While working here in the Playa del Carmen real estate industry, we come across frequently asked questions by many of our buyers.

I thought a good subject to touch upon this week would be to hit on some of these subjects. Also, this past week, the Riviera Maya real estate organization of AMPI, which I am a member, held a short session to discuss the theme on Condominium Regimens here in Mexico.

In layman's terms, a Condominium Regime is basically dividing one main title of a building and land, into smaller, individual titles. Physically, the Playa del Carmen condos would all be individually measured, have their own individual independence (individual contracts) in regards to their electric, water, and basically all utility needs. A condo regimen will not only specify the private areas of the individual condos, but will also specify what areas and buildings are to be considered in the common areas. By laws are also part of this package which include the rules by which the condo owners must follow while living or enjoying the areas within the complex. The Mexico Real estate Federal law outlines the basic rules that must be included in these by laws, but the sky is the limit in regards to additional rules that the condo owners wish to include in such document.

The regimen of Condominium document is an important certificate that the investors in Playa del Carmen real estate and Mexico Real estate focus upon when purchasing a Mexico pre-construction condo because titles cannot be issued until such document is obtained by the developer.

How long does it take for a Mexico developer to obtain the Regimen of Condominium

It varies upon the state, but approximately 3 6 months.

Now, Playa del Carmen luxury condo developers, need to invest time and money into obtaining the Regimen. But, the requisites are quite logical, and the majority of the work deals with engineering and architectural data. The notary public and documentation paperwork also require additional time. The information and documents that are required to obtain the Regime consists of the following but not excluding additional requirements not mentioned below.

Original application requesting the Mexico Condominium Regime

Property title

Property Tax Registry

Last property tax payments

Zoning permits

Certificate of compliance with city and state regulations

Construction permits

List of building materials being utilized in the building

Performance Bond

Delivery Bond

Condominium By Laws

The application is delivered on the city offices as well to the state. At the state level, the government offices known as the SEDUMA will be the authorizing government body. Once the authorization has been granted both by the city and state, the documentation can then proceed to the notary public.

Once arriving to the Notary Public the lead time may vary from 7 to 14 days. Once notarized, the documents will then need to be notarized. Here, the Mexico public registry will assign individual folio numbers to each of the Mexico condominium units. Finally, the cedula catastral, or the individual property tax registries are assigned. This would be the final step to obtain individual title to Mexico preconstruction condominiums.

A common question that many of my investors forward to me, is

Why do the developers wait so long to begin application for the Condominium Regime when they are aware of a 6 month period

The main reason of withholding this process, is due to the flexibility to construct according to the buyers requirements. One of the values that many buyers exercise when purchasing into pre construction, is the option of being able to custom design the layout of the interior of the unit. The buyers want the flexibility to decide if they want 3 bedrooms, or 2 Bedrooms with an extra large master bedroom for example. If the Condominium of Regime has already been applied and granted, the construction cannot be allowed to modify unless an entirely new Condominium Regime is realized. Thus, developers will withhold until either 90% of the condos have been sold, or until 90% of the construction has been realized thus definition of the final product has been ensured.

If you want to study more questions and answers to FAQ regarding this subject or other similar subject,I welcome you to click below where you can read on much more details on Mexico Real estate.

http://www.topmexicorealestate.com/faq.php

Thanks

Thomas Lloyd