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Mexico Condos---The Legal Aspects to Consider
The condos have long surpassed the single family homes in their popularity. If owning spacious bungalows has been the obsession with the past generation, todays savvy home buyers prefer condominium over individual homes. Big houses on sprawling lands have given way to shared walls and a penchant for community living. These days, people buy condos to set up their homes, they invest in condos as their second property or vacation homes and they also buy condo units in gated communities as an investment for their retirement years.
As it comes to living in condos, rules and regulations become crucial, as here you have to share many aspects of property with the others. Just like any other modern countries in the world, Mexico condos are also regulated by a set of rules and regulations. 1972 is a landmark year in the history of Mexico condos, when the first set of condominium laws were passed in the country. In the same year, the Bank Trust (Fideicomiso) law was also enacted. In 1985, Laws for Mexico condos were updated on the model of California Davis -Stirling Common Interest Development Act.
In 1985 revision gave a real boost to the Mexico vacation condos market. Starting form Mexico City to the essentially tourist destinations like Cancun, Manzanillo, Acapulco, Puerto Vallarta, Mazatlan and Los Cabos---everywhere it was the celebration time for the vacation property owners, as in its new structure, the law introduced built in maintenance provisions for the vacation property owners, who occupied their Mexico condos for merely a few weeks a year and would definitely not want to spoil their vacation by getting busy with various kinds of maintenance chores.
The provisions in Common Interest Development Act demarcates commonly owned properties that are separately owned properties in Mexico condos and stipulate the common rights that may be enjoyed by the residents of Mexico condos. The pool, hallways, gardens and other public areas are common parts of any Mexico condo property and residents acquire a proportional ownership interest on all the recreational facilities and utility features in the condominium. However in some Mexico condos, common ownership is limited to the multiple construction features of the properties such as sidewalks, utilities, ducts etc.
So far as the Mexico condos are concerned, direct ownership of the common property is the general rule, where the individual owners have direct ownership of each condominium unit and the private space within that unit plus a percentage of the general areas such as swimming pool or childrens playground.
If the owner intends to sell off his condo unit, his share of the common area must be included for the Mexico condos, these common areas of interest include the foundation, roof, exterior walls, bearing walls and even if it is located within the unit, common
Hallways, chimneys, exterior doors, windows and all utilities and the pipes, ducts and wiring for same.
However, the owner has to complete a legal document called Condominium Regime before a Mexican Notary Public register in the Property Tax office and Public Registry of Property, to obtain the individual title to the condo unit. This document consists of detailed descriptions of the land, each and every private unit, description of the common property for the entire project, and the Rules and Regulations to be followed in the condominium.
If you are an overseas investor, who wants to invest in one of Mexico condos, make sure to choose a property that is well maintained and managed by a strong home owners association. The lack of maintenance affects the value of the Mexico condos and the value of the unit.
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