Golden reasons not to 'go for free' when selling a property
Now more than ever, hiring the services of a Heritage Consultant, make the difference, because these have been months of many changes in the real estate issue.
We started with the Anti Money Laundering Law, it is basic that when doing a real estate purchase - sale operation, you have the advice of a Heritage Consultant who has the knowledge to guide you.
Many times, the owners of the properties prefer to make "Direct Deals" this means that the owner is the one who is doing the operation, this is done to avoid paying the brokerage commission to the Patrimonial Consultant (Real Estate Advisor). The situation, in addition to being inconvenient for the Buyer, leaves many "gaps" in the purchase sale operation for both parties.
It is essential that you know the fundamental points of this Anti Money laundering law in order for your real estate brokerage operation to be successful.
Here I present the most basic points:
The Anti-laundering Law indicates that the providers of services in real estate brokerage, construction companies and developers of real estate, must submit a Notice to the SHCP of the purchase and sale transactions made when said operations have a price equal to or greater than 8.025 times the minimum wage. for the DF (Article 17 fraction V). From the above, it can be deduced that one of the ways of stating that said operation was carried out is the purchase agreement or purchase-sale promise entered into.
When the transactions of sale are of a value lower than the 8,025 minimum wages (519,000.00 pesos approx.), There is no obligation to report them or give notice to the SHCP. If the operation is greater than 519,000 pesos, notice of the full operation must be given
On the other hand, Article 33 says that notaries must identify the way in which the payment will be made (in cash, check, transfer, etc.) of the obligations when said operations have a value equal to or greater than 8.025 times the salary. minimum DF (519,000.00 aprox.) Likewise, notaries are required to submit a Notice to the SHCP when the highest value that results between the commercial and cadastral value of the property is equal to or greater than 16,000 times the minimum wage (1,035 mdp approx.) In the DF (Article 17 section XII paragraph A)
This is a very basic summary, only to help you create Responsible Consciousness, that putting your heritage in inexpert hands does have consequences.
It is essential that when making a real estate sale purchase transaction, you know all the elements that are involved in it and that are several and important, including:
• You must know the scriptures
• That the predial, light, water are up to date
• That the property is free of encumbrances and testamentary topics
• That there is a real and true assessment of the same
• Know if you are mortgaged and under what conditions
• There must be a real inventory of the property so that you know its real state
• Check if it is registered in the Public Registry of Property
• If you are an owner you must know the CURRENT terms of the payment of ISR on the sale of real estate
• Review with a notary what is the current status of the property, there are a series of notarial terms that involve the property and it is essential that you know them if the property really belongs to the person who sells it, or was given to you, what use of Is it in usufruct? In a family dispute? Is it in a trust? Etc…
• If it is a property in a condominium, you need to know the rules of the condominium
• You need to be up to date on all your maintenance fees and extraordinary fees
• We recommend that you take an engineer to the property so that, in addition to the appraisal, he will let you know if there are hidden defects or problems that are not detected at a glance.
• You must know what are the notarial fees and taxes corresponding to the deed
And these may not all be ...
Now you must also bear in mind that you must report the operation according to the aforementioned Article.
It is important to note that:
The sale of real estate is the way in which families generate wealth.
The generation of real estate is the way in which the middle classes are generated in society.
The generation of assets determines your value in assets
The purchase sale of a property represents the peace of your family.
The 6% commission that a Patrimonial Consultant charges to represent a property in a brokerage operation is the most important and best invested commission percentage that you can make.
In addition, a Patrimonial Consultant who usually represents real estate brokerage firms, also offers security regarding the people who take to see the property, also generates security for the buyer having previously reviewed the documentation of the property it represents.
Regarding the subject of mortgage financing, a Patrimonial Consultant must be informed about Mortgages, requirements, documentation, interest rates, contracting requirements and can put you in contact with a Mortgage Broker or with the mortgage representative of the banks
I assure you that the friend of your cousin who "sells houses", by charging you a lower commission, will only get you in trouble
Worse still, buying the "Direct Deals" represents putting your assets at risk as it is always important to have a Heritage Consultant that represents your interests
Make a smart real estate transaction and enjoy it from the moment you decide to start.
Source: Forbes / Sandra Hendrix / 19 Sept. 2013