Click To Download
Presentation
Key Points
Initial Checklist for Listing Agents
-
Ask the seller directly if the property has a mortgage or is being used as collateral.
-
Request scanned copies of both deeds (purchase deed and mortgage deed) if applicable.
-
Upload scanned deeds to the internal server and bring originals to closing.
How to Identify a Mortgage on a Property
-
Review the escritura for loan clauses.
-
Ask sellers if they’ve used the home for a loan post-purchase.
-
Examples to review: Taheima, Casa Camacho, Casa Fresnos, Oceano Plata, Casa Sol y Luna.
Understand the Lender Type
-
Bank
-
INFONAVIT
-
COFINAVIT
-
Personal loan
Important Questions to Ask the Seller Early
-
Is the loan already paid off?
-
What is the outstanding balance?
-
Can the payoff be made from escrow or does it require direct seller payment?
-
When is the loan’s payment cutoff date?
-
Start the conversation about the Carta Saldo (loan payoff letter) even before an offer.
What to Do When You Have an Offer
-
Request the Carta Saldo addressed to the notary.
-
Understand lender timelines—some update closer to closing.
-
Coordinate with the notary and buyer agent.
Cost Considerations
-
Request a Capital Gains Tax estimate.
-
Get a mortgage cancellation cost estimate as part of your closing cost overview.
Setting Expectations with the Buyer (Cash Buyer)
-
Confirm who the lender is (bank, INFONAVIT, etc.).
-
Expect a minimum of 3 months to close (faster only if all documents are ready).
-
Delivery of property happens at the closing table.
Buyer Protections at Closing
-
Full purchase funds must be in escrow before closing.
-
Part of the funds will go to pay off the seller’s loan.
-
Remainder held in escrow until loan cancellation is confirmed.
-
Example: Casa Fresnos disbursement structure.
What the Deed Will Say
-
First section confirms the loan cancellation.
-
This is perfected once the official lender letter is received.
-
Be transparent about timing—Scotiabank, for instance, can take weeks.
