You should read this first.
Buying a presale property in Mexico can be an appealing investment (specially for a beachfront property, as well as the Canadian dollar to Mexican peso exchange rate), but it comes with several risks that buyers must carefully evaluate.
One major concern is the potential for construction delays, which can push back the expected move-in date significantly. Additionally, there is the risk that the finished property may not meet the promised quality or design standards, leaving buyers dissatisfied or requiring costly modifications.
Hidden costs, such as increased fees or unexpected charges during the construction process, can also strain budgets. Furthermore, if the developer faces financial difficulties, the project could be delayed indefinitely or even canceled, potentially leaving buyers with little recourse.
To mitigate these risks, it is essential to thoroughly review the developer's track record, understand the terms of the purchase agreement, and ensure all legal and regulatory approvals are in place before committing to a presale property.
Before making an offer, it’s crucial to carefully review all documentation associated with the purchase. This includes agreements with the developer, zoning laws, building permits, and construction plans. Verify that the developer has obtained all necessary permits to begin construction and that the property is legally registered in the Public Property Registry.
Before signing any contracts, clarify all aspects of the purchase, such as the price, the completion timeline, and whether there are options to upgrade property components after signing.
Our office can provide you with Mexican legal advice and help you navigating the intricacies of presale property in Mexico.
Hermes Sanchez
Practitioner of Mexican Law*
T. 778.814.7112
*Practitioner of Foreign Law, Mexico, Bachelor of Laws, Since 2008. Authorized to practice Mexican Law in British Columbia, Canada and Mexico
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