A new Registry of Real Estate Professionals has been established to allow clients to verify the name, address, License number and sanctions imposed to Real Estate Professionals, if any, which will be available online.
The License will be valid for 3 renewable years. Foreigner Real Estate Professionals with a License and registration must have the relevant work permit from the Mexican Immigration Department to provide brokerage services.
The Law prescribes that the local Government together with the upcoming Real Estate Board will establish the “Code of Ethics for Real Estate Professionals”, which will be integrated by a set of principles, values and guidelines to be followed by Real Estate Professionals in their practice.
The local Government shall be able to carry out inspection visits to Real Estate Professionals to verify compliance with the Law and its regulations. Legal entities and/or individuals providing brokerage services to the public or claiming to be Real Estate Professionals without a License will be subject to a fine equivalent to $75,490.00 pesos, without prejudice of civil and criminal liabilities. Additionally, the local Government will establish and operate a system to allow clients to submit relevant complaints against Real Estate Professionals.
The new Law is a major step against informality. However, its provisions will enter into force until next year (January 1st, 2018), to allow the local Government to perform the necessary adjustments and receive a suitable budget to comply with the Law.
Once the Law enters into force, the local Government shall incorporate the Real Estate Board within 90 days. Thereon, the local Government and the Real Estate Board shall establish the rules and regulations of the Law, to determine the technicalities of procedures for issuing a License, to operate the Registry of Real Estate Professionals and supervise the complaint system, to impose sanctions and assure the right of defense of Real Estate Professionals, among other. According to the Law, the rules and regulations and the Code of Ethics for Real Estate Professionals should be ready and in force no later than July 2018. Finally, the License and registration will be mandatory for Real Estate Professionals as of July 2018.
Jorge M. Conde, Licensed Real Restate Attorney. firstname.lastname@example.org. Conde & Asociados, Attorneys at Law. www.condeatlaw.com. Cel. (624) 355-7803