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Poncho Davalos, Your Realtor for life Understanding the Pre-Sale Process
Taking Possession vs. Closing
During my years in real estate, especially with pre-sales, I’ve found that some terminologies can be confusing. Here’s a quick guide to help clarify.
Taking Possession
Taking possession of the property means you’ll receive the keys because you’ve paid in full, and the delivery date is set between you and the developer, usually via your real estate agent. It’s crucial to include your realtor in this process. Some clients think they might be “bothering” their agent, but remember, their job isn’t finished until you have your deed. They can help spot issues and ensure everything goes smoothly.
Closing
Closing is another important term that differs here. After taking possession, it typically takes 6 to 12 months to close on your property. Closing involves starting the process with a notary to finalize your deed. This includes notary fees, setting up the trust, and paying taxes.
When the process is ready, the closing coordinator or notary will notify you about when to show up and what paperwork you need, usually your passport and driver’s license. The closing takes place at the notary office and lasts 1 to 2 hours. The closing coordinator will sit with you and explain the deed, an official document in Spanish. It includes your personal information, the amount paid for the property, and your trust bank details.
I hope this piece of information helps you to understand you the process in this new chapter of your life.
I’m Poncho Davalos, your trusted realtor in Puerto Vallarta and Riviera Nayarit. I’m here to assist with all your real estate needs. Feel free to like, comment, and share this blog with your friends and family. My e-mail is hello@ponchodavalos.com.mx
Esta publicación también está disponible en: English Español
