“Cooperation, interconnection, and integration of the American, Mexican, and Canadian economies is fundamental to our shared success.” The Busch Institute.
With this year’s changes of government and leaders in Mexico and the USA, we face adjustments to our lives and businesses. North America’s strength and position in the world are being viewed at this moment by the rest of the world.
What will the real estate market be from now going forward? We are expecting, for the present time, that sales will continue and the popularity of tourism will help us here in the Bay of Banderas.
Working with citizens of our three countries will continue in resales and pre-construction. If we have more demand, we need to keep on target and disclose to buyers how real estate works here, as it is very different from their home country. We need to be transparent and responsible for our actions as real estate agents working in Mexico.
We are not educated in the same way an agent from Canada or the USA will experience. We have a private civil association, a non-profit named AMPI, which is translated as an Association of Professional Real Estate. Rather than require a standard of education for real estate agents, there are a set of laws which affect anyone selling real estate in Mexico, foreign or local.
All persons selling real estate must follow the same laws, even if they are not in a formal organization. Great advances in education and laws to protect consumers have become more serious in the past 20 years. The International laws on privacy, anti-monopoly, anti-laundering money are required. As well as the NOM 247 regulations 2022 include consumer protection laws, fair advertising or promotion laws.
PROFECO approves our listing agreements which must abide by all these laws when listing a property for sale, including the number of days for a seller to cancel the agreement.
Mexico deports American citizens who are in the country illegally. Like the United States, Mexico does allow noncitizens to stay in the country for extended periods of time if they apply for a temporary resident visa or permanent residency status.
Unlike some countries, Mexico does not have strict caps on immigration numbers. Rather, it evaluates immigration applications based on individual circumstances, such as the type of visa or residence status being sought and compliance with eligibility criteria. Canada selects immigrants for their potential to contribute to economic growth based on their skills, language abilities and the gaps that exist in Canada’s labor market.
The country can help people in vulnerable situations find safety in Canada and reunite families. North America is important to the world order. We are physically close from the circumstances of nature.
Many nationalities have spread out to live in other parts of North America. We need to be respectful and patient with one another.
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 of Mexican real estate conduct his own due diligence and review.
