Monday, August 21, 2023, By Jessica Hernández, Real Estate Advisor and Marketing Analyst in SILMÉXICO
Last September 19 entered into force the Mexican Official Standard (NOM) 247, which is the one that regulates everything related to Commercial practices- requirements of commercial information and marketing of real estate destined for residential housing and minimum elements that the related contracts must contain.
What is its purpose?
Regulate the implementation of strategies for the commercialization and advertising of real estate, for what is sought with this NOM, to protect the rights of consumers before real estate companies, developers, construction companies and all those involved in the real estate sector.
What does this Mexican Law stipulate?
Among the conditions stipulated in NOM-247 regarding the operation of real estate activities, are:
- The advertising used by the provider must be true and verifiable.
- Images and other descriptions must not mislead consumers.
- Do not use messages that insinuate that the purchase of property makes you have superior personal qualities to those who do not make this purchase.
- Honesty with the description of the property that is for sale, that is, type of materials, date of construction, etc.
- Ads that discredit any other institution or brand should not be published.
- The provider is obliged to inform and respect the prices, rates, guarantees, quantities, qualities, measurements, interests, charges, terms, restrictions, terms, dates, modalities, reservations, and other applicable conditions in the commercialization of real estate.
- The provider must have the executive construction project in an affordable way, either digital or in physical form.
- The provider must inform the consumer about the legal status of ownership and/or possession of the real estate.
- The sale price of the property must be offered in national currency. If it is decided to use another currency, it will be at the exchange rate that governs the place and date in which the payment is made, in accordance with the applicable legislation.
Which institutions are responsible for monitoring compliance with this Standard?
Supervision of proper compliance with NOM-247 is the responsibility of the Ministry of Economy through the General Directorate of Standards and PROFECO (Federal Consumer Attorney’s Office).
Are there consequences for non-compliance with NOM-247 by the supplier?
Suppliers must analyze the effects of non-compliance with the NOM since the sanctions provided for in the Federal Consumer Protection Law indicate fines ranging from $617.41 to $2,414,759.14 Mexican pesos. The Federal Consumer Protection Law establishes that the recidivism of infractions (that is, when the same infringer incurs two or more violations of the same legal precept during the course of one year, counted from the day the first infraction was committed) results in the suspension or cancellation of the Supplier’s operations.
Are you about to sell your house and want to know more about this Standard and other aspects to consider when marketing the property? Contact our advisors at firstname.lastname@example.org, call 951 127 1380, or go to any of our offices in Oaxaca City and Huatulco.
- NORMA Oficial Mexicana NOM-247-SE-2021, Prácticas comerciales-Requisitos de la información comercial y la publicidad de bienes inmuebles destinados a casa habitación y elementos mínimos que deben contener los contratos relacionados, SECRETARÍA DE ECONOMÍA, Ciudad de México, DOF, 22 de marzo 2022, [citado el 21/08/2023], disponible en https://www.dof.gob.mx/nota_detalle.php?codigo=5646251&fecha=22/03/2022#gsc.tab=0