If you have decided to invest in a pre-construction project, congratulations! It can be a great option; however, there are some guidelines that are important to take into account to make your purchase a successful experience.
1. Choose the Real Estate Advisor of your preference:
Choosing a professional Real Estate Advisor with knowledge and experience in the area will give you a global vision of the market and will provide you with confidence and security for decision-making.
Remember that although all project promotion information can currently be found online, there is information that you will not find online, such as the reputation of a developer, the history of finished and delivered products of the developer in the area, the legal situation of each project, and much other information that your real estate advisor can provide. The objective of your Real Estate Advisor should not be to sell you a specific product, but to guide you, expose the pros and cons, advise you on legal and fiscal matters, and of course, look after your interests.
Our recommendation is to work with Real Estate Advisors registered and certified by the state of Quintana Roo, who are preferably affiliated with a Professional Real Estate Association, since these associations promote an ethical practice of the profession. In our case, all Real Estate Advisors have a current license and are associated with the Mexican Association of Real Estate Professionals (AMPI).
2. Choose the Project and type of unit
Your choice has to be based on price, characteristics of the architectural project, amenities, differentiators and qualities, delivery date, payment methods, verifiable legal situation of the project, developer history, knowing if they offer or accept financing, knowing the approximate maintenance fees, understanding the administration style, and considering the closing costs that you must pay at the time of signing the deed.
3. Reserve your unit
In most cases, the unit is reserved with US$5,000, even less. This unit reservation is fully refundable; the objective of this unit reservation is to guarantee the availability of the unit, in the time that the purchase-sale promise contract or the trust promise contract is carried out in the case of foreign buyers, which is usually within a period of two weeks.
4. Signing of the purchase-sale promise contract or trust promise and down payment
This is the moment when the purchase is formalized.
5. Continuous contact
Request your advisor to stay in contact with you and the developer; most likely you do not live in the area, so your real estate advisor will be your eyes during the entire time the work is being developed. It is very important that your advisor ensures that the sales or after-sales person continues to inform you of the progress of the project, documenting it with photos and emails. Keep your advisor copied on all emails and payments you make to the developer; this way, they will help you keep track of each payment and ensure that your receipts for each payment are issued.
6. Physical reception of the property
Go to the physical delivery of the property, accompanied by your Real Estate Advisor. During the delivery of the property, it is important to pay detailed attention to the physical characteristics of the property, the operation of the equipment of the unit, and furniture if it has any. There is a document called the Reception Act, which marks the defects that may be found in the unit at the time of review, which must be corrected within a period stipulated in the purchase-sale promise contract. Most developers offer a guarantee against hidden defects for one year from delivery.
7. Deed of the property
When the long-awaited delivery date of the property approaches, get in touch with your advisor so that they can help you update the Estimated Closing Costs, as well as send them the updated documents that the Notary Public requires to formalize the sale.
As you will see, the participation of a real estate advisor can be very useful and bring many benefits.
In a Sea of Possibilities, we invite you to choose Select…
