What is a Condominium Regime?

A regimen of condominium can be defined as follows:

“It is constituted when the units, departments, dwellings or premises that are within a master property are likely to be used individually and independently because they have their own exit to the public highway”

The condominium owners are the owners of the homes and they also have a co-ownership right over the areas that are used in a common way and enjoyed by all.

This legal figure is physically represented in a Public Deed issued by a Notary, once this legal instrument is issued, the subdivision of the property titles can be given to each home or premises within the Condominium, for which it is very important to assess the invest in properties in preconstruction.

What is a Unit of Exclusive Ownership?

speaking of exclusive property units we can say the following:

"These are the lots, apartments, houses, premises or areas that are inside a condominium and on which you can have an exclusive property right”

Taking into account the above, the Condominium Regime, when divided into small parts, does so in a proportional and percentage manner, since the condominium represents a 100% and according to the m2 space that each unit occupies, that 100% is divided into the number of premises and households according to their size.

How to make a Condominium Regime in Quintana Roo?

Certain points must be considered when creating a condominium property regime, as the first point the temporality, since depending on the State of the Republic where it is carried out, it can take approximately 3 to 6 months to materialize.

At this point of real estate development, it is necessary to invest time and resources to obtain this Regime. The requirements include architectural and engineering aspects of the infrastructure that is planned to be commercialized, some of which are quite logical.

These are the most important requirements that you must meet to obtain a Condominium Property Regime:

1. Property Title Property Tax Record
2. zoning permits
3. Certificate of compliance with municipal and state regulations.
4. building permits
5. Latest property tax payments
6. List of construction materials used in the building
7. A letter that requests obtaining the Regime.
8. Condominium Rules

All this documentation and others must be delivered and reviewed at the offices of the Municipal and State Government in the capital. At the state level, the offices of the Sustainable Urban Territorial Development Secretariat (THIRSTATUS) are the authorizing government agency.

Once the authorization has been granted by both the Municipality and the State, the documentation must be sent to the Notary Public. At this point, it is considered approximately between 8 and 16 days in which the Public Deed of the Condominium Regime is issued.

“This time is taken, since each home or local is assigned a registration folio number, its cadastral certificate and its property tax registration. This being the last step of real estate development“

Why is the Condominium Regime created until the end?

Although the time to obtain the Government Approval and the Deed of the Condominium Regime is short compared to the construction time, this is usually done until the last steps or when reaching the 90% of the real estate development for several important reasons.

An important reason is the flexibility to build what investors really want and need within the space they are going to acquire. Since when the entire application for the Condominium Regime is formalized, all the architecture and engineering of the real estate structures can no longer be modified.