Property Search and Agents
Property Search and Agents
The rental market in Mexico involves a private legal contract between renter and owner. Although the contract is governed by the Civil Code of the state in which the transaction is taking place, there is no significant government involvement in the transaction. Tenants may deal directly with owners and are not required to hire a real estate broker or agent. However, agents are familiar with the local rental market and procedures in their state, and should be able to guide and protect prospective tenants through the process.
Available properties can be found in a number of ways. Working with an agent has the advantage of the agent using their networks and resources to find properties in line with the prospective tenant’s requirements. An agent may also be aware of “pocket listings” or properties that have not yet been put on the market. Employers often provide the services of a professional property agent to their relocated employees.
Local Spanish language newspapers generally include rental listings in their classified sections.
Properties for rent may have a Se Renta sign in the window or exterior wall and viewings can be organized directly with the owner (trato directo) or through an agent.
There are advantages in working with an experienced agent, and it should be noted that the main professional bodies in Mexico, like Grupo Inmobiliarios de la Zona Poniente (GIZP) or the Asociación Mexicana de Profesionales Inmobiliarios (AMPI) have established certifying processes together with the Ministry of Education´s certifying bodyCONOCER. It is always advisable to work with certified agents.
It is important to have a clear idea of the desired neighborhood, and of the price range in that area. In large cities, and specifically Mexico City, traffic and commute times, and proximity to public transportation and amenities should be taken into account.
Working with an Agent
The relationship between the potential tenant and agent is not governed by a contract and allows the person to work with as many estate agents as they like. Some landlords may choose to have an exclusive listing with a particular agent, who acts as the mediator between the landlord and tenant rather than a party to the agreement or a property manager. Agents’ fees are paid by the landlord.
The process of buying, selling or renting any type of property or land is regulated at a state level in Mexico. While some procedures in the property purchase process may be identical in all states, others may differ. This page gives an overview of what is involved in buying a property in Mexico, prepared by certified real estate agents who are experts in the Mexico City property market. It contains advice that should not be considered a legal document nor should it imply any liability for its authors in case there are some discrepancies with the processes involved for the sale or rental of a property. It should also be noted that for particular practices and requirements in areas other than Mexico City, advice should be sought from professionals familiar with the property market in that state.
Information provided by Carmella Peters-Romero, Vanessa Kerr and Hector Romero of Peters & Romero Bienes Raíces,Tel: 55 4341 3131 / 55 3713 0985 / 55 6708 4772