Monday, September 18, 2023, By Jessica Hernández, Real estate advisor & Marketing analyst in SILMÉXICO
The real estate industry in Mexico is one of the great pillars of the economy, it is an important source of employment and a generator of wealth. In 2021 alone, the total value of the industry reached an amount of more than 1 trillion pesos, which represented a 5.7% participation in the national Gross Domestic Product.
Given the notable role that this sector plays in the Mexican economy, laws have been created to regulate its operation, which are the subject of this section.
As is already known, in Mexico there is an organization for each area, industry, or issue, this is the case of SEDATU, which is the Secretariat of Agrarian Development and Urban Territory and is in charge of protecting the rights of consumers and establishing the policies and laws that govern this area and ensure that they are complied with.
Below are the real estate regulatory laws in Mexico:
- General Law of Human Settlements, Territorial Planning and Urban Development
This is responsible for setting the basic rules and management instruments to order the use of the territory and Human Settlements in the country. Likewise, it establishes the concurrence of the Federation, the federal entities, the municipalities, and the Territorial Demarcations for the planning, organization, and regulation of human settlements in the national territory.
This Law establishes the criteria for there to be a definition of powers, as well as effective congruence, coordination, and participation between the different levels of government for territorial planning.
- 73° Bis Article of the Federal Consumer Protection Law (LFPC)
Establishes that the supplier must make available to the consumer information about the characteristics of the property, such as the extension of the land, constructed area, type of structure, facilities, finishes, accessories, parking place or places, areas of common use with other properties, services available and general physical condition of the property, among others.
- NOM- 247
It is linked to other laws such as the Federal Consumer Protection Law, and the Quality Infrastructure Law and the Right to Information. In this way, This can be used to regulate activities that may affect a real estate buyer. To read more about this standard visit NOM-247 SILMÉXICO.
- Condominium Property Law
This is the set of rules, whose objective is to regulate the constitutionality, modification, organization, administration, functionality, and ways of governing residential and residential condominium properties. To read more about the condominium regime visit Condominium Regime in Mexico.
In addition to these rules and laws, there are other processes in Mexico that must be respected according to the real estate field, such as construction regulations and permits, and environmental impact statements of real estate projects, among others. Likewise, real estate agents or agencies must have certifications that accredit their experience and knowledge in the field, which guarantees that they are legally constituted companies and/or people trained in the matter.
SILMÉXICO is a company that has been certified as a member of the AMPI (Mexican Association of Real Estate Professionals) since 2018, which endorses its status as a real estate professional.
For more information contact us at info@silmexico.com or call 951 127 1380.
Referencias:
- Ley General de Asentamientos Humanos, Ordenamiento territorial y Desarrollo Urbano, Diario Oficial de la Federación, 28 de Noviembre de 2016, [citado el 18/09/2023], disponible en https://www.diputados.gob.mx/LeyesBiblio/pdf/LGAHOTDU_010621.pdf
- Norma Oficial Mexicana NOM-247-SE-2021, Prácticas comerciales-Requisitos de la información comercial y la publicidad de bienes inmuebles destinados a casa habitación y elementos mínimos que deben contener los contratos relacionados, SECRETARÍA DE ECONOMÍA, Ciudad de México, DOF, 22 de marzo 2022, [citado el 21/08/2023], disponible en https://www.dof.gob.mx/nota_detalle.php?codigo=5646251&fecha=22/03/2022#gsc.tab=0
- Ley Federal de Protección al Consumidor, Capítulo VIII – De las operaciones con inmuebles, Diario Oficial de la Federación, última reforma publicada 12 de abril de 2014, [citado el 18/09/203], disponible en https://www.diputados.gob.mx/LeyesBiblio/pdf/LFPC.pdf
