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Poncho Davalos, Your Realtor for life Understanding the Pre-Sale Process
During my career of selling condos and homes in pre-sale, buyers often ask when they should start paying the Homeowners Association (HOA) fees. From my experience, it depends on each developer. For example, some contracts state that HOA fees start when you take possession of the property, while others specify a particular date at delivery.
Read Your Contract Carefully
It’s crucial to read your contract carefully, as it should outline all the details regarding HOA fees. This includes the creation of a reserve fund, which often requires an upfront payment of three months’ worth of HOA fees. Always consult with your real estate agent to clarify these terms.
HOA Management: First Year vs. Second Year
Typically, the developer controls the HOA for the first year. From the second year onward, you and the other owners can form your own HOA. If you plan to do this, consider consulting a real estate lawyer to guide you through the process, as it may differ from what you are accustomed to in your home country.
I hope this piece of information helps you during this new chapter in your life.
I’m Poncho Davalos, your trusted realtor in Puerto Vallarta and Riviera Nayarit. I’m here to assist with all your real estate needs. Feel free to like, comment, and share this blog with your friends and family. My e-mail is hello@ponchodavalos.com.mx
Esta publicación también está disponible en: English Español
