ESCROW Role

In the process of a real estate purchase and had a question regarding standard practices.

As per the sales contract, my agent/brokerage is assuming the ESCROW role whereby they will handle/receive/hold all financial funds (deposit, final-payment, etc) until Notario-Publico closing.  

Is this standard practice here?

Yes, I believe so. Many of them have accounts in the US where the money is held.

That has been our experience after 2 purchases and 1 sale here. Though there may be more transfers along the way??  Not sure if $$ stays in US bank of real estate company before transfer to the Notario/a, or if the funds land in real estate company's MX bank account before going to Notario.

Ask your real estate company and/or notario/a if you are concerned.

Buying a house in MX takes a bit of a leap of faith.

BisbeeGal wrote:Buying a house in MX takes a bit of a leap of faith.  

Yes, that's what I'm finding out      

Thx y'all !

I would sure check the agent carefully if the money was to go to him.. Check with your notary..yes it is a crap shoot. In the first house it went to the agent , in the second salethe deposit went to the buyer.

I have some friends that had their house listed with a popular agent from Coldwell Banker. They had a cash offer with no subjects. They accepted the offer with a 60 day closing date. On about day 45 the buyers decided to pull out of the sale. My friends said "that's fine give us the deposit". The agent said "oh sorry we never deposited their check". Needless to say they fired her and relisted with another agency and subsequently sold the place.

There is no escrow as known in the US, no licensing no E&O / Fidelity bonds and no government oversight or regulation to avoid theft or commingling of funds.

Intercasa wrote:There is no escrow as known in the US, no licensing no E&O / Fidelity bonds and no government oversight or regulation to avoid theft or commingling of funds.  

So, as an attorney, what would you suggest a seller should do for the most security in a transaction?