Secure Real Estate Purchasing in Quintana RooBy Dania Vargas Austryjak
Regulating law of Real Estate service providers.
Mexico is a top choice for homes purchased away from home, and the state of Quintana Roo is a particular favorite, given that it is where Cancun, Playa del Carmen and Riviera Maya are located. Paradisiac destinations that become permanent of vacation homes for many foreigners and nationals alike.
Because of this the local real estate industry must be highly regulated and also have certified service providers in order to promote healthy transactions and peace of mind for both parties involved. By following regulations, security is improved and purchasing can be done trustingly.
The New Law of Real Estate Service Provision of the state of Quintana Roo was recently approved and formally released on the Official Journal of the State Of Quintana Roo on March 27. This law states that every real estate service provider must be registered and have the required license and be certified to sell. It also has the goal of standardizing the industry’s operations.
To this date, only 120 real estate consultants are affiliated in the Mexican Association of Real Estate Professionals (AMPI) in the state of Quintana Roo, and on a national scale, only 14 states have real estate laws and 10 bills are waiting for approval to become laws.
The real estate industry represents the second largest economic source of revenue in the country, generating 5.6% of the nation’s GDP. Because of this, it is of the utmost importance to continue regulating it, as explained by Antonio Hanna Grayeb, National President of AMPI.
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