You love Los Cabos and you’re made the decision to invest in a second home or investment property. GREAT! Now, who are you going to rely on to help you find it, guide you through the transaction and look out for your interests every step of the way?
For many of our clients this is the first time they’ve purchased property outside the United States or Canada. They are unfamiliar with the laws and customs that regulate the purchase. It’s easy for them to become confused or agree to conditions that are not in their favor. It’s the job of your professional realtor to look out for your best interests at all times. Choose them wisely! Just because the nice guy or gal you met in the bar or restaurant last night says they sell real estate doesn’t mean they are a professional realtor with local experience.
Here are some questions you might ask your prospective agent before making a decision to let someone represent you.
• How long have you been selling real estate in Los Cabos? There is no substitute for local experience – our laws and customs are different here, even different than mainland Mexico! If the agent you’re considering is new to the area ask who will be mentoring them, and how much time the mentor will spend working with you.
• Who else are you representing in this transaction? There is no law here against dual agency: the same realtor representing both sides in a transaction. This is especially common in new developments when the developer’s agents represent the buyer. You have the right to know if your agent or their broker is working for both parties.
• Are you a member in good standing of the MLSBCS? MLSBCS (our version of the National Association of Realtors) are the business-practice watchdogs for our area, at the present there is no municipal oversight of the real estate industry.
• Will I actually own my property? Here in Los Cabos non-Mexicans absolutely own property, but it must be held in trust with a Mexican bank. Your realtor should be able to explain this to you without a second thought!
• Will you be helping me with my closing? Some realtors turn the transaction over to a third party as soon as the offer is accepted. You would probably prefer to have your realtor providing oversight throughout the transaction.
• Will my funds be held in escrow in the U.S.? You have the right to have your funds kept in a US-based escrow company, safe and secure. Some developments are exceptions and your realtor should be able to explain this to you in detail.
• Will I get title insurance? Your offer should be contingent on a commitment to issue a title policy by a major carrier. This is your guarantee that you will actually own what you buy.
• Can you help me with financing? Your realtor should be able to offer you a number of options for financing, and should be completely neutral in the decision of which to choose.
At Cabo Realty Pros we pledge to be your trusted advocate before, during and after your purchase!