Sonora aims to reassure investors from Arizona

Posted by Arizona Real Estate

June 21, 2007

Sonora has become the first state in Mexico to enact a licensing requirement for real estate agents, which may include criminal-background checks in select U.S. states, including Arizona.

Because the majority of Sonora’s foreign real estate investors are from Arizona, state regulators applauded the new law, which was unveiled at the Arizona-Mexico Commission meeting Thursday.

Investing in Mexico is safe, officials insisted, but while safeguards are in place, it’s up to buyers to exercise common sense.

Government officials in Sonora, meanwhile, are legislating and regulating those who peddle to their greatest investors: foreigners.

Last month, the Arizona Department of Real Estate issued a “cease and desist” order against the condominium developer following complaints from nearly a dozen investors that developers took deposits or advances totaling $378,318 for property never turned over to the consumers.

By Gabriela Rico

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