Mexico finally approved a law that protects real estate buyers in the state Quintana Roo by regulating sales agents. The new law became effective in March of 2015, aims to regulate and unify real estate practices in the state. This law makes transactions safer for anyone purchasing real estate properties in Quintana Roo. Quintana Roo is the 14 state to pass a real estate law in Mexico to regulate the field and protect the buyers.
The Ministry of Urban Development and Housing of Quintana Roo or Seduvi in short (abbreviated for its Spanish initials) will now keep track of every consultant working in the real estate field in the state. The new law will only allow those with the proper accreditations to provide any real estate services. Any real estate agent found working without the proper credentials could be fined up to $4,400 USD.
According to Miguel Angel Lemus Mateos, the president of the Mexican Association of Real Estate Professionals (AMPI) of Cancun, out of the 1,500 consultants working in Quintana Roo, only about 600 are properly registered with AMPI.
It is crucial to regulate and make the real estate sector safe for foreign investors because real estate investments represent the second largest economic income for Mexico. Currently, only 44 people nation-wide hold a Mexico Real Estate Business university degree, backed up by the Federal Department of Education (SEP). Thomas Lloyd, Top Mexico Real Estate founder was the first ever person to receive the SEP license in Mexico.
The Top Mexico Real Estate team is made up of a group of professional and properly registered Real Estate Buyers’ Representatives who have the accreditations necessary to protect their clients.
When looking to purchase real estate in Mexico it is important to work with a real estate agent who knows the real estate market, the laws, and is able to make the process safe and easy. That is why finding an agent who has a national license to practice, provides you with safety, protection, and confidence.
If you are looking to invest in Mexico, browse through our website and contact one of our registered Buyers’ Representatives. We will be happy help you in finding your dream home in Mexico.
And remember, here at Top Mexico Real Estate…
We Make It Happen!