By: Jim Scherrer,
Boomers Abroad Online Community Blogs
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Tags >> Resort real estate in Mexico
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Aug 05
2009
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By Mario Restrepo at Ventana Magazine
When considering buying real estate from a developer in Mexico, it is important to understand the differences between how you might be accustomed to buying new construction in your country of origin, and what is common and legal in Mexico. Specifically, there are financial and title transfer considerations that you should take into account when buying new construction here in Mexico.
For example, in the USA, in order for a developer to get building permits, financing must be obtained to guarantee a completed project; then, the pre-sales of units can begin. In Mexico however, outside financing for a project does not have to be obtained before pre-selling units, and buyer’s cash can be used for construction. This, of course, puts buyer’s deposits at risk if there is a mismanagement of funds or construction.
There are many excellent developers here in Mexico with a clear history of delivering completed units in a timely manner. In addition, Mexican architecture is one of the reasons why Mexico is such an excellent travel destination, as well as a real estate investment destination. I feel that the most under appreciated artist in the world is the Mexican mason. This article is only meant to help you ask questions to lead you to the best developers, and to give you insight as to the possible safety of your investment and to what you are really buying.






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