Condominium regime

Mexico’s first condominium laws were published in 1972, the same year as the bank trust (Fideicomiso) law was enacted. In 1985 California’s Davis-Stirling Common Interest Development Act became a model for the rest of the western world. In the same year Mexico updated its condominium law and enacted the establishment and operation of common interest developments.
This step was highly important for Mexico City but also for vacationers in Acapulco, Cancun, Manzanillo, Puerto Vallarta, Mazatlan and Los Cabos. Because of built in maintenance provisions it has become the preferred ownership for vacationers in Mexico who may spend only a few weeks a year at their homes and prefer to spend the time in fun rather than in maintenance duties.
For example the pool, hallways, gardens and other public areas are commonly owned property. Owners of the individual condominium units acquire a proportional ownership interest in all the recreational facilities, as well as in the service areas, bearing walls and utility features at the project.

In other developments the developers retained ownership of certain areas destined for recreational use by the condominium owners and common areas are limited to the sidewalks, utilities, ducts and other construction features of the properties.
In Mexico direct ownership of the common property is the general rule. This means that certain property in the complex is owned in common in undivided interests by the individual homeowners. As an example, 25 condominium units and a common swimming pool and tennis court, in direct ownership each condominium owner owns his private space and a 25 percent of the common areas.
The common interest in the building normally will include: the foundation, roof, exterior walls, bearing walls even if located within the unit, common hallways, chimneys, exterior doors, windows and all utilities and the pipes, ducts and wiring for same
The individual owner’s unit will generally include all interior fixtures, improvements and personal property which is located within the three dimensional block of airspace. This will include built-in cabinets, plumbing fixtures, lighting fixtures and interior doors.
The information and documents that are required to obtain the Regime consists of the following but not excluding additional requirements not mentioned below.
Original application requesting the Mexico Condominium Regime
Property title
Property Tax Registry
Last property tax payments
Zoning permits
Certificate of compliance with city and state regulations
Construction permits
List of building materials being utilized in the building
Performance Bond
Delivery Bond
Condominium By Laws
Before buying any property that resides within a Condominium Regime it is very important to have the regime documents studied by an attorney that is familiar with the laws of Mexico. Many things can be hidden within the document that can adversely affect your ownership of the property and the resale value of the property.
Here at Elementi Developers we have the staff to review your Condominium Regime. Or if you are a developer and are in need of a Condominium Regime we can handle it from start to finish.