What is a condominium property regime?
A condominium is a property that be owned by one or more proprietors who possess exclusive areas but also share common spaces. Thus a condominium property regime must be created.
According to Article 4 of the Law of Real Property in the Condominium of the State of Quintana Roo, ‘’the constitution of the condominium property regime is the formal legal act whereby the owner of a property [formalize] before a Notary Public declaring their intention to implement this type of property to its best use.’’
Reasons to constitute the condominium property regime:
- A condominium belongs to numerous proprietors.
- When dividing the condominium into different areas, some elements in common are conserved.
- By testamentary disposition.
To carry out the establishment of the condominium property regime, the owner or owners must resort to the competent municipal authority and elaborate a public deed. Based on Article 9 of the aforementioned law, the following documents should be presented:
- Planning permission issued by the competent municipal authority.
- Location, dimensions, measurements, boundaries, and adjoinings of the property, which will be subjected to the regime.
- General description of the constructions and the quality of the materials used or to be used.
- Description of each unit of exclusive property, including the number, location, adjoinings, measurements, areas, and spaces for parking, in case there are some.
- Establishment of zones, installations, or adaptations to comply with the norms that facilitate the use of the property to disabled individuals.
- Nominal value assigned to each unit and its proportional part (undivided interest) in relation to the total nominal value of the property.
- Characteristics of the condominium, according to its structure and use, as well as the aim of each of the exclusive property units.
- Description of the common property assets, aim, specifications, location, measurements, components, and all information that allow an easy identification.
- Cases and conditions under which the charter of the regime and regulation can be modified.
- Record of project completion issued by the competent municipal authority in response to the quality of the construction, having a 2-year validity from the day the condominium is handed over.
- Appointment of an administrator, and its remunerations, faculties, and powers.
- Obligation of condominiums to guarantee the payment of the corresponding fees to the administration and maintenance funds, as well as the reserve fund.
In QuAdrans law and finance we aid you during the licencing process for the condominium property regime and use of land, whether it is for commercial, touristic, or residential purposes.
