Written by Jessica Hernández
Business -Consulting -Investment
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The condominium regime in México can be originated when the owner or owners of a land whose purpose is to construct in it a building or buildings with common and indivisible elements, whose floors, apartments, houses or commercials locals will be transmitted in property to different people (Mexlaw, s.f.)
It is about a document which is granted by a Notary Public and recorded in the Property Public Registry and it is necessary for the buyers to obtain the legal title to the property.
It contains rules and regulations of the construction, likewise all the legal documents of the property including location, description and measurements, including private units, common areas, construction or renovation permits, licenses, the blueprints, a common shares table, and the appraisal. In the same way, details such as the collection of maintenance fees, amount and schedule of payments, rules of common areas. It grants each condominium owner exclusive property rights over the individual unit, as well as the right of co-ownership of assets regarding common areas or facilities.
The condominium regime is constituted on real estate since because of its characteristics, allows its owners both the exclusive use of the private property, as well the use of the common areas which are undivided.
Its importance derives from the fact that it establishes the characteristics and conditions for the social organization and functioning of the condominium.
Mexlaw.(s.f.) The Condominium Regime in Mexico. https://mexlaw.com/condominium-regime-mexico/#respond