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Los Cabos Magazine #37 - Summer 2014

Recent Developments The latest in Los Cabos real estate news Portus, the developers of the wildly popular Ventanas (pictured), have opened a new phase to pre-construction sales for Cabo del Mar Ecopark. New Look, New Association The real estate community has formed a new association to share data and best practices. The new entity, known as MLS-BCS SA de CV, has taken over operation of the statewide multiple-listing service that allows each agent access to every property for sale in the area. The subscribers to this service must agree to follow a strict code of ethics and follow operating procedures that ensure investments are safe and secure. This new entity consists of the same real estate agents and companies who previously offered such services in the past under the national organization known as, Asociación Mexicana de Profesionales Inmobiliarios, or AMPI. Changes in México’s law made it necessary to form the new entity, but the business practices and safeguards buyers and sellers in Los Cabos have enjoyed in the past will continue to be in place. For your protection, work only with MLSBCS members. Anti-laundering Law Takes Effect México’s new anti-money-laundering law has taken effect, and this law will affect your real estate purchase. Although the exact details of compliance are still fluid, it is clear that buyers (foreign and domestic) will have to provide 34 LOS CABOS MAGAZINE | SUMMER 2014 more information about the source of the funds being used to purchase property anywhere in México. Expect to complete a know-your-client (KYC) form during several phases of the transaction. Your MLS-BCS affiliated real estate agent can supply more details. In a related matter, the constitutional amendment that would have put an end to the system by which foreigners hold property within 50 kilometers of the ocean and 100 kilometers of the international borders is no longer under consideration. After passing the lower house of México’s Congress last summer, the Senate failed to take the necessary action within the allowed time period. Foreigners will continue to hold their Mexican properties in a special trust known as a fideicomiso. Article 27 of México’s constitution guarantees that foreigners who have a fideicomiso will enjoy all the rights, privileges, and benefits of a Mexican citizen as they pertain to the residential use of that property. For commercial property, a different legal entity must be formed; your real estate agent can recommend a bilingual attorney in such instances. New Phase Opening at Cabo del Mar Ecopark As of press time, Portus—the developers of the wildly popular Ventanas, Soleado, and Cabo del Mar Ecopark communities—had opened a new phase to pre-construc- Francisco Estrada By Carol S. Billups


Los Cabos Magazine #37 - Summer 2014
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