First Real Estate Licenses Issued in BCS



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TBC

• The new licensing will guarantee the legality of new investments and will regulate all real estate operations in the state.

The Secretary of Tourism, Economy and Sustainability (SETUES) in Baja California Sur, Luis Humberto Araiza López, granted the first real estate licenses to professional agents and advisors from the municipalities of La Paz, Los Cabos and Loreto last week.

Real estate licenses in BCS are issued by the state government and give agents and brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate. Real estate agents are now required to be a new law that regulates real estate agents in BCS was approved unanimously in the Commission of Fiscal and Administrative Affairs for the State Congress in 2017.

Araiza Lopez said that the main objective of the law that regulates real estate professionals in the State of Baja California Sur is to regulate real estate activities carried out by professional agents. This guarantees the legal security in real estate transactions of the estate for both parties involved in the transaction, the one entrusted and those who invest in real estate through any legal entity.

The new law is now in effect and therefore, becoming a real estate agent in BCS requires a state license.

Real estate licenses are valid for three years. In order to obtain the license, there are certain requirements that must be meet. Candidates must take courses, be trained by a licensed real estate professional and write a written exam before they can apply for a real estate license.  Real estate advisors may work under the license of the company or real estate professional for whom they work for.

In the past, anyone in Mexico could claim to be a real estate agent. But in a trend towards transparency in Mexico, more and more people now prefer using the services of a registered real estate agent. Already 15 states in the country have a real estate regulatory law in place. Baja California Sur is now the 16th state.

Tony Garcia, President of AMPI La Paz, says the licensing law will make it easier for foreigners buying real estate in BCS to make smart choices. “Firstly, if an individual trying to sell you a piece of land is not licensed, they will not be allowed to sell you that piece of land. Only certified professionals can buy and sell real estate, which will make for less bad experiences and a more formalized process.

“Secondly, properties that are listed for sale must have all documents in order. All documents, including the public deed and the payment of property taxes, will be revised. The real estate industry is one of the most important for the economic development of Baja California Sur, and we need to keep real estate sales moving.  With documents in order, the process will be quicker and sales can close faster.”

John Glaab, CIPS a founding member and director of AMPI Los Cabos commented, “The introduction of the new law and issuing real estate licenses is the most exciting thing I have witnessed during my 25 years in the Mexican real estate industry. Not only will it raise the standards and ethics in our industry, but will increase the confidence of both domestic and foreign investors.

I salute the hard-working team from AMPI and ASPI La Paz along with AMPI Los Cabos and MLS/BCS who worked so vigorously to write the new law.”

54 more real estate licenses in BCS are now in process at SETUES and should be issued in the upcoming weeks.

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