There are different laws and procedures you will encounter when you go outside your home turf. In the USA and Canada, the differences can be between states or provinces, and in Europe, the differences in the countries themselves. Louisiana has different real estate law from New York; Russia has different real estate law from Ireland.
What a listing for sale means when you see it advertised in Mexico:
An exclusive listing and an open listing are pretty well described by their names: Some people here confuse the word “exclusive.” It means the listing agent has the exclusive representation of the owner and no one else represents the seller as the real estate marketing agent. The exclusive listing agent may offer the listing to co-operating agents and share the commission. Most sellers want to be sure co-operating is done, so the listing agent promotes it to all his associates and the public.
You need to know if you are listing your property or looking for property:
In Mexico, qualified real estate attorneys have explained to us that promoting the listing is much different from what we know: The seller is making a unilateral offer to the public when the real estate is advertised. The seller has agreed to sell for the price shown. “The three bedroom two bath condominium in Amapas is offered at 450,000usd.” A buyer submits an offer for 450,000usd and the acceptance is complete. The seller doesn’t have to really do much except now hope that the legal paperwork and representations which were understood, are correct. The representation is made that the property can be sold and it only needs someone to meet the price and not change any terms, such as conditional upon financing, or seller inspection which asks for price concessions, etc.
If the seller receives an offer meeting his promotion, it is a done deal! The seller does not have the right to change his mind or withdraw because he does not want to sell. If the seller receives a lower offer or other terms and conditions which change the promotion to the public, the seller is not bound to sell categorically with these differences, but he may counter or negotiate.
Harriet Cochran Murray, Director of Cochran Real Estate, is a seasoned Real Estate professional both here in Puerto Vallarta, Mexico and in the United States. Harriet has served in many capacities as a board member for the local Real Estate Association AMPI (AMPI is the national association of real estate professionals). She is also a member of FIABCI, NAR in the United States and a proud member of CIPS (Certified International Property Specialist), a designation of NAR. Harriet’s expertise and experience in the Real Estate and especially in the Mexican market makes her Viewpoint blog articles both informational and intriguing. Harriet is a Buyer’s Agent who specializes in getting the best deal on the right property for her clients. Click HERE to view Cochran Real Estate Listings.
