Listings What You Need To Know

Friday, June 8, 12

Remember in Mexico the Seller is the Offerer!

Make sure you’re prepared to offer your listing to the public.

Don’t forget to disclose Agency Relationships!

Friday, June 8, 12

AMPI Listings

• Listing Agreements are Between the Real Estate Agency and the Seller(s).

• Listing agreements are not between an agent and the Seller.

• AMPI Socios (or Someone with their POA) must be the signatory of a listing agreement.

• When an agent leaves an agency the listings stay with the agency unless otherwise negotiated or arranged.

Friday, June 8, 12

TYPES OF LISTINGS

• Open  Lis)ngs-­‐    The Seller offers the agent a commission provided the agent procures a purchaser. The Seller reserves the right to list the property with other agents or to sell the property themselves. Thus the listing is open to other real estate brokers.

• Exclusive  Agency  Lis)ngs-­‐    The Agent is employed to the exclusion of all other Agents. The Seller retains the right to sell the property himself or herself without paying a commission. However, if the property is sold by another Agent the listing Broker is still entitled to a commission.

• Exclusive  Right  to  Sell-­‐    The listing broker will collect a commission upon the sale no matter who sells the property; the employed broker, owner, or another broker. It may appear that this would be a disadvantage to a Seller but with this rigid arrangement it gives the listing broker the assurance that the property is available for sale through them only and gives the listing agent the incentive to market the property correctly. Brokers employed by other listing types of agreements have no assurance that their efforts will be rewarded.

• Net  Lis)ngs-­‐    In a Net Listing the Seller fixes the amount they wish to receive in a sale. The agent may keep any amount over the net proceeds to the Seller.

Friday, June 8, 12

detailsWhat Listing Agreements Cover

Friday, June 8, 12

• Who the Seller is and if they own the property through a trust

• Property Details

• Who is the Listing Agency

• Informs Seller of their closing costs like ISR Tax, Bank Fees, Permit Cancelation Fees, Letter of No Debt to HOA, and Certificate of Paid Property Taxes, and No Liens.

• What the Agency will do to Promote the Property

• What the Agency is Authorized to do, i.e. cooperate with other agents, share fees, honor codes of ethics of AMPI, report the sale to MLS, prepare a market analysis, promote use of escrow account, etc.

Friday, June 8, 12

• Why a Copy of the Deed is Important

• Why a Copy of ID is Important

• Why a copy of the Predial Statement is Important

• Marriage Certificate, Approval of Spouse at Closing

• For Land a Lot Plan

• For Condominium in case of no Deed on the Property a copy of Habitability Certificate and Condo Regime for State of Nayarit

• For Business Opportunity Copy of Lease and Licenses and Permits

• For Business Opportunity an Authorization from Landlord for new Lease AgreementFriday, June 8, 12

• Sales Price

• Listing Period

• Termination of Agreement

• Form of Payment

• In case of Any delay in Commission Payment a Penalty of 10%

• Right for Registration of Buyers to Protect Commission for up to 90 days

• The Responsibilities of the Seller, i.e. Keep Property Clean, Free of Debts, Legal Actions, Liens to be removed at or before closing, etc.

Friday, June 8, 12

• Copy of Deed for Land

• Federal Zone Concessions (if applicable)

• Property Tax Receipt - Predial

• Corporation’s Deed and POA’s Assembly Acts if Modifications

• Proof of Domicile

• Developer Curriculum

Development Docsfor Listing

Friday, June 8, 12

Developer Docs

• ID for Legal Representatives

• Copy of RFC (Tax ID)

• Plans Approved by Municipal Authorities

• Plans with Approval of Project Drawings by Municipal Authorities

• Request No Lien Certificate on Land

• Environmental Impact StudyFriday, June 8, 12

Developer Docs

• Soil Studies

• Seismic Report

• Water & Electricity Service Contracts

• Construction Calendar

• Payment Plans

• Bonds, Guarantees, Escrows

• Condo Regime in Nayarit

Friday, June 8, 12

Developer Docs

• If Development is in “Master Condominium”, Authorization for Project Issued by Condominium Association

• Purchase Agreement

• Preliminary Title Insurance Commitment

• Condominium Bylaws if Available

Friday, June 8, 12

Be Prepared and You’ll be a Successful!

“Ninety percent of all millionaires become so through owning real estate.” -Andrew Carnegie

Friday, June 8, 12