A new law will be introduced in the State of Quintana Roo, in order to regulate the activities of Real Estate providers. The state congress is working on a new law that is destined to protect customers and the interests of Real Estate service providers that work lawfully in the area.
This law is a big step for all professionals who work in the state, because although there are many professional agents; there are many others who have neither the experience nor the qualifications to serve as a Real Estate Agent in the State of Quintana Roo.
New Law for Real Estate Agents in Quintana Roo
Some of the changes Real Estate agents will experience is that they have to register with the State’s Secretary of Urban Development. Individual agents, companies and associations will have to present the documentation required by the state, and pass a background check to make sure there hasn’t been any involvement with criminal activities.
In the case of foreign agents, they must include in their application and documentation certifying them as legal residents in Mexico. The Registration process will take up to 5 days and must be renewed every year.
New Law for Real Estate Agents in Quintana Roo: Protecting the clients
The required certification will make it easier to ensure you are working with a professional, as they will have to present their current registration as a real estate provider.
Some of the articles in the law are aimed to protect the clients’ interests, as they state that the Real Estate agent MUST:
- Identify and report any defect or condition present in the property.
- Be impartial when negotiating offers and counteroffers between the seller and the buyer, the sales agent will not be allowed to discuss another bids for the property with the buyers.
- Respect the conditions contracted with the user.
- Advise, guide and explain to the owners and buyers matters regarding the value of the property and the consequences of actions undertaken.
- Inform the client with absolute truth about: qualities and defects of the property, potential difficulties in the selling/buying process, operations related to the real estate service that has been entrusted.
- The Real Estate Advisor is also prohibited to prevent or oppose any means that any interested party to the transaction, consult with an attorney, architect, engineer, lawyer or other advisors on:
- Any problems concerning the property.
- Restrictions or limitations that may affect the transaction or the property.
- The effects that could limit the use of the property.
- The structural condition of the property.
- The materials and labor quality used in construction.
- Any other applicable concerns.
Top Mexico Real Estate is a local company with years of experience helping foreigners become homeowners in Mexico. We have the credentials above and beyond the new required amount by law, the experience and know-how to help you buy your dream home in Mexico. Don’t be afraid to ask your real estate agent for their credentials and for testimonials from past clients.
Now if you have any question about this or any of the TOP MEXICO REAL ESTATE properties we have listed in Playa Del Carmen, The Riviera Maya or anywhere throughout Mexico, please feel free to contact any of our TOP MEXICO EXPERT SALES TEAM and we will be glad to help you find your very own piece of paradise.
And remember, here at TOP MEXICO REAL ESTATE…
We make it happen!
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