Local legislators unanimously approved an initiative which creates a law to regulate the activities of real estate agents in Baja California.
The object of the law regulating the activities of real estate companies, is to prevent the frauds and abuses in the sector, as well as to eradicate practices such as selling the same property to several people, including, without being the legal owner of the real estate and it looks to eradicate the sale of protected areas and other bad practices which also prejudice our society.
The legislation creates a State agency which will regulate real estate agents in Baja California.
It makes the Secretary of Economic Development (SEDECO) as the executive in charge of applying the law, and will require that professional real estate agents get a license issued by SEDECO.
The law also establishes a Catalog of Penalties for violations of the law, and also regulations and procedures to apply the penalties. It conceives of a system of complaints and reports for users, operated by SEDECO, with respect to persons who perform as real estate agents, without being one.
The law has a rule to regulate foreigners who come to Baja California to carry out real estate activities, and who in many cases have no authorization to do so.
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