The Mexican real estate market does not function the same as the USA or Canada. To lower your risks, it is advised to have a highly educated, experienced, and credentialed buyers real estate agent representing you. This will help when buying a house or condo in Puerto Vallarta and facilitating a good experience navigating the quirky, non-compliant, misleading, or hidden surprises and scenarios that can be a huge risk to your financial investment. In most scenarios our services are at ZERO cost to you.
Condo Fees: A Cornerstone of Mexican Condo Ownership
Owning a condominium in Mexico is a dream for many, but it comes with responsibilities. Chief among them is the obligation to pay maintenance fees, regardless of occupancy. Inmuebles24, a leading Mexican real estate platform, sheds light on this critical aspect of condo ownership, emphasizing the importance of understanding the Condominium Property Law.
Mexico’s Condominium Property Law governs the harmonious coexistence and upkeep of residential complexes. Karla González Montoya of Inmuebles24 stresses the importance of legal knowledge and professional guidance for property owners. Key terms include:
- Condominium Owner: The individual or entity owning a unit.
- Condominium Administrator: An owner elected to oversee the complex.
- Professional Administrator: A hired expert in condominium management.
- General Assembly: The governing body of all condo owners.
- Ordinary Fee: Regular payment for standard maintenance and services.
- Extraordinary Fee: Additional charges for unexpected expenses.
Why Condo Fees Matter
As Ana Paula Sainz Fernández, a condo law expert, explains, fees fund essential services like landscaping, pool upkeep, and security. Despite 98.52% of Mexican condos lacking formal administration, the General Assembly sets fee structures through a process involving:
- Detailed expense breakdowns.
- Fee proposal and approval.
- Mandatory payment terms with penalties for late fees.
Consequences of Non-Payment
Non-payment carries serious legal consequences. After six months of delinquency, legal action can be initiated, potentially leading to property seizure.
Compliance and Local Laws
Condo management laws vary by state. Regardless of occupancy or sale status, timely fee payment is crucial. Consulting real estate professionals ensures compliance.
Conclusion
Condo fees are essential for maintaining property value and community standards. Understanding the law, paying on time, and seeking expert advice safeguard your investment and contribute to a harmonious living environment.
Written by Mexpat Realtors – November 2024
For matters pertaining to Puerto Vallarta Real Estate, Houses for Sale in Puerto Vallarta, Condos for Sale in Puerto Vallarta, Sayulita Real Estate, Zona Romantica Puerto Vallarta or the surrounding areas of Bahia de Banderas, Property Management Puerto Vallarta, or Puerto Vallarta Rentals, Mexpat Realtors is a great resource.
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