A-to-Z Transactional Roadmap

The 5 complete phases of a private real estate financing operation with a hybrid fideicomiso (trust).

Phase 1: Prospecting and Pre-qualification

Objective

Identify and pre-qualify prospects for financing.

Steps

1. Initial contact — The buyer finds a property in the GoWeBa listing or reaches out via referral.
2. Application form — Capture of basic data:
   • Official ID (passport for foreigners)
   • Country of tax residence
   • Desired investment range
   • Property of interest
   • Source of funds (employment, business, investments)
3. Automatic pre-qualification — Initial verification:
   • Sanctions lists (OFAC, EU, UN)
   • PEP screening (Politically Exposed Persons)
   • Basic identity verification
4. Pre-approval letter — If the prospect passes, an indicative letter is issued with estimated terms.

Deliverables

• Prospect digital file
• Pre-qualification report
• Pre-approval letter (non-binding)

Phase 2: Due Diligence

Buyer Due Diligence

1. Full KYC:

   • Valid official ID
   • Proof of address (no older than 3 months)
   • Proof of income (last 3 years)
   • Tax returns from country of origin
   • Bank reference letter
   • Source-of-funds declaration form

2. AML/LFPIORPI (Anti-Money Laundering / Federal Law for the Prevention and Identification of Transactions with Illicit Proceeds):

   • In-person interview or video conference
   • Validation against PLD (anti-money laundering) lists
   • Expected transactional profile
   • Ongoing monitoring throughout the life of the loan

Property Due Diligence

1. Legal:

   • Certificate of no encumbrances (RPP — Public Property Registry)
   • Seller's title deed
   • Land-use verification
   • Constancia de no adeudo predial (property tax clearance certificate)
   • Utility and services clearance certificate
   • Zone verification (restricted or non-restricted)

2. Technical:

   • Commercial appraisal by a certified appraiser
   • Physical property inspection
   • Construction verification (permits, licenses)
   • Comparative market study

3. Environmental (if applicable):

   • Environmental impact statement
   • ZOFEMAT (federal maritime-terrestrial zone) verification

Deliverables

• Complete due diligence report
• Certified commercial appraisal
• Legal opinion on the property
• Credit Committee approval

Phase 3: Formalization

Legal Documents

1. Hybrid fideicomiso agreement — Principal instrument:

   • Identification of all parties
   • Property description
   • Purposes of the fideicomiso (ownership + collateral)
   • Rights and obligations of each party
   • Out-of-court enforcement procedure
   • Grounds for termination

2. Mutuo con interés agreement (interest-bearing loan agreement) — Loan between lender and buyer:

   • Loan amount
   • Interest rate
   • Amortization schedule
   • Fiduciary guarantee (reference to the fideicomiso)
   • Grounds for early maturity

3. Pagaré (promissory note) — Credit instrument evidencing the debt.

4. SRE permit (Secretaría de Relaciones Exteriores — Ministry of Foreign Affairs) — If the buyer is a foreigner.

Signing and Establishment

1. Signing before a notario público (notary public) in Quintana Roo.
2. Registration of the fideicomiso with the RPP.
3. Payment of establishment fees and taxes.
4. Disbursement of funds to the seller via the fideicomiso.

Deliverables

• Public deed of the fideicomiso
• Signed mutuo agreement
• Executed pagaré
• RPP registration certificate

Phase 4: Loan Administration

Monthly Operations

1. Collections — Receipt of monthly payments from the buyer.
2. Distribution — Allocation of payments: interest to the lender, principal to the fideicomiso.
3. Reports — Generation of monthly account statements for all parties.
4. Monitoring — Tracking of indicators:
   • Payment timeliness
   • Outstanding balance
   • Collateral coverage (LTV)
   • Compliance with contract conditions

Fideicomiso Administration

• Annual payment of fiduciary fees.
• Payment of predial (property tax) and utilities (as agreed).
• Active insurance policies on the property.
• Periodic reports from the fiduciario (trustee).

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Phase 5: Default and Enforcement

Default Protocol

1. Early default (1–30 days) — Friendly notice, payment reminder.
2. Intermediate default (31–90 days) — Formal demand letter. Moratory interest per contract.
3. Serious default (91+ days) — Declaration of early maturity.

Out-of-Court Enforcement

The guarantee fideicomiso allows enforcement without the need for litigation:

1. The fiduciario notifies the debtor of the intent to sell the property.
2. A 15-day period is granted to cure the default.
3. If not cured, the fiduciario proceeds with the sale of the property.
4. From the sale proceeds:
   • First: enforcement costs and fiduciary fees.
   • Second: outstanding balance owed to the lender (principal + interest).
   • Third: remainder (if any) to the debtor/fideicomisario (trust beneficiary).

Dación en Pago Agreement (Deed in Lieu of Foreclosure)

Alternative to forced enforcement:

• The debtor voluntarily surrenders the property.
• The debt is extinguished (fully or partially, as agreed).
• Lower costs and shorter timelines than enforcement.

Source: Report "Private Real Estate Financing — Quintana Roo" prepared for GoWeBa Legal, 2026.