Quick Answer
Closing takes place at the notario publico's office. All parties — buyer, seller, and their representatives — meet to sign the escritura (deed). The notario verifies all documents, calculates and collects taxes, witnesses signatures, and files the deed with the Public Registry. Funds are transferred (wire transfer), and the keys are handed over. The entire closing meeting typically takes 1-2 hours.
Detailed Answer
Closing takes place at the notario publico's office and typically lasts 1-2 hours. All parties are present: the buyer (or their power of attorney), the seller, their respective representatives, and a representative from the trustee bank. The notario reads and explains the escritura (deed), verifies all parties' identities, confirms the property description, and oversees the signing. Funds are transferred via wire — typically from the buyer's bank or a US escrow account — and the seller hands over the keys.
Before the signing, the notario will have already calculated and collected all applicable taxes: the ISAI acquisition tax (2-3%), their own fees (0.5-1.5%), and any outstanding predial (property tax). The notario files the signed deed with the Public Registry of Property, which officially records the transfer of ownership. The registered deed is returned to you within 2-8 weeks after closing, though your ownership rights begin the moment the escritura is signed.
Our team prepares clients for closing day in advance so there are no surprises. We attend every closing with our clients and verify that all terms match the original purchase agreement. It is one of the most satisfying days in the buying journey, and our Ronival-partnered team makes it seamless. Contact us to begin the process toward your own closing day.