Can’t Be Here for Your Closing? Transfer Power of Attorney

Buying property in Cabo is exciting, but the process can take time, which affects the closing date. At the closing, the buyers and sellers sign the documents transferring the property to the new owner and allowing the release of funds to the seller. Unfortunately, buyers and sellers can’t always be present at the closing. In these cases, transferring power of attorney is a completely safe way to get the transaction done on time and with as little stress as possible. Here, realtor Jeff Schmidt discusses why you might want to transfer power of attorney for your real estate transaction and how the process works.

Why Should I Sign a Power of Attorney (POA) Agreement?

When your Offer to Purchase is signed and accepted, a tentative closing date is initially set. However, the official closing date is determined by the Notario Público (the Mexican Notary) once all necessary documentation, permits, and paperwork have been completed and prepared for the property transfer.

Typically, this final date is scheduled within the last two weeks of the closing period. Since the closing date is not fixed in advance, buyers and sellers often face challenges in planning travel and accommodations to attend the closing on short notice.

Want to move into your property as soon as possible? Consider asking for a soft closing as part of your purchase agreement.

What Is a POA Agreement?

A Limited Power of Attorney agreement enables you to have a trusted person, like your real estate agent or attorney, complete the deed transfer process by signing on your behalf at the closing.

If you wish to sign a POA agreement, the Notary will prepare a bank instruction letter detailing the specific power of attorney for the buyer or seller. These letters outline each party’s intentions regarding the property transaction and authorize the trustee bank to act on their behalf. At closing, this letter will be attached to the Fideicomiso in place of the parties’ signatures.

Do I Have to Sign the POA Agreement in Mexico?

It is often easier for buyers or sellers to sign a POA agreement while they are in Mexico before the sale. This process is simple, as the buyer or seller simply need to attend an appointment to sign the document at the Notary office.

If you opt to sign a POA agreement in the United States, you will need an apostille document (which verifies the authenticity of a public document so it can be used in another country); in Canada, you need a special certificate to accompany the POA agreement. This typically requires the buyer or seller to make an appointment at the closest government office to provide the proper paperwork and sign the documents. Typically, these services are only offered in big cities, and in some cases, it can be difficult to get appointments. When possible, we recommend that you sign the POA agreement in Mexico, as Jeff, along with the real estate attorneys and notaries we work with, can oversee and make this process as simple as possible for you.

Contact Jeff Schmidt to Request a Showing

Jeff can help you understand when transferring power of attorney in your real estate transaction is right for you. He is also always available to answer questions via email, a phone call, or text. When you work with Jeff, you benefit from an agent that has:

• More than a decade of real estate experience
• Personally bought, sold, and built homes in Cabo
• Lived in Cabo for several years
• Been featured on several episodes of House Hunters International and Mexico Life on HGTV

(408) 607-8349 (U.S.)
(624) 165-9553 (Mex)
jeff@cabobeachrealty.com