Duties:
Buyers should expect that any real estate professional hired to assist with the acquisition of property in Mexico will insure that the following takes place: - That all payments, including earnest money, be placed into a neutral escrow account
- That the purchase be handled in a manner to facilitate the acquisition of title insurance
- That the purchase funds not be released until the transfer of title or trust has been recorded in the buyer’s name
- That the purchase offer be prepared according to the buyer’s specific instructions
- That the buyer be provided a full estimate of any fees and costs associated with the transaction
- That the real estate professional assist the buyer with all negotiations
- That the real estate professional provide frequent progress reports throughout all stages of the purchase transaction
- That any purchase be contingent on a final due diligence review, including professional and personal inspection of the property prior to closing
- That the real estate professional recommend, when n e c e s s a r y, consultation with persons that can assist in the transaction (civil engineers, architects, attorneys, bankers).
Compensation:
If a property is listed for sale with a real estate professional, that real estate professional is typically compensated by the seller. Often, that real estate professional will share his/her commission with an outside real estate professional representing the buyer. If the property is not listed, is listed with a real estate professional who will not cooperate or is offered in a new development, compensation may not be available to the buyer’s real estate professional. Buyers who wish to secure a commitment from a real estate professional and see everything that is available on the market should consider entering into a contract with the real estate professional that promises compensation to the real estate professional in a minimum amount and provides for a credit against that obligation for any compensation paid by the seller or listing real estate professional. Any contract should state the real estate professional’s legal obligation to the buyer.
Insurance: Buyers should be aware that Mexican real estate professionals do not generally carry liability or errors and omissions insurance. Consequently, buyers should exercise caution.
Multiple Listing Service/AMPI: In those areas where there is an established Multiple Listing Service (MLS), buyers should work with a real estate professional who is a member of that organization. MLS/AMPI in Mexico does not operate in exactly the same fashion as in the U.S., but it promotes ethical and fair dealing and encourages cooperation among real estate professionals.
Information provided by Arizona Association of REALTORS |