NOM-247-SE-2021 (the ´´NOM´´), published on March 22, 2022, and effective as of September 19, 2022, is mandatory for individuals and entities who offer, directly or indirectly, services for the commercialization of real properties for residential purposes. The NOM provides the information that is required for such commercialization activities and the minimum requirements that the commercialization agreements must include.
Who must comply with the NOM?
The NOM applies to developers, builders, brokers, intermediaries, and any other individuals and entities who take part in the consulting and sale of real properties for residential purposes to the general public (the ‘’Services Providers’’).
What requirements does the NOM include?
The NOM provides a series of requirements for the commercialization of real properties destined for residential purposes, including the following:
- Information to be included on the website of the Service Providers.
- Advance and down payment requirements.
- Information regarding advertisement and promotion of real properties.
- Pricing information on the real properties.
- Financing information when the creditor will also be the seller.
What agreements are regulated by the NOM?
The promise of purchase and agreement, any pre-sale agreement, and the purchase and sale agreement of real properties for residential purposes.
Other obligations and/or restrictions in the NOM for Services Providers?
Services Providers must comply with the specific requirements established by the NOM in the agreements that will be used for the commercialization of real properties for residential purposes. Some of these obligations and restrictions include the following:
- Issues that must be complied with prior to the formalization of the purchase and sale of the real properties.
- Clauses that cannot be included in the agreements.
- Guaranties by the Services Providers in the agreements.
- Restrictions for providing additional services in the purchase and sale agreements.
Who are the authorities that oversee the application of the NOM?
The Ministry of Economy (“Secretaría de Economía”), through the General Direction of Norms (“Dirección General de Normas”), oversees the compliance of the NOM, while the Federal Consumer Protection Agency (“Procuraduría Federal del Consumidor”) verifies its compliance and is in charge of penalizing any party who is in default of the NOM.
What penalties are generated in the event of default of the NOM?
The individual or entity who is in default of the NOM may be subject to the payment of a fine in the range of $617.41 Mexican Pesos to $3,457,496.04 Mexican Pesos, as well as a sanction that includes the partial or total closure of operations of the Services Providers.
TP Legal can help you review and update your agreements in order to comply with the NOM, as well as provide advice regarding any other documents and information that are used for the commercialization of real properties.