After 20 years of attending condominium meetings in Jalisco, I have learned that certain core issues cause most of the ongoing problems. These problems persist from lack of understanding (education) and lack of communication. Issue of Private and Common Areas – Yes, the condo regime, bylaws, rules, regs, and escritura (trust deeds) are in Spanish. It is still vital to understand the most important clauses or definitions contained within these documents.
Ejido: Farming land owned by a legal entity, or group called the Ejido. Collective land that can now be privatized. Foreigners cannot acquire rights to Ejido property. Through a proper process, the Ejido can sell to a Mexican individual. The Mexican can then sell to a foreigner. Escritura Publica: The document issued by the notary to transfer ownership of property. The escritura is a public deed. If there is bank trust for foreign ownership it is described in the escritura. In the escritura the banks define its authority and sets out its fees.
Demand: There is supply and buyers willing and able to purchase the inventory. Opportunity.
Rarity: When there is a limited supply property in particular locations and more buyers want this type, there may still be more demand. Missed sales if the inventory is sold out.
Condition: Affects the demand. If there is a lot of work needed for the property to be in demand, the price needs to be low enough to enable the buyer to pay for repairs and not be paying over the market price. No sale if price is not right.
This article is about pre-construction, new developments, as well as resales. There is a particular ethical and moral way in which buyers and sellers should deal with each other, and most of the time, the person who has to keep the negotiation on this level is the agent (agents) involved. This is our responsibility to recognize and require that everyone involved work on the highest level of reason and fairness. This subject has nothing to do with negating capitalism or denying a buyer or a seller a good deal.