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Title and Escrow
Thank you for your inquiry. Please find information introducing you to First American Title Insurance Company’s services in Mexico. First American offers two types of policies insuring title in Mexico:
The first and most popular is our International Policy of Title Insurance. This Policy is in English, in dollars and is issued directly by First American in the U.S., so that all claims are made directly to First American. It is usually requested by our North American, English-speaking clients.
The second is our Mexican Policy. This Policy is in Spanish, in dollars or pesos and is issued by Grupo Nacional Provincial (GNP) in Mexico City. The GNP Policy is reinsured by First American Title Insurance Company. This Policy is usually ordered by Mexican citizens who want a Spanish language policy.
Both policies are very similar to those issued by First American for property in the U.S. They cover the vesting of title and against hidden defects. They also insure access to the property and that the real property taxes are paid up to date. If we receive a survey, surveyor's affidavit and seller's affidavit, we are able to provide extended coverage by insuring against items of non-record as well as recorded items for no additional premium charge. Obtaining an extended coverage policy is optional.
In order to offer this service, we rely on a network of local approved attorneys. The attorneys prepare a specialized Title Opinion and obtain copies of the chain of title documents for us. All underwriting and production is handled by this office of First American. Once we are in receipt of the attorney's report and documents, we will issue a Title Commitment showing the status of the land as of a certain date in time. There will most likely be other requirements that the attorney will have to supply to us before the policy can be issued. Once we receive all those requirements, the policy will be issued immediately.
There are two costs for a Policy. The first is the attorney fee for the Opinion. This fee is negotiated and paid for directly by the client. If the client is already using a local attorney who is not on the attached list, we may be able to approve them after reviewing their professional resume. The attorneys on this list are not recommended, employed, chosen or paid for by First American. It is important to verify that the fee quoted by your chosen attorney includes preparation of a satisfactory Title Opinion and collection and delivery of all Commitment Requirements.
The second cost is the title insurance premium. Our title insurance rates are found at Rates. The standard cost for a policy is $5 per thousand with a minimum premium of $1,000.00. Thus, you can get up to $200,000 worth of coverage for the minimum premium of $1,000.00. We must receive the minimum premium before issuing the Title Commitment. For your convenience, we now accept Visa and MasterCard.
In addition, we now offer a 15% discounted premium for those customers purchasing a property that was previously insured within the last 5 years. If you are buying an already insured lot or from a developer with a master policy, please advise our office when ordering the new policy.
Please note that issuing a Title Commitment requires extensive review of the Title Opinion and documents sent by the chosen local attorney; thus, it is important to start the title insurance process as soon as possible. The first step in applying for title insurance is to fill out one of the Requests for Title Insurance forms attached to this email, depending on whether you are ordering the International Policy or the GNP Policy. At the time that a Request for Title Insurance is received by our office, First American will issue you an Engagement Letter for the particular transaction. The letter will detail the required commitment fee and the responsibilities of you, your attorney, and First American.
In addition, we offer Escrow Services, in which we act as a neutral disbursing agent between buyers and sellers on a particular real property transaction and disburse following instructions from both parties. Funds deposited are held in a non-interest bearing bank account, FDIC insured, and are typically disbursed via wire transfer. You will find more information about our Escrow Services in the attached files, or feel free to contact Gladys Colon-Langhorn, who can be reached at (954) 839-2900, extension 177 or via email at gcolon-langhorn@firstam.com.
First American is one of the largest title companies in the world and has been in business since 1889. It is known for its innovative leadership in the industry and its expertise in underwriting. First American’s title policies are backed by the financial standing of its parent, the First American Corporation, which has revenues of over $8.5 billion. Its stock is traded on the New York Stock Exchange under the symbol FAF. For more information you can go to the award-winning website at www.firstam.com.
First American Title Insurance Company
Latin America/Caribbean Operations
International Division
13450 W. Sunrise Blvd., Suite 300
Sunrise, FL 33323
Tel:  (954) 839-2900, ext. 188
Toll-free: (877) 641-6767
Fax: (954) 838-9228 |
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