Seizing Opportunities: Navigating Pre-Sale 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 in, you’re keen on seizing a golden opportunity through a pre-sale transaction. Let’s delve into what constitutes a pre-sale.
What is a pre-sale?
A pre-sale transaction occurs when the property is still under construction or when the condominium regime hasn’t been finalized. The condominium regime, a document elaborated by a Notario Público and recorded in the Public Property Registry, plays a pivotal role.
Research the Developer
To set a solid foundation for your investment, gathering crucial information about the developer becomes paramount. This includes assessing their experience, past constructions, HOA fees, and the potential for a rental plan. Your journey kicks off with the assistance of your broker and lawyer, guiding you through the initial steps: conducting due diligence and crafting the promissory contract. Mexlaw meticulously scrutinizes all aspects, including the property’s public deed background, the constitution deed of the selling company, identifications, and powers of the legal representatives. This involves a comprehensive review of permits.
Promise of Sale Contract
With the review completed, the Promise of Sale contract takes center stage. It is crucial to thoroughly review this legal document with your broker and lawyer before putting pen to paper. Once signed, it stands as irrefutable proof, cementing the legal agreement between buyer and developer, this promissory contract is supported by the federal civil code and the civil code of the state of quintana roo.
It’s essential to note that the Promise of Sale Contract is the only claim and evidence of purchase – it doesn’t serve as the title of the property. The property title can only be issued once the developer obtains its Condominium Property Regime and we begin the process of setting up your trust.
Mexlaw’s Concierge Team
But what if there’s a substantial time gap until construction completion?
Recognizing that this waiting period can be anxiety-inducing, questions may arise regarding progress, payment schedules, and other concerns. As part of our service, we offer unwavering support through our Concierge team. This dedicated team remains abreast of every update, progress report, or query in the purchasing process.
Our Concierge team serves as a vital communication link between all involved parties – 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 through the real estate transaction journey. We ensure that you feel supported at every stage. Once the developer signals the completion of construction and the initiation of deliveries, or once the condominium property regime is in place, our Concierge team guides you seamlessly into the post-closing phase. Post-closing involves elucidating the deed process or coordinating the physical delivery of the property (in soft-closing cases).
It is of utmost importance to engage a reputable lawyer when initiating your purchase process. A thorough examination of the promise contract is essential to prevent any non-compliance issues with the developer. Our litigation team has successfully resolved cases for clients who initially did not involve Mexlaw, ensuring a smooth reconciliation with the developer. Subsequently, we directed the case to our Real Estate Closing team for the finalization of the transaction. While our primary objective is always to avert the necessity for litigation, it is crucial to highlight that our litigation team is fully equipped to handle any unforeseen circumstances.