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Buyer's Checklist - May 2008 version

General Questions                                                                                                                            Anwer(s)

 

  1. Are ownership papers available from the owner?

 

  1. Is the property in the restricted zone?

What does that mean?

 

  1. Is the property part of Ejido Land?

 What are the special risks?

 

  1. When I get a fideicomiso (Bank Trust) do I own the

property?

 

  1. Is the contract written to protect me?

Can I influence the contract?

 

  1. Can I get a deed or title on the property?

 

 

Real Estate Resale Questions                                                                                                          Answer(s)

 

  1. How is the property owned?

Deed, Title, Bank Trust, Private Contract, LLC, Mexican

Corporation

 

  1. Does the property have clear title?

 

  1. Does the property have liens or lawsuits preventing title?
  2. Is the property held free and clear or debt?

 

  1. Are there city or state bylaws that limit ownership or usage
  2. Is there a condo regime? What are the restrictions?

 

  1. Are there HOA (Home Owners Association) rules?

How do they impact your usage?

 

 

New Development Questions                                                                                                           Answer(s)

 

  1. Is the project an idea on a brochure?

 

  1. Are building and sales permits in place?

 

  1. What stage of development is the project in?

 

  1. Does the project clearly describe what you are getting?

 

  1. Is your deposit protected in an escrow account?

Is the letter of instruction favorable to you?

 

  1. Is the purchase reservation, offer to purchase, promise

of trust agreement, and other legal documents written to

protect you?

  1. Are there warranties and consequences if the performance

expectations are not met?

 

  1. How is the project financed? What percentage of the financing

comes from the developer, investors, financial institutions

buyers?

 

  1. If your funds are used for promotion or construction are they

protected if commitments are not met?

 

  1. If the project fails to be adequately funded, are the investors

 left with anything real?

 

  1. Does the developer hold performance bonds that are valid

 and payable to the investor/buyer against contract warranties?

 

  1. Does the developer have a good history of building similar projects?

 

  1. What does the developer have to lose if the project fails?

 

See the blog section for the checklist

 

Published Thursday, April 17, 2008 6:03 PM by Realty Executives Puerto Penasco

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