Mexico Condo Regime….What Is It, Why Is It Important….And a Big Announcement

When a Playa del Carmen condo is constructed, one of the most important legals issues is the receipt of the Condo Regime.  This is the legal approval issue by the government.  The state and local city municipalities must give their approval to the details of the project.  And as most government entities everywhere including all regions of the Mexico real estate market, this can be a prolonged affair.

But until the regime is received by the developer, it is not possible for the buyers to receive their legal title to the property.  This is often months after the project is completed….often 6-9 months, and in my particular case when I moved into my Playa del Carmen real estate property, my wait was over 1 year.  Although the norm is for the buyer to be able to take physical possession once the property is completed, the final “closing” really doesn’t take place until the title is received.

The announcement….you may have seen our information on the Viliv Condominiums.  If not, take a look.
CLICK HERE  Playa del Carmen condos

This 18 unit (six buildings with one unit on each of the three floors) complex is located in a beautiful new gated community just 3 km north of town.  Building one is completed and occupied.  Building 2 and 3 are up and being completed and the entire project will be completed before year end.

What is amazing, is that the regime has been received by the developer ALREADY.  Perhaps the fastest we have ever seen.  This is a great accomplishment by the developer showing his effecient operation and quality of his project.  It is now in the hands of the Notary as they break it into the 18 individual properties which should be completed very soon enabling the new buyers to take take title right away.  This important development also provides an additional advantage to the buyers….the ability to get bank financing.  Since they will have the legal title at the time of purchase, the banks can then lend the money…..an even almost unheard of and most appreciated to the Viliv buyers.

Doug Morgan 512-879-6546 www.TOPmexicorealestate.com THE TOP Mexico Real Estate NETWORK; “Mexico’s leading specialists for finding and purchasing Mexican properties safely !”