Within the choices of real estate development, the establishment of a condominium property, once it meets all the legal requirements, is one of the options most in demand in the current real estate market. For those who want to engage in condominium projects, you will need to divide the process into three major stages:
- planning and design stage
- processing stage
- institutional registration stage
The first step is the planning and design of the condominium by architectural and engineering technicians and/or professionals. This stage includes:
- defining the condo design
- following the technical guidelines and policies that apply to this type of project and its location, such as the number of farm subsidiaries, its size, common areas, green areas, and infrastructure
- obtaining the requirements that must be submitted together with the plans, such as water availability, or municipal certificate of land use.
The next stage is the presentation of the condominium plans before the different public authorities for review and endorsement. Currently this process has been simplified and modernized with the implementation of a digital platform for processing and approval of the plan. At this stage you will receive comments and revisions on the drawings of the condo plans from the different institutions.
Finally comes the registration phase of the condominium property with these institutions. To complete the registration, there must be a public deed of incorporation whereby the property owner converts the existing property into a condominium property. This public deed includes the description of the newly developed condominium and farm units, and what rules and regulations will govern the condo units. This deed is then submitted to the National Registry for qualifications and registration.
It is with this National Registry submission that the farm subsidiaries will receive their individual registrations thus giving birth to a new condominium property.
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