Buying and selling real estate in Mexico with expert guidance
You've made the exciting decision to invest in property in Mexico. With the luxury of time and no immediate rush to move, you're interested in taking advantage of a golden opportunity through a pre-sale transaction. Let's dive deeper into what constitutes a pre-sale.
A pre-sale transaction occurs when the property is still under construction or when the condominium regime has not been finalized. The condominium regime, a document drawn up by a Notary Public and registered with the Public Property Registry, plays a fundamental role.
To establish a solid foundation for your investment, it's critical to gather crucial information about the developer. This includes evaluating their experience, past constructions, HOA fees, and the potential for a rental plan. Your journey begins with the assistance of your broker and attorney, who will guide you through the initial steps: conducting due diligence and drafting the promise contract. Acceza thoroughly examines all aspects, including the background of the property's public deed, the deed of incorporation of the selling company, identifications and powers of the legal representatives. This involves a thorough review of permits.
Once the review is complete, the Promise of Sale contract takes center stage. It is essential to thoroughly review this legal document with your broker and attorney before putting pen to paper. Once signed, it remains as irrefutable proof, cementing the legal agreement between buyer and developer. This promise contract is backed by the federal civil code and the civil code of the State of Quintana Roo.
It is essential to note that the Promise of Sale Contract is the sole claim and proof of purchase; it does not serve as title to the property. Title to the property can only be issued once the developer obtains your Condominium Property Regime and we begin the process of establishing your trust.
But what if there is a substantial time lapse until construction completion?
Recognizing that this waiting period can be anxiety-provoking, questions about progress, payment schedules, and other concerns may arise. As part of our service, we offer unwavering support through our Concierge team. This dedicated team stays on top of every update, progress report, or inquiry in the purchasing process.
Our Concierge team serves as a vital communication link between all parties involved: buyers, developers, and real estate agents. Their primary goal is to streamline the transaction process and provide peace of mind to our clients.
Beyond contract reviews, our team actively accompanies all parties throughout the real estate transaction process. We ensure that you feel supported at every stage. Once the developer signals the completion of construction and the start of deliveries, or once the condominium ownership regime is in place, our Concierge team will seamlessly guide you into the post-closing phase. Post-closing involves elucidating the deed process or coordinating the physical delivery of the property (in cases of soft closing).
It is of utmost importance to hire a trusted attorney when starting your purchase process. A thorough examination of the promissory contract is essential to avoid non-compliance issues with the developer. Our litigation team has successfully resolved client cases that did not initially involve Acceza, ensuring a smooth reconciliation with the developer. We subsequently direct the case to our Real Estate Closing team for the completion of the transaction. While our primary goal is always to avoid the need for litigation, it is crucial to highlight that our litigation team is fully equipped to handle any unforeseen circumstances.
For more information about pre-sale properties, our Concierge service, or any inquiries related to purchasing real estate in Mexico, please contact our experienced team of real estate attorneys.
