, the lender will request initial closing cost funds to be deposited into Escrow to order your appraisal, SRE permit, etc...  Wire those funds immediately.

 

Provide all updates immediately

When the lender is ready to begin the closing process, they will request updated items such as income and asset documentation as they may get “stale” after a few months.  The quicker you send these items, the quicker you can close.

 

Make sure your passport is valid

You will need your passport to sign the closing documents with the Notario.  If your passport is going to expire close to when you expect to close, renew it at the beginning to avoid having to wait to receive your renewal.

 

Sign and return documents right away

There may be additional items for you to sign at any point in the process so make sure to sign and return these ASAP.

 

Decide early if you want a POA

If you want to have someone sign the closing documents on your behalf, a Power of Attorney can be used.  Try to decide early in the transaction as this can take up to a week to have notarized, Apostiled by the Secretary of State, and sent to the Notario.

By implementing these tips, you can be assured that you have done everything you have control of to get to the closing of your loan quicker and more efficiently.

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