We know that security, trust and legality are the most important values for you in the purchase of your property. For that reason it is important that you know what is the most important documentation and/or certification of a property. This with the objective of guaranteeing basic aspects in the Mexican legal framework. The security of your investment is the most important thing for the future. Discover the 5 most important documents when buying a property below.
Condominium regime
This document covers a real estate property constituted in which there are a set of condominium units recognized in a particular way. In addition, it also recognizes the elements of use subject to compulsory co-ownership. This in turn is indivisible, inalienable, imprescriptible and unseizable. With it come rights and obligations that must be guaranteed for subsistence.
In simpler terms, the condominium regime is a document that guarantees that each condominium will be the exclusive owner of its condominium unit and at the same time co-owner of common use spaces.
2. Construction license
The construction license is a permit requested by the local administration in order to carry out any type of construction. This document must also comply with key factors such as buildability, accessibility and technical aspects approved for construction. Taking into account the land-use plans and special resource management plans of each city.
The purpose of this permit is to control the growth of cities, as well as to guarantee the personal and economic security of people.
There are two types of licenses to apply for before building: major and minor. According to the Ministry of Urban Development and Housing(Seduvi), the former refer to one-level projects of less than 60 square meters. The latter are for sites of more than one level.
(Source: el financiero)
It is important that the property you are going to acquire has this permit to avoid inconveniences and setbacks in the conformation of your home.
3. Notice of Completion
The purpose of this document is to notify the conclusion of different types of works in terms of maintenance, construction or authorized reconstruction. This normally includes the urban image indicated in the previously requested licenses. For more information, please visit the official website of the Government of Mexico.
4. Title to the property
This legal document is important since it accredits a person that a certain property belongs to him/her. It specifies the name of the owner, the way in which the property was acquired, the most representative characteristics of the property, date of acquisition and relevant information about the deeds. This document can be obtained from the Public Registry of Property.
5. Certificate of freedom of encumbrance
The certificate of freedom of lien is a document that certifies the legal status of a property before the authority. This certificate certifies that a property is free of debts or any type of legal conflict that may involve the Ministry of Finance or any other financial entity. This document is ideal in any purchase or sale process in Mexico as it certifies the legality of a property before the law.
At Nolab we want you to be able to start the home of your dreams and not have any unforeseen events in the process. That is why our advisors are fully trained to accompany you in the process and provide total confidence, agility and security in the investment of your assets. Contact us here.
