Due to recent sue’s of people being scammed by Developers we will like to make some basic recommendations in order to avoid this this situation:
- Search Developer information: check if the Developer has done other Condo’s previously. Visit the Condo and ask reference from the people who has bought Condos made by the developer.
- Request legal documentation that proofs they have all permission from the local government and the CFIA (Colegio Federado de Ingenieros y Arquitectos). You can request the documents to the Developer, the Local Government or CFIA.
- Make sure they have permission from the Ministry of Economics (MEIC). All developers must have approved the Condo agreement between the client and the Developer. This is required to avoid abusive terms from the agreement.
- Check the lots ownership. The lots ownership should be under the Developers. If not, ask the Developer how they will sell the Condo to you.
- Read carefully the agreement before signing. Pay attention on the down-payment and the refunding policies in case you were not able to obtain the mortgage or if the Developer delays on delivering the Condo.
All in all, please take cautions when buying a condo. At Ticorealty.com can help you get the perfect Condo for you.