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FAQ
It is always better to use only personal funds because the escrow company’s paperwork requirement for personal funds is infinitely simpler than if business funds are used. But the answer is “yes,” with this caveat: if any of the purchase price funds come from a business entity, then you will be required to scan all the Articles of Incorporation demonstrating your power to use such funds, and those documents must be translated into Spanish and you must then obtain an Apostille from your Secretary of State for those translated documents.
I have, however, had clients who used corporate funds for their ten percent Earnest Money Deposit because they had no choice at the time, but then before closing they funded 100% of the purchase price into Escrow with personal funds, and the original business-money deposit was just refunded back to their corporate entity so that there would be no paperwork and translation requirement.
Greg’s Sphere of Global Influence
