A new law which came in to effect in July of this year ensures that agents will have to demonstrate that they have a proper knowledge of the profession and take responsibility for their actions (according to Euro Weekly News).

There will be a register of recognised estate agents operating in the region and they will need to satisfy the following requirements :

Location

In general terms, each company will need to demonstrate that it has an office/premises accessible to the public and even those trading online within the province or externally must have a physical address within the Community.

Training

Every agent will be expected to undertake recognised training and pass exams in order to be able to display their right to practice in the real estate profession.

Solvency

To be able to offer their services in this area, any company will need to be able to demonstrate that it has insurances and other guarantees in place to cover its liability for any damage caused by its actions.

Insurance

In addition, civil liability insurance and additional cover will have to be in place in order to ensure that any deposits or similar amounts received during the purchase process can be refunded to the rightful owner in case of errors by the agent.

Registration

There is a deadline for registration by the end of August 2023 and there is a requirement that significant financial penalties may be levied in case any estate agent does not comply with the new regulations.

Those looking to purchase, sell or rent a property will be able to see a special registration number printed in red at any agents office in order to satisfy themselves that the agent is legitimate and properly registered.

The expectation is that this law will improve the quality of service and deliver better protection for home buyers.