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Buying Presale Property in Mexico

When you buy a presale property, you're getting it before they start building it. The developer promises to build your home or apartment on a specific lot within a set timeframe. Hence, this also means that the condominium regime has not been completed.


Buyers often find presale properties appealing because they are usually sold at lower prices than fully completed ones. However, it's important for buyers to be aware of the risks and factors unique to presale properties before making an investment.


What are the Steps for Selecting & Purchasing a Presale Property?


1.     Research: Look for presale projects in the desired location. Consider developers' reputations and the features offered.


2.     Budget Planning: Determine your budget and explore financing options. Factor in additional costs like taxes and fees.


3.     Property Selection: Choose a presale property based on your preferences, such as size, layout, and amenities.


4.     Review Contracts: Carefully read and understand the presale contract. Pay attention to completion dates, specifications, and any contingencies.


5.     Developer Reputation: Verify the developer's track record. Check reviews and past projects to assess their reliability.


6.     Legal Advice: Most importantly, seek legal advice before signing any contracts. A lawyer can help you understand the terms and conditions and can negotiate some exit clauses in case you notice that the development is not being built in the timeframe set out in the contract.


7.     Deposit Payment: Pay the required deposit to secure the property. This is typically done in installments.


8.     Monitor Construction: Keep tabs on the construction progress through updates from the developer. Visit the site if possible.


9.     Final Inspection: Once the property is completed, conduct a thorough inspection to ensure it meets the agreed-upon specifications.


10.  Closing the Deal: Complete the final payment and go through the closing process. Obtain all necessary documents and keys.


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