A quick guide
- William Hutt
- Feb 26, 2024
- 2 min read
The real estate offer process to closing in Puerto Vallarta typically involves several steps:
1. Property Search: Begin your property search online through real estate websites, listings, or by contacting local real estate agencies in Puerto Vallarta.
2. Viewing Properties: Schedule viewings for the properties you're interested in to assess their condition, location, amenities, and overall suitability.
3. Making an Offer: Work with your real estate agent to craft a formal written offer outlining the proposed purchase price, any contingencies, and other terms you wish to include.
4. Negotiation: The seller may counter your initial offer, and negotiations may continue until both parties reach a mutually acceptable agreement on the terms of the sale.
5. Acceptance of Offer: Once both parties agree to the terms, the offer is accepted, and a purchase agreement or sales contract is drafted and signed by both buyer and seller.
6. Due Diligence: Conduct thorough due diligence, which may include property inspections, appraisal, title search, and review of any homeowners association rules or regulations.
7. Signing the Sales Contract: Both parties sign the sales contract, which typically includes details such as the purchase price, closing date, contingencies, and any specific terms agreed upon during negotiations.
8. Escrow: Earnest money, typically a percentage of the purchase price, is deposited into an escrow account to demonstrate the buyer's commitment to the purchase.
9. Closing Preparation: Prior to the closing date, ensure that all necessary paperwork, including financing arrangements, insurance, and required documentation, is in order.
10. Closing: The closing meeting typically takes place at a title company's office or with a notary public. During this meeting, the final paperwork is signed, funds are transferred, and ownership of the property is officially transferred from the seller to the buyer.
11. Transfer of Title: Once all documents are signed and funds are transferred, the title of the property is officially transferred to the buyer, and any existing mortgages or liens are paid off.
12. Registration: The new ownership is registered with the Public Registry of Property, and any applicable taxes or fees are paid.
13. Possession: Finally, the buyer takes possession of the property, and the transaction is complete. This may involve receiving keys and access codes from the seller or their agent.
Throughout the process, it's crucial to work closely with a qualified real estate agent who is Ampi and Conocer certified, legal advisor, and a notary public who are familiar with local laws and customs in Puerto Vallarta to ensure a smooth and legally compliant transaction.
Will Hutt
@BeachPleasePVR on IG and TikTok
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