Guide for clients who can buy a house with Infonavit points.

Guide for clients who can buy a house with Infonavit points.

The dream of many people is to buy a home, for which they often use credit to fulfill it. As a real estate agent, you should know how to guide your clients to buy a house with Infonavit points, if they choose this option to acquire a property.

In Mexico, workers who are affiliated with the Mexican Institute of Social Security (IMSS) have the right to request a loan through the Institute of the National Housing Fund for workers (Infonavit).

Infonavit is a government housing assistance entity aimed at helping Mexican workers buy a home.

How do you know how many Infonavit points your potential buyer has?

To obtain a loan with this institution, it is essential to have 116 points. To see how many points a person has, you must enter My Infonavit Account and go to the My Credit procedure section.

The creation of the My Account Infonavit account is done on the internet, where you will have to register:

  • Full name.
  • Date of Birth.
  • Social Security Number (SSN)
  • Federal Taxpayers Registry (RFC)
  • Unique Population Registry Code (CURP)
  • Cell phone number.

What happens if you do not have enough Infonavit points?

If at the time of verifying the Infonavit points your potential client does not have enough to access the credit, the same system will tell you in how many more months they could obtain them.

So far, keep working until I reach the date that 116 points are reached is the only alternative.

Remember that it is important that the company in which your potential buyer works is reporting payments to on time.

How is the value of the Infonavit credit calculated?

The value of the credit is deducted taking into account the age, integrated salary, the number of two- month periods that the company has paid to Infonavit and the amount of personal savings accumulated in the Housing Sub-account.

Keep in mind that the higher the salary, the higher the number of points will be to purchase a home.

The credit granted can be used to buy the desired home, whether new or used, improve or remodel an existing home, or build on your own land.

How to start the home buying process with Infonavit points?

The first thing to do is choose the home to be purchased. Then some procedures are started before Infonavit.

You need to consult the documents determined for the specific credit to be requested, gather them and attend an appointment at the center closest to your home.

However, the following 3 documents are the ones that will be requested regardless of the type of credit:

  • Credit registration application duly filled out.
  • Original birth certificate.
  • Copy of official identification.

Without a doubt, offering the possibility that a potential home buyer can use their Infonavit points to buy a property will generate more interested parties, since many people want to use their credit.

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Procedures to buy an apartment.

Buying an apartment or a house is perhaps the most important financial transaction that your clients will make in their lives. For this reason, you must be informed about the procedures to buy an apartment.

In order to support your potential customers with their future purchase, you must be prepared to answer all questions related to that acquisition. Next, we mention the procedures that must be carried out when buying an apartment: More tips about Buying & Sale Apartments

Process the Certificate of Freedom from Lien

The Certificate of Freedom from Lien defines the current situation in which a property is, that is, its objective is to verify that the property is free of debt and does not have legal problems in a financial institution, such as having a mortgage.

The process of this certificate must be carried out before the Public Registry of Property and Commerce, where you will have to:

Fill out and sign the application form.

Specify the Registry Background, the address and the Registry Holder.

Pay the amount corresponding to the antecedent of the registration before the Public Registry of Property and Commerce.

Execute the real estate appraisal

The real estate appraisal is shown in a document that has legal and confidential validity, which must be delivered by a real estate appraiser.

This document establishes the monetary value and the conditions of a property to be inhabited or not, which is valid for 6 months

The types of real estate appraisals that exist are:

  • Mortgage
  • Buy and sell
  • Determination of income
  • Value opinion
  • Cadastral
  • Deed
  • Fiscal

Make a purchase contract

The sales contract is one of the final steps in the purchase of an apartment. This document specifies the agreement reached by the buyer and the seller on the price, location and closing date of the purchase of a property.

The data that is included in a contract for the sale of an apartment are the following:

  • Buyer and seller details
  • Property details.
  • Prices and financing.
  • Closing and possession dates.
  • Penalties for non-compliance.

Carrying out this contract is a procedure that demands, in addition to the consensus between the parties, raising the contract to a public deed.

Deed the property

To carry out the deed of an apartment you will have to go before a notary and present the following documents:

  • Official identification (Of the buyer and seller)
  • Marriage certificate. (In case of being married)
  • Property title.
  • You pay water and property tickets.
  • Certificated of assessment fredom.
  • Purchase contract.

Remember that it is essential to gather all the original documents and have their respective copy. It is a procedure in which both parties must attend, that is, the buyer and the seller, since it will be the moment when the sale is made official through the signing of the deeds.

Expenses to take into account.

In addition to these procedures, you must bear in mind the expenses involved in buying an apartment. Which are:

  • Notary fees.
  • Property registration.

The hitch is a term used to describe the amount of money a person initially given to buying a property.

This is one of the most important expenses that your potential buyer must have, since many times by not having this money, the home could be lost if the seller were offered a better offer than the one your potential buyer made.

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Steps for signing the deed and handing over the keys.

One of the most exciting times for a home buyer and for you, as a real estate consultant, is signing the deed and handing over the keys to the property.

At this point in the real estate transaction, you should take into account some details that will help your client understand the process of closing the sale of the property and the respective payments that must be made.

Find below the steps for signing the deed and handing over the keys to a home:

Step 1: Process the property appraisal.

It is necessary to make an appraisal of the property to be sold, since it must be presented to the notary with other additional documents. On many occasions you will also have to request a land use zoning verification.

Step 2: Make sure there is no pending probate suit

It is essential to make sure that there is no pending probate, that is, that the property does not have any mortgage or other encumbrance.

In the same way, it must be verified that the property tax and other services, such as water, are up to date.

Step 3: Go to the notary

Once all the documents required to carry out the deed process have been gathered, the next step that must be carried out is to go to the notary to present all the documentation together with the title to the property .

Step 4: Elaboration of writing project

The notary is in charge of preparing the draft deed and coordinating a meeting in which the seller, the buyer, and the notary himself must be present.

Step 5: Payments and reading the deed

At said meeting, the corresponding payments are made and the writing is read aloud so that everyone agrees with everything written before signing.

In many cases, to separate a home, the person interested in acquiring it must have given a down payment. And it is only in the final meeting with the notary that the full payment of the property must be completed along with certain taxes, fees and notarial expenses.

It should be noted that in some cases the total payment has already been made before attending this meeting, that will depend on the clauses set forth in the sale contract.

Step 6: Signing of the deed and registration in the Public Property Registry

After having made all the corresponding payments, we proceed to the signing of the deed, where the notary will prepare the testimony of the deed and process its registration in the Public Property Registry.

Step 7: Handover of keys

At the time the deed is signed, the keys to the property are handed over to the new owner, thus handing over possession of the home to the buyer.

At that moment, the notary delivers a copy of:

– First testimony of the deed

– Contract of sale

– Deed number: This will serve to check how your registration is progressing.

Definitely, at the time of closing a real estate transaction, when the deed is signed and the keys to the property are handed over, it is a desired moment for all the parties involved.

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