What is an earnest money deposit?

It is a guarantee deposit paid towards a purchase (or a rental) of a property. It is normally kept by the agent in charge as a guarantee for the transaction and it is delivered to the seller on closing. The earnest money deposit is normally non-refundable unless the seller was to back out from the…

How much are the buyer’s closing costs?

The notary will charge the buyer approx. 5-7% of the sales price registered on the deed. The closing costs consist of taxes such as 2.2% acquisition tax, notary legal fees, the cost of the appraisal, Public Registry recording fees, and others. In addition to the closing costs charged by the notary, foreigners have to pay…

How long does an average closing take?

For transactions between Mexican citizens, it can take as little as a week to close a sale. When the buyer and/or the seller is a foreigner, the closing process will take on average 4 to 6 weeks counting from the time that all the required documentation is delivered to the notary’s office.

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