When attempting to purchase construction in Mexico, you should know that there are many considerations that must be made. Issues concerning the transfer of titles and the management of money are but a few of these. Getting ready for this major purchase is vital, especially when it will be made outside of your home territory.
Determine if your builder is expecting you to turn over your deposit directly or whether an escrow company will be used. Those entities that are willing to use escrow companies understand the needs and concerns of buyers from other countries. This will additionally give you more financial security, in the event that you are unhappy.
More from YourTango: Office Romance Heating Up? 6 Dating Lessons From 'Mad Men'
In these transactions, escrow companies make it possible for people to enjoy a reasonable balance of powers. Consumers have a greater ability to get their money refunded should delivery of the product be delayed. Not every developer in Mexico uses these, however, it is a sign of producers who are ready and eager to conduct business with the international market.
You must also learn whether the land is fully paid for, or if there are liens against it. If your seller is financially secure, it will be easier for him or her to complete the project. If the land is still be paid for and there are liens placed against it, there are many things that can go awry and a number of these will affect the builder's ability to deliver. It is therefore important to learn whether or not your seller has been able to deliver quality products, on time.
If you will not be using an escrow company to complete this deal, you should find out if there are refunds that you will be eligible for if the product is delivered later than the agreed upon date. There are certain losses that buyers will take if they are not able to completely pay for their units when delivered on time. These same concessions should be in place for the seller.
Another thing to go over is when your amenities will be delivered. Sometimes developers are not prepared to make amenities available until they have had the opportunity to sell more products and collect additional deposits. With a good delivery date you can be sure that your amenities will be right where you need them to be and on time.
More from YourTango: The Number One Rule We Keep In The Bedroom
You should find out where the funding for your project is coming from. If a bank is being used, there is a lot more security for prospective buyers. When builders use the deposits of buyers to make things happen, however, there can be unfortunate delays in many stages of the construction and getting a return on deposits can be all but impossible.
Learning about the developer is always a vital step to take. This is true whether you will be buying construction in Mexico or in any other part of the world. In order to avoid unethical individuals, you must make an effort to know more about the team leaders. This means reviewing their past projects, ensuring that there is valid and viable contact information and speaking with former clients.