Buying real estate in Mexico – wherever you are from – is an investment that needs to come from a safe transaction and from trusting the people you are working with. Throughout the years, the Riviera Maya has grown exponentially, attracting thousands of people to buy properties in the beautiful region. However, working with a real estate professional is key to getting good deals and making sure your transaction is safe.
In hopes to uniform, unify, and regularize real estate service practices in the state, a new law has been passed, protecting buyers and properly training real estate agents alike.
Potential real estate buyers in Mexico will be more protected than ever from now on. March of the present year marked the date when the new Real Estate Services Law became effective in the state of Quintana Roo. This new law aims to have control of all the certified professionals of real estate in the area, allowing only those with the proper credentials and license number to offer real estate services throughout.
The Ministry of Urban Development and Housing of Quintana Roo (Seduvi) will keep track of every real estate consultant in the state, making sure they are working with the proper accreditations, hence providing greater protection to anyone wanting to buy real estate in Mexico. Currently, there are only 120 registered and licensed agents in Cancun with the Mexican Association of Real Estate Professionals (AMPI), according to Cancun’s AMPI president, Miguel Angel Lemus. In all of Quintana Roo, there are 1,500 real estate professionals, but only 600 of them are properly registered with AMPI, and have the correct certifications and training. The law will help uniform the sector’s operations, under the same criteria, and working as the law dictates, Lemus Mateos stated.
With the new addition of Quintana Roo, 14 entities in the whole country have now regularized real estate sales with a proper law. This is an initiative that needs to keep expanding, as real estate sales represent the second largest economic income for the country. Approximately 724 real estate units are sold monthly in Quintana Roo, generating about $600 million pesos yearly.
The Seduvi will fine any agent found working without a certification and license number. Fines will ascend up to $66,000 pesos (approximately $4,400 USD) if found practicing without being registered.
Top Mexico Real Estate is a proud pioneer in having the proper credentials, and that is why we are leaders in sales in all of the Riviera Maya. I, Thomas Lloyd the founder of Top Mexico Real Estate, was the first ever real estate professional to receive a degree in Mexico Real Estate Business from the Federal Department of Education (SEP) program. This degree is nation-wide and represents a major step forward in real estate services. Currently, only 44 agents in the country hold this degree.
Having the national license to practice (which is only granted to those who hold a University degree), offers protection, professionalism, and confidence to clients. Top Mexico Real Estate is proud to have a team of passionate, hard-working, and properly licensed real estate Buyers’ Representatives working hard for our clients, with their interests at heart.
Now that this new law has become effective, real estate transactions and investments will be safer than ever. When looking for a real estate agent, ask to see their credentials, ask for their experience, and make sure they are working properly under the new law.
Top Mexico Real Estate is an American-owned local company, experts in real estate throughout the Riviera Maya, and Mexico. If you are looking for the home of your dreams in paradise, do not hesitate to contact one of our properly certified Top Buyer’s Representatives and browse through our hundreds of listings.
And remember, here at Top Mexico Real Estate…
We Make It Happen!