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Buying property in Mexico involves many steps, not only finding the right villa or condo in the right area and at the right price, but also complying with a system of property ownership quite different from what is usual in one's home country.

Traditionally, prospective buyers drive around the desired neighborhood, find a property for sale, and write down the number of the listing office. After meeting the listing agent, inspecting the property and deciding it is the one, the haggling over price begins.

Although an offer can be presented and negotiated, how do buyers know that they are getting the best deal? The listing agent/ office can provide buyers with great service and unfaltering attention, but should not reveal anything that is detrimental to the seller in achieving an optimum price. The listing agent's responsibility is to the seller, under the listing contract. Are there any hidden factors, such as title problems, incomplete condominium regimes, or debts that burden the property? The listing agent is required to disclose any material defects to a prospective purchaser. The listing agent's loyalty is to the Seller, and he should endeavor to achieve an optimum selling price and terms.

To help give the buyer equal representation, an agent trained as a "Buyer's Representative" or "Buyer's Agent" is available to help prospective purchasers negotiate the best price and terms, after helping buyers find the right property.

A Buyer Representation Agreement can detail the buyer and buyer agent duties. The cost of the buyer agent can be handled through the selling side of the listing commission for the property. Or the buyer and buyer agent can work out a private agreement.

It is wise to enter into the written agreement that clearly spells out the duties for buyer and agent. This agreement will read that the agent owes loyalty to the buyer. The agent will keep strictly confidential any personal or financial information that could adversely affect the buyer's position.

Benefits of buyer representation:

SERVICE: Buyers will receive the agent's full attention in helping meet the buying objectives.

FULL DISCLOSURE: The agent will give all the information that he/she can gather about the seller's position, motivation and intent in the transaction, well as another other information related to the property.

NEGOTIATING: The agent will work, plan and research how to achieve the best terms and price possible.

If you are considering working with a buyer representative, be sure to ask these questions:

1. Why are you going to work to get me the best price if your commission is based on a percentage of the sales price?

2. How will I know you are working diligently for me?

This is an Update of the Article on "Buyer Representation" written by Ms. Murray for Today's Dallas Woman Success Magazine in 1994.

About the Authors:
A Texas Real Estate Broker since 1975, Ms. Murray is a pioneer in Buyer Representation. She has lived permanently in Puerto Vallarta since 1996. She is a member of the national and local AMPI association of real estate professionals in Mexico.

For additional information please contact: buyerarticle@go2mexico.com