Puerto Vallarta, Mexico - Closing a transaction in a foreign country can be daunting. Whether it's a business transaction or a real estate purchase, utilizing a trusted Escrow source can alleviate your fears. MEXLend has been in business in Mexico for over 14 years. Our experience in real estate and business transactions is unparalleled.
What is an Escrow Account and Why is it Used?
Escrow is a legal concept in which a financial instrument or an asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. The funds or assets are held in Escrow, until we receive the appropriate instructions or until predetermined contractual obligations have been fulfilled. Money, securities, funds and other assets can all be held in escrow. This ensures that all parties involved are protected.
Escrow and Buying Real Estate in Mexico
Escrow accounts are used in real estate transactions so that the buyer and notary can perform due diligence on a potential acquisition while assuring the seller of his capacity to close on the purchase. For example, an escrow account can be used for the sale of a house. If there are conditions to the sale, such as clean title, certificate of no liens and inspections, the buyer and seller should agree to use escrow.
In this case, the buyer of the property deposits the payment amount for the house in an escrow account. Closings in Mexico take time, and escrow gives the seller the assurance that the buyer is capable of making payment. Once all the sale conditions are met, the escrow transfers the payment to the seller, and the title is transferred to the buyer.
As a leading residential mortgage broker in Mexico, MEXLend is a national company with a solid reputation of honesty, transparency and efficiency. So, when it comes to escrow services, MEXLend is a name you can trust. Contact us today to learn about the Escrow services offered in multiple currencies: USD, Canadian Dollars, Mexican Pesos and Euros.Are you looking to purchase vacation or investment property in Mexico? To discover which one of the many mortgage loan options that MEXLend offers is right for you, visit MexLend.com or MexLend.com.mx, call (322) 222-7377 in Vallarta, toll-free at 1.800.3.Mi.Casa in Mexico or (917) 779-9061 from the US or Canada.
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