Do Ampi offices use Profeco? Yes! We have been required to do so by law since 2022.
For the past 10 years, we have been in a market providing resale properties and new construction projects. Our offices and agents in the three Ampi chapters in the Bay of Banderas use the PROFECO-approved listing agreement for preconstruction and resale properties to protect the consumer.
We need to inform and protect you, regardless of the laws in place or what customs exist where you are buying and owning. You must vet anyone and anything you do. This is true in Mexico as it is in USA and Canada. We are all North Americans and share many common traits and aspirations. We must remind ourselves of this when negativity exists when it should not.
Below is the wording from the public website offered in Spanish and English. The Mexican real estate sector includes suppliers who are developers, builders, promoters, and people involved in the advice and sale to the public of homes intended for residential or time-sharing purposes.
Real estate providers must comply with certain obligations. We invite you to learn about the most important ones: If you choose to purchase your property through pre-sale, the supplier must show you the complete executive construction project, the model and, if applicable, the physical samples of construction items of the property or through electronic means. In addition to the authorizations, licenses or permits issued by the authorities for the construction are to be available.
They must also specify the characteristics of the property: land area, built surface, structure, facilities, finishes, accessories, parking space, common use areas, services available and general physical condition of the property.
In addition to providing the property’s structural, architectural, and installation plans, indicate the time frame in which said documentation will be delivered.
If you opted for a credit plan. Analyze the type of credit and a projection of the amount to be paid (this should include interest rate, commissions and fees).
Ask about expenses other than the sale price: deed fees, research, taxes and appraisals.
Profeco oversite of other consumer purchases: The main reasons why consumers turn to Profeco in these cases are the refusal to deliver the good or service (22%), the refusal to enforce the guarantee (21%) and the refusal to return the deposit (16%).
If real estate suppliers do not comply with any of their obligations, Profeco has the authority to intervene in defense of your rights as a consumer.
- Article 73 of the Federal Consumer Protection Law.
- In the case of a variable rate, the reference interest rate and the formula for its calculation must be specified.
- Serious faults are understood to be those that affect the structure or installation of the property and compromise the full use or safety of the property.
This article is based upon consumer protection in Mexico, current practices, and my personal experiences. I recommend that each potential buyer or seller of real estate conduct his own due diligence and review.
