Background on Profeco and Its Relevance
The Federal Procurator for Consumer Affairs (Profeco) is a Mexican government agency responsible for protecting consumers’ rights and ensuring transparency in commercial practices. In a significant move within the real estate sector, Profeco recently suspended operations of several property firms in Chihuahua due to non-compliance with contract registration requirements.
Firms Suspended by Profeco
According to Profeco, the suspended firms violated Article 86 of the Federal Consumer Protection Law and Section 6.4 of NOM-247-SE-2021, which outlines the necessary information and advertising requirements for residential real estate contracts.
- Condesa Rejón
- El Paraíso Nogalero
- Vistas del Torreón
- Venta de Terrenos ADIN
- Grupo Leones
- Grupo Urbanic
- Tierra Bella Desarrolladora
Profeco has received complaints against these developers, but was unable to verify their status as their offices appear closed or abandoned.
Key Considerations When Purchasing Real Estate
Profeco emphasizes the importance of carefully considering several factors before signing a real estate purchase contract:
- Thoroughly read the purchase and sale contract before signing.
- Verify that the contract is registered with Profeco. You can search for the document at https://rpca.profeco.gob.mx/.
- Ensure the contract includes clauses describing the property, technical and material specifications of the structure, payment terms, and additional costs in case of breach.
- For pre-construction sales, the provider must disclose the construction project’s executive plan, relevant models, and sample properties.
- If purchasing with credit, understand the financing type, project total payment, and potential additional expenses independent of the property’s sale price.
Key Questions and Answers
- What is Profeco? The Federal Procurator for Consumer Affairs, a Mexican government agency dedicated to protecting consumers’ rights and ensuring transparency in commercial practices.
- Which firms were suspended? Condesa Rejón, El Paraíso Nogalero, Vistas del Torreón, Venta de Terrenos ADIN, Grupo Leones, Grupo Urbanic, and Tierra Bella Desarrolladora.
- Why were these firms suspended? For not having their contracts of adhesion registered with Profeco, violating the Federal Consumer Protection Law and NOM-247-SE-2021 requirements.
- What should consumers consider before signing a real estate contract? Carefully read the contract, verify registration with Profeco, ensure essential clauses are included, and understand financing terms if purchasing with credit.
For further assistance or to file a complaint, contact Profeco through their official channels: telephone numbers 55 5568 8722 and 800 468 8722, or via X: @AtencionProfeco and @Profeco on Twitter, and ProfecoOficial on Facebook.
