Listing Requirements

LISTING REQUIREMENTS OUR GOAL IS TO BE A PROFESSIONAL ORGANIZATION WHOSE MEMBERS DO WHAT IS REQUIRED IN ORDER TO TAKE “GOOD” LISTINGS AND DON’T OFFER TO SELL PROPERTIES WHICH ARE NOT “CURRENTLY” SALEABLE, WITHOUT FULL DISCLOSURE.

All listings which are offered for sale by a Broker must meet the following minimum requirements listed below PRIOR to marketing a property for sale. A file for each individual listing containing the following information must be kept in the Listing Broker’s office during the listing period. The Listing Broker will provide a copy of their “Listing File” to Buyer’s Broker or their designated agent/closing company/attorney, upon the acceptance of a Purchase Contract. All parties which use the MLS software system must be a member of AMPI, have agreed to abide by their; rules, regulations and codes of ethics and the following items or they must sign an agreement which legally binds them to the same. Listing Contract: exclusive listing contract using the “standardized Listing Contract form” executed by all legal owner(s) of the property for a minimum of six months, with a specified expiration date and with no automatic renewal.

Identification: Legible Color copy of personal identification of each legal owner, or if owner is a corporation, the identification of each signatory of the corporation and proof of legal residence. If documentation is not available (Out of area owner that needs to renew or get a Visa prior to the closing) this must be disclosed. Broker can sign an affidavit which states that they have personally verified the ID’s of the seller if the seller does not want to provide a copy of their identification. In this case, the broker must keep a copy of their signed affidavit with the listing file in their office.

Ownership documents: A copy of the Seller’s ownership documents, i.e.: Fideicomiso, Escritura, Private Contract, etc.

Receipts: Receipts for the last payment of the following items; property taxes, bank trust fees, homeowner association dues, assessments, utilities and any other fees related to the property. If an assessment is pending which affects this property, this must be disclosed.

Listing Agreement Ownership: Exclusive Listing Agreements are considered as property of that Agency/Brokerage. Therefore, sales agents are not allowed to remove any exclusive listing if they resign, change agencies, open their own agency or any other circumstance until such time that the original listing agreement has expired, is cancelled bilaterally or is relinquished by the Listing Agency.

Ethics: No Agency shall solicit an exclusive listing of another agency until the expiration, bilateral cancelation or relinquishment by the Listing Agency of that listing.

Cancellation: Upon written request from Seller for cancellation of an Exclusive Listing, the Listing Agency shall respond to the Seller in writing within 5 business days. If both parties agree to cancel the listing contract or upon the expiration of a listing or the relinquishment of the listing from the Listing Agency, the Listing Agency shall dispose of the “Listing File” as directed by the Seller.

Inclusion in MLS system: Once the MLS system is in place, ALL listings from all broker members must be added into the system within 48 hours from the time that the exclusive listing contract is executed and all required documentation is on file. All activity on such listings is required to be reported to the system, inclusive of price changes, cancellations, extensions, pending sales, commissions and title closings will be submitted to the system within 24 hours after notice of the change. No Pocket Listings!

Ejido Property: This must be disclosed on all marketing/promotional materials which offer the property for sale. Must clearly state where the subject property is at in the privatization process. Copies of all Ejido documents pertinent to the property must be kept on file (Certificado Parcelario, Map, Birth Certificate of “Owner”, etc).

Properties which are for sale by someone other than the “Owner of Record”: A signed copy of a document from the registered owner of the property, proving that they will assign the “right to purchase” the property to the new buyer, with what additional costs (new contracts, admin fees, etc) and at what transfer value. Tax implications to be reviewed by Notario to verify that all parties are paying the required taxes in the transaction.

Taxes: Seller’s capital gains taxes are NOT the responsibility of the Buyer. Therefore, the listing agent is responsible to notify the Seller that they should seek professional tax advice from a Notario or other tax expert BEFORE offering the property for sale. Capital Gains taxes may affect the Seller’s Net Proceeds.

Property Dimensions: It is the responsibility of the Listing Broker to verify that the property dimensions (Lot dimensions, surface area, condo square meters, etc) used in the marketing of said property match the information shown on the legal documents (Surveys, Fideicomiso, Escritura, etc). In the case where the land is adjacent to any federal zone, an updated federal zone survey is Highly Recommended in order to clear up any misconception for future buyers.

Leased Land: No leased land will be marketed “for sale” by members of the association or included in our future MLS Software system.

Disclosure: (Up for discussion): Listing Brokers will be required to disclose all items discussed in the Disclosure document once it becomes available.

Sales Prices at Closing: The Listing Broker/Agent will publish the TRUE Selling Price of the property into the MLS System within 48 hours from the time of the closing and transfer of title. Any other figures are not relevant for the purpose of historical comparables.

Any person that uses the MLS Software system (when available) and is found in violation of these rules will be asked to “fix” the problem. If a pattern continues from that individual, their violations will be submitted to the AMPI Honor and Justice Committee for further review and that committee will make a decision regarding that individual’s ability to continue to use the system.

Last Updated (Tuesday, 24 August 2010 09:37)

AMPI - Rosarito