Perhaps the most important decision you will make when selecting your Mexico real estate and planning for the process is to choose your agent. This may sound fairly simple – it’s the property that matters, not the agent, right? Not exactly.
While this idea could lead to problems anywhere, it is especially true in Mexico that you work with a qualified and experienced agent. Why is this so important? While finding the right Mexico condo for sale may seem, on the surface, like an fairly straight forward task, it is important to be aware of the fact that in Mexico the laws protecting clients and defining requirements for real estate agents are not as strict as in the U.S. or Canada, for instance. This means that someone working as a real estate agent may have no qualifications to do so, and they have no obligation to have any.
For this reason, the ball is in your park to make sure you choose an agent who is qualified, and will use their qualifications in your favor. Â Â The following are some steps you can take to ensure that you choose the right agent.
- 1. Choose a buyer’s agent – In Mexico, there are no double-agency laws, meaning, unlike the U.S., an agent can represent both the buyer and the seller. If you are walking through that beachfront town you visit for your vacations and see a for sale sign next to a nice property, you can contact that agent, and, legally, he can carry out the entire negotiation and transaction. However, this may not always be in your favour. Having an agent that is dedicated to you as a buyer, not specifically representing or promoting any sellers, will mean that your agent is looking out for your best interest, making an effort to find the Mexico home for sale ideal for your needs, and is not in a situation where they are compromised between the best interest of two clients.
- 2. Interview your agent – Make sure you sit down with the agent and ask some questions, including about their qualifications and experience.
- 3. Check Qualifications – While there are no requirements, there are certificates, degrees and training courses available.
- 4. Check References – Ask your agent for the contact info for some past clients, and be sure to contact them.
- 5. Go with your gut feeling – Do not go with a good gut feeling if the agent doesn’t have qualifications or good references, but also do not go with a seemingly qualified agent if you have a bad gut feeling.
Taking the time to follow these steps will ensure that you start your real estate transaction off on the right foot, increasing your chances of finding the best property and having a smooth transaction process.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546
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