The Ministry of Justice has presented a new draft law aimed at regulating real estate activities in the country.
The agency explained that the purpose of the document is to protect citizens from unscrupulous agents, hidden commissions, and fraudulent schemes, as well as from fake listings and other manifestations of "wild real estate practices." This term refers to opaque, aggressive, and unprofessional practices that create risks for buyers and sellers in the real estate market.
The draft law is part of efforts to reduce bureaucracy and aims to systematize intermediary activities in the real estate sector.
Key provisions of the initiative:
- mandatory state registration (certification) of realtors in accordance with established standards;
- introduction of a realtor identification card that allows clients to verify the legitimacy of the intermediary;
- establishment of unified standards for real estate services and standard contracts;
- ensuring transparency of information regarding the status and authority of the realtor during the transaction;
- prohibition of double commissions and restriction of misleading advertising for real estate;
- establishment of liability for illegal real estate activities and violation of established norms.
The adoption of this document is expected to contribute to the regulation of the real estate market, increase citizens' trust, and create more civilized working conditions for honest participants.
