Working with an Agent
Buyers and sellers may deal directly with each other, but those unfamiliar with the process, or uncomfortable conducting business in Spanish, should consider working with an agent. Real estate in Mexico is regulated at the state level; agents will be familiar with the local property market and procedures in their state and should be able to guide and protect prospective buyers through the process.
Moreover, an agent may be able to facilitate the process by working with, or recommending a notary public (which in Mexico is essential since they have a key role in the process of issuing a deed), lawyers, mortgage brokers, architects and engineers, and other service professionals who may play a role in the purchase or sale of property in particular areas.
The relationship between the potential buyer and estate agent is not necessarily governed by a contract, and the concept of exclusivity may or may not apply. If there is no exclusivity clause, the seller may work with as many estate agents as they like.
Agents’ fees are paid by the seller or landlord and are generally in the range of five percent of the sale price, except for some of the resort areas where they can go up to 8% or in the case of rentals one month´s rent for a one year lease. Potential buyers who wish to view a property may approach the seller or the seller’s agent directly, or have their own agent do so.
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 body CONOCER. It is always advisable to work with certified agents.
When selecting an agent, references from past clients should always be sought. A number of property agents specialize in working with expatriate communities, and can provide services in English.
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 3713 0985 / 55 6708 4772 / 55 4341 3131