Do you have a group of friends or family who want to buy an apartment together, but each person only has a small portion? Don’t worry! At MENDEBAL, we support you and present MITIKA APARTAESTUDIOS, so you can invest together before units run out and the value per square meter keeps increasing. Because the time is now!

Here are the legal alternatives for investing in this or any of our other amazing projects:

1. JOINT MORTGAGE

The easiest way to buy a new apartment with several people is to include everyone in the mortgage as co-debtors with equal shares. The conditions of this loan (interest, fees, expenses, etc.) are the same as a standard mortgage, and there’s no fixed limit on the number of co-debtors.

Financial institutions usually prefer lending to a group rather than an individual, as it increases payment guarantees. In the mortgage, each debtor’s obligations are defined as a percentage, including the guarantees each must provide and what the bank will do in case of delays or defaults.

Generally, the bank will claim from each debtor individually, not from the property. If one debtor fails, the others must buy their share or bring in a new partner/co-owner to cover the debt.

‍

2. INDIVIDUAL RESPONSIBILITY

In this case, the property is not purchased with a joint mortgage, but with each member’s personal contributions, savings, or loans. This approach relies on trust and a good relationship among the buyers, as each buyer is responsible with all their assets for the debt.

Since this is a proindiviso, everyone is individually liable for the total debt. Therefore, it’s recommended to sign a private agreement outlining what happens in case of delays, defaults, or if someone wants to sell their share—this adds a layer of security to prevent future conflicts.

‍

3. LIMITED LIABILITY COMPANY (LLC)

A limited liability company is a business entity that limits each partner’s responsibility to the capital they contribute, protecting their personal assets in case of problems.

This option provides greater protection, but maintaining the company has costs, such as registration, administrative fees, taxes, etc.

‍

4. COMMUNITY OF OWNERS

This involves creating a community with the partners’ capital to buy a property together. The community can be managed by one partner or an external company, which is often more convenient for the buyers.

Although a community of owners has no legal personality, it is regulated under Articles 392–406 of the Civil Code and is considered a proindiviso (co-ownership) for tax purposes. It’s recommended to draft a private agreement that specifies the community’s purpose, protects members from potential conflicts, and includes exit options. This agreement can also be notarized or registered for legal and fiscal purposes.

The main advantage is that it facilitates co-ownership management, but the biggest drawback is that buyers are responsible with all their assets for any debt.

‍

5. COOPERATIVE

Through a cooperative, members buy land and build a property (usually a building or housing complex), eliminating the developer’s profit (around 20%) from the final price.

‍

However, forming a cooperative for a purchase like this is not very practical, as it’s more suitable for larger developments.

‍

Experts recommend forming a community of owners for managing the purchase and subsequent rental of a property among several people, as it’s simple and accessible.

‍

If your goal is only to buy an apartment together, the most recommended options are a joint mortgage or individual responsibility.

‍

So, are you ready to take the leap? MITIKA APARTAESTUDIOS will be delivered in less than 5 months and is waiting for you! Don’t miss out!

Contact us on WhatsApp by clicking HERE or visit our website to learn more about the city’s most revolutionary and profitable investment.

‍