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Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Mexico Resort Real Estate Update

AMPI’s Seventh Symposium – Centros Historicos is Big Success

The following news is shared with us by the Settlement Company© of Los Cabos

For the seventh year in a row, The Mexican Association of Real Estate Professionals (AMPI) organized and presented a Symposium on the historic centers of Mexico. The purpose of these events is to focus on the renewing and modernizing of Mexico’s major urban areas.

This year’s Symposium was held in Mexico City (CDMX) at the historic Palacio de Mineria (Mining Palace.) More than 300 attended the two-day event. The opening reception was at the Plaza Garibaldi (a.k.a. “The Home of the Mariachis.”) in the tequila museum. There are about 15 restaurants at the plaza and mariachi groups were performing in many of them Federal

Government officials were at the conference along with civic officials from several Mexican cities. Two sessions were especially popular and informative. The first was a panel that presented case histories of the restoration and modernization of their municipalities.

Carlos Slim Presents Centros Historico

An overflow crowd came to hear business titan Carlos Slim. His presentation was “Centros Historico / Mexico City, a Personal Vision”. He traced the history of down town Mexico City and surrounding suburbs from pre-Hispanic times until today. (Slim was heavily involved in the restoration of CDMX, following the big earthquake of 1985.)

Although he was not a member of the group, he praised the team that in 2000 worked on upgrading the Paseo de La Reforma. This great boulevard has been compared to Ringstraße in Vienna and the Champs-Élysées in Paris.  Mr. Slim’s presentation was well covered by members from the television and print media.

 

Real Estate Licensing Law in Effect in Baja California Sur

By Gari Ellen Donohoe

Real estate agents and real estate brokers are now required to be licensed in accordance with a new law that regulates real estate agents in BCS and which was approved unanimously in the Commission of Fiscal and Administrative Affairs for the State Congress in 2017.

The Secretary of Tourism, Economy and Sustainability (SETUES) in Baja California Sur, Luis Humberto Araiza López, granted the first real estate licenses to professional agents and advisors from the municipalities of La Paz, Los Cabos and Loreto in May.

Araiza Lopez said that the main objective of the law is to regulate real estate activities carried out by professional agents. This enhances the security in real estate transactions of the state for both parties involved in the transaction, the one entrusted and those who invest in real estate through any legal entity.

State License is Now the Law

The new law is now in effect and therefore, becoming a real estate agent in BCS requires a state license.

Real estate licenses are valid for three years. In order to obtain the license, there are certain requirements that must be met. Candidates must take courses, be trained by a licensed real estate professional and pass an exam before they can apply for a real estate license.  Real estate advisors may work under the license of the company or real estate professional for whom they work.

In the past, anyone in Mexico could claim to be a real estate agent. But in a trend towards transparency in Mexico, more and more people now prefer using the services of a registered real estate agent. Already 15 states in the country have a real estate regulatory law in place. Baja California Sur is now the 16thstate.

Easier for Foreigners to Buy Real Estate in Mexico

Tony Garcia, President of AMPI La Paz, says the licensing law will make it easier for foreigners buying real estate in BCS to make smart choices. “Firstly, if an individual trying to sell you a piece of land is not licensed, they will not be allowed to sell you that piece of land. Only certified professionals can represent buyers and sellers of real estate, which will make for fewer bad experiences and a more formalized process”.

Properties that are listed for sale must have all documents in order. All documents, including the public deed and the payment of property taxes, will be reviewed. The real estate industry is one of the most important for the economic development of Baja California Sur, and we need to keep real estate sales moving.  With documents in order, the process will be quicker, and sales can close faster.

 

 


This article is based upon Flex MLS reporting, legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review. If you have any other questions, contact me through my website.

Harriet Murray

harriet@casasandvillas.com

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