If you’ve decided to invest in a pre-sale project, congratulations! It can be a great choice, but there are some guidelines to consider to make your purchase a successful experience.
-
Choose Your Preferred Real Estate Advisor: Selecting a professional real estate advisor with knowledge and experience in the area will provide you with a comprehensive view of the market and instill confidence and security in your decision-making. Remember that even though you can find project promotion information online, there’s information not available online, such as the developer’s reputation, the developer’s history of completed and delivered products in the area, the legal status of each project, and other information that your real estate advisor can provide. Your real estate advisor’s goal should not be to sell you a specific product but to guide you, present the pros and cons, advise you on legal and fiscal matters, and, of course, look out for your interests. Our recommendation is to work with real estate advisors registered and certified by the state of Quintana Roo, preferably affiliated with a Professional Real Estate Association, as these associations promote ethical professional practices. In our case, all real estate advisors have valid licenses, and we are affiliated with the Mexican Association of Real Estate Professionals (AMPI).
-
Select the Project and Type of Unit: Your choice should be based on price, architectural project characteristics, amenities, differentiators, and qualities, delivery date, payment methods, verifiable legal status of the project, developer’s track record, knowledge of whether they offer or accept financing, understanding approximate maintenance fees, comprehending the management style, and considering the closing costs you’ll have to pay when you transfer ownership.
-
Reserve Your Unit: In most cases, reserving a unit can be done with as little as $5,000, or even less. This reservation is fully refundable, with the goal being to secure the availability of the unit while the promise of purchase and sale contract or promise of trust contract (for foreign buyers) is being formalized, which usually occurs within two weeks.
-
Signing the Promise of Purchase and Sale or Trust Agreement and Making the Down Payment: This is when the purchase is formalized.
-
Maintain Ongoing Contact: Request that your advisor continues to stay in touch with you and the developer. Chances are you may not live in the area, so your real estate advisor will be your eyes throughout the construction process. It’s crucial that your advisor ensures that the sales or post-sales personnel keep you informed about the project’s progress, documenting it with photos and emails. Keep your advisor in the loop about all your correspondence and payments to the developer. This will help you keep track of each payment and ensure that you receive receipts for each payment.
-
Physical Property Delivery: Attend the physical property delivery accompanied by your real estate advisor. During the property handover, pay close attention to the property’s physical characteristics, the operation of the unit’s equipment and furniture (if any). There is a document called the ‘Acceptance Certificate,’ where any defects found in the unit at the time of inspection are noted. These issues should be corrected within a specified period as stipulated in the promise of purchase and sale contract. Most developers offer a one-year hidden defects warranty starting from the delivery date.
-
Property Title Transfer: As the long-awaited property delivery date approaches, get in touch with your advisor to help you update the Estimated Closing Costs and to provide the notary with the necessary updated documents for the formalization of the purchase.
As you can see, the involvement of a real estate advisor can be very useful and bring many benefits.
In a sea of posibilities, we invite you to choose Select
