Making a safer purchase and avoiding real estate fraud is now easier with the Official Mexican Housing Standard (NOM-247-SE-2021), which regulates commercial practices, advertising, and contracts related to the sale of a home.
Infonavit and other organizations such as the College of Notaries participated in the elaboration of this norm, among which local professionals stood out, who in turn called on citizens to learn about the recent norm to be informed and thus avoid being deceived by pseudo-advisors or even shell companies.
What does NOM 247 stipulate?
• Advertising: it must be truthful, verifiable, clear and without elements that mislead or confuse the buyer due to being misleading or abusive.
• Contracts: developers, builders, promoters or suppliers are obliged to inform and respect the prices, rates, guarantees, quantities, qualities, measures and other conditions established during the promotion of the home.
• Conditions of the property: the house or apartment must have basic services (electricity, potable water, wastewater evacuation, facilities for the use of LP or natural gas, etc.) at no additional cost.
• Brand use: prevents unauthorized third parties from making improper use of the brands and logos of Infonavit or other public housing agencies.
Those obligated to abide by this Regulation are: real estate agents, developers, construction companies and other figures that intervene in advising and selling to the public real estate destined for habitation.
“With NOM-247-SE-2021, which entered into force in 2022, the Institute seeks to regulate the housing sector and thereby avoid activities that may affect or put your assets at risk,” Infonavit highlighted in one of its statements.
