In recent posts I have been describing the process for buying real estate in Puerto Vallarta, Mexico and I have been giving a lot of information about buying resale properties from private sellers. I thought this would be a good time to give a little more information about buying new properties from the developer in Puerto Vallarta.
Puerto Vallarta Real Estate
The process is very similar to buying from a private party, except the developer will usually have a lot more control over the process. Developers tend to be less negotiable on price and terms (depending on the market) and they carry their own offer sheets (letters of intent) and contracts. They will usually ask for a 30% down payment, and will often have various financing plans available offering differing levels of discounts depending on how quickly you pay. Developers will also often insist on using their own notaries. This is because as a development, they have a great deal of paperwork involved for many different units on the same property. Putting all that paper work with one notary saves a lot of time and labor spent reinventing the wheel. This is all well and good, but it is not a bad idea to see if they will match another notary’s rate, to help ensure you are not being overcharged for their services.
One advantage to buying new from a developer is the warranty. New developments usually have 1 year warranties, which allow you to find any defects that inevitably go along with a newly built building. How good the warranty is really depends on how good the developer is. Your real estate agent will be able to help you find the better developers.
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