Does your real estate agent in Mexico follow AMPI guidelines? There is a particular ethical and moral way in which buyers and sellers should deal with each other, and most of the time, the person who has to keep the negotiation on this level is the agent, or agents, involved.
It is our responsibility to recognize and require that everyone involved work on the highest level of reason and fairness. This subject has nothing to do with denying a buyer or a seller a good deal. Where did we get the naïve and immature idea that one party has to be harmed or beaten down and the other is to win at all costs?
Here are the basics of what you should expect from your real estate agent in Mexico who follows AMPI rules and regulations as a member of the organization:
1. The agent must understand that all circumstances involved in a transaction are entrusted to him/her.
2. An AMPI professional must disclose the qualities and defects of the property under consideration.
3. He/she should understand and tell his/her client the feasibility or complexity required for a completed transaction.
4. He/she must disclose all relevant information that could impact a sale.
5. He/she must disclose to a buyer how title is taken.
6. Require a review of the condominium regime and current rules and regulations of the HOA.
7. He/she must never oppose the wishes of a client to consult an attorney, notary or other professional on the disclosure of:
- Restrictions or limits that could affect the property
- Problems affecting the property
- Structural soundness
- Quality of materials
Additionally, he/she must cooperate with all consultants his client may want to use to investigate the property and conditions of closing a transaction.
When an entity or new development has its own forms and contracts, he/she must still find and disclose the same details and risks as in an AMPI approved contract of sale.
If a real estate agent in Mexico or an attorney is unethical, negligent or incompetent, he/she can come under Article 2261 of the Jalisco Civil Code, which establishes that the service provider is liable, and the injured party can file a civil action lawsuit.
The client does not need to prove a written contract for services to take this action or worry that a third party would be paying for the agent´s compensation. The client as an injured party does not have to directly pay the bad service provider to prove harm
This article is based upon legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller conduct his/her own due diligence and review.