The purpose of the law on the activity of real estate agents is to bring more clarity and fairness to the real estate sector. By setting high standards for real estate agents, the interests of the parties involved in the transaction (sellers and buyers) will be much more protected.
The law will also combat unfair practices by untrained and unprofessional agents and promote healthy competition in the real estate market.
What does the law on the activity of real estate agents contain?
Below are the most important aspects of the draft law regarding the activity of real estate agents in the Republic of Moldova.
Real estate agents will have to be licensed
Not everyone will be able to say that they are a real estate agent. In order to work legally, you will have to take some courses and obtain a certificate. Basically, mandatory professional training is being introduced. Thus, the real estate market will be “cleaned” of people working unofficially.
A National Register of all licensed agents will be created
People will be able to check online whether the agent they work with is authorized or not. If the agent is not in the register, it means that he is not allowed to work in the field and it would be appropriate not to collaborate with him. Here it would be good for the authorities to implement a mechanism for reporting unauthorized persons to the competent authorities so that they can be sanctioned.
Mandatory contract for any collaboration
Agents will be able to provide real estate services only on the basis of a written contract, which must clearly specify what services they provide, what the commission is and what the rights and obligations of each party are.
Payments will be official and transparent
The real estate agent will be required to issue a payment receipt for each amount collected from the client.
Will be created a Register of Real Estate Transactions
A Register of Real Estate Transactions will also be created where agents will note general information about the real estate assets traded – approximate location, area, price, commission.
This register will help sellers and buyers to better understand where the real estate market is heading, what are the price statistics, etc. Thus, decisions to sell or purchase will be much more thoughtful.
Fines and Sanctions
For violation of obligations regarding the exercise of real estate agent activity, fines are provided for both agents in person and for the real estate companies in which they operate. The suspension of the real estate agent certificate is also provided for - this will discourage abusive behavior among professionals in the field.
CONCLUSION
The Law on the Activity of Real Estate Agents is a significant step towards increasing transparency and fairness in the real estate sector in Moldova. By imposing high standards of professionalism, mandatory authorization and training of agents, as well as by introducing an efficient verification and reporting system, this law will protect the interests of all parties involved in real estate transactions.
Strict regulations and penalties for non-compliance are intended to eliminate unethical practices and strengthen people's trust in the real estate profession.
Author: Victor Cernomorcenco, Real Estate Specialist at Acces Imobil.
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