Real Estate Offices Shut Down by Government Agency
Mexico’s Consumer protection agency, known as PROFECO shut down several real estate businesses in Los Cabos early this week. The reason is that they did not comply with NOM-247, specifically the part that mandates that “Costs and property prices must be written in Mexican pesos. Dollars may be included but with the notation that the real price will be that of pesos on the date payment is made.” The local chapter of the Mexican Association of Real Estate Professionals (AMPI) is negotiating an extension in the enforcement of the law to allow brokers to adjust their contracts. Folks, the details of NOM-247 were published in the November 21 edition of the Gringo Gazette, page 13. Pay attention!