The Ministry of Justice of the Kyrgyz Republic has announced a new draft law aimed at regulating real estate services. This information was provided by the press service of the ministry.
The project is designed to protect citizens from unscrupulous intermediaries and hidden commissions, as well as to counter fraudulent schemes, fake advertisements, and other manifestations of so-called "wild real estate practices." Such unprofessional and opaque practices, often accompanying real estate transactions, create serious risks for the population.
The development of the draft law is part of a debureaucratization process aimed at organizing real estate activities and systematizing intermediary services in the real estate market.
The main provisions of the draft law include:
mandatory state certification of realtors in accordance with established professional standards;
introduction of identification cards for realtors, allowing citizens to verify the legality and status of the intermediary;
definition of unified standards for real estate services and standard contracts;
provision of transparently presented information about the status, role, and powers of the realtor in the transaction process;
prohibition of double commissions and restrictions on misleading advertising of real estate;
establishment of liability for illegal actions in the field of real estate and for violations of established requirements.
In addition, the draft law includes tax measures aimed at curbing speculative operations with real estate.
The adoption of this draft law is expected to be a step towards organizing the real estate market, increasing trust from citizens, and creating civilized conditions for honest participants in this sector.
The full text of the draft law can be found at the link.
