What are the ingredients that go into purchasing a property safely and intelligently in the Puerto Vallarta/Riviera Nayarit? How should you go about choosing a reputable real estate agent?
So you’ve been to Mexico a number of times, and you’ve decided that investing in a property in and around the Bay of Banderas would be perfect for your lifestyle, offering a blend of a beautiful climate, the ocean, mountains, and the types of recreational and social activities that suit your lifestyle.
One of the first decisions you’ll have to make is who to trust to help your in your quest to find your own little piece of paradise. Seeing that you may not have any personal or professional contacts within the local business community, you’ll tend to rely on information that you hear from other people living hear in Vallarta. This is a great place to start, as who knows better than a current property owner the pleasures and pitfalls of ownership!
Find out who helped them purchase their property, and how the transaction went. Was their agent helpful, honest, and accessible? If so, you might consider choosing that agent to assist you in finding a property.
This is a crucial decision, as you will entrust a lot in the agent. As a foreigner purchasing in Mexico, you’ll need them to guide you through the legalities of ownership; finding an attorney; drafting the contract and protecting your personal and financial interests.
In Mexico real estate licensing protocols are different. There are not the same sort of exams and licenses as in the United States or Canada, though the agent should be a member of our local Asociación Mexicana de Profesionales Inmobiliarios (AMPI). AMPI requires regular attendance at local meetings and provides continuing educational opportunities to local agents
From the AMPI Website: “AMPI has published ethical and fiduciary standards that its members are required to maintain. Those standards provide some assurance that the often complex process of a real estate transaction is less likely to go awry through a lack of due diligence on the part of the real estate professionals.”
Go around and interview some potential agents. Find out about their background, training, education and how long they have been in business. You may even ask to speak with a former client to find our how satisfied they were with their interactions with the agent. Too, find out which notaries and attorneys the agency works with, and see if you can find out about their respective track records.
Let the agent show you some properties that YOU want to see, not just the ones that are listed by their agency. Beware of an agent that tries to isolate you. If they are resistant to letting you do your own research, say “adios” and move on.
If you’re interested in purchasing in a development, it is important to choose an agent who is not the representative for said development. That way you can be assured that the agent is negotiating in your favor, and that there is no conflict of interest. You want someone to fight for you, and not the developer.
We have some amazingly talented and experienced real estate professionals in Puerto Vallarta, so it shouldn’t be difficult to find one to suit your needs.
If you have real estate questions, or want to know about purchasing properties in the Bay of Banderas, contact Fabien anytime at G3MEX Real Estate Group email: Fabien@g3mex.com. Or visit us in our new office in Old Town on Calle Amapas, right near the Hotel Emperador.
G3MEX is currently looking for talented agents to become part of our team. If you love sales, and want to work in a welcoming and fun environment, contact Fabien Madesclaire at Fabien@g3mex.om.