The draft law aims for a radical reform of the real estate services market with the goal of legalizing this sector. One of the main innovations is the mandatory registration of all realtors with a state body, as well as the issuance of identification cards to them. It is important to note that working without such registration will be considered an offense and will lead to fines: 7,500 soms for individuals and 23,000 soms for legal entities.
Additionally, separate fines are proposed for the illegal promotion of real estate services on the internet. Here, the fine for individuals will be up to 10,000 soms, while for legal entities it will be up to 28,000 soms.
The document also introduces strict rules for advertising real estate: a realtor will be able to place advertisements only after signing a contract with the client, and must indicate their name, registration number, and contract number.
Importantly, after a transaction option has been chosen or a preliminary contract has been signed, advertising for that property must cease.
The draft law also clarifies tax norms, which now pertain not to the general concept of "real estate," but specifically to "two units of real estate." This change is aimed at limiting speculative operations and introducing anti-flipping regulations.
The Cabinet of Ministers will receive new powers to establish uniform standards for real estate services, as well as to develop procedures for training and certification of specialists and rules for registration and issuance of identification cards.
The explanatory note to the draft law states that the proposed changes aim to reduce the share of the illegal market, protect consumer rights, and improve the quality of services provided.
