Condominium Regime: What is it and why do I need one for my property?
A condominium regime is a public and legal document that sets out the rules and regulations that owners of any given property have to abide by, as well as their rights and obligations.
It also describes the specific details of any project, such as building blueprints, location, sizes and delimitations of individual units, percentage of common areas owned by each unit, etc.
It basically means that you legally own your individual unit as well as a percentage of common areas.
Every Real Estate Developer is responsible for requesting its own condominium regime from local authorities and getting authorization from them in order to do business.
When a development is finished, local authorities grant a certification of its completion, allowing developers to commercialize their units.
Every individual owner has the responsibility to pay monthly maintenance costs outlined on the regime documents.
There are many types of regimes according to the characteristics of a certain building: Vertical, horizontal or mixed. For example, on a Vertical condominium you can own up an entire floor (or the amount of space your apartment occupies).
All existing developments at Neoterre, past or present, are under the Mexican Condominium Regime.
If you are interested in being part of any of our projects, let us know and we will happily assist you.
