New Real Estate Law Ensures Certified Agents for a Secure Buying Experience
At Homes in Mallorca, your peace of mind is our priority. We’re proud to share that all agents operating within our community are registered and certified, ensuring you receive professional advice and guidance throughout your property journey. Their certification numbers are prominently displayed on their profiles for full transparency.
The recently enacted Law 3/2024, published in the Official Gazette of the Balearic Islands (BOIB) on 9 May 2024, introduces several measures to regulate real estate agencies in the Balearic Islands. These regulations are designed to protect buyers, sellers, and tenants by enhancing professionalism and accountability across the property market.
Here’s what you need to know about this important new law:
1. Mandatory Registration of Estate Agents
The creation of the Official Register of Estate Agents of the Balearic Islands ensures that every practicing agent is registered and complies with legal and professional standards. This registry is a safeguard for clients, guaranteeing that only qualified and approved professionals can legally operate.
2. Transparency in Property Listings
Estate agents must now provide clear, accurate, and truthful information about the properties they represent. This includes:
- Occupancy certificates (cédula de habitabilidad).
- Required licenses and permits.
This measure reduces the risk of surprises for buyers and ensures informed decisions.
3. Financial Guarantees and Insurance
Agents and agencies are now required to have:
- A €60,000 guarantee to cover their obligations.
- Liability insurance with a minimum coverage of €100,000 per claim and €600,000 per year.
These requirements ensure financial security and accountability in every transaction.
4. Enhanced Professional Training
Real estate agents must demonstrate their expertise through appropriate training or qualifications, including ongoing education on the real estate market and regulations. Alternatives include:
- Relevant university degrees.
- Proof of at least 4 years of industry experience.
This ensures that agents are up-to-date on laws, market trends, and best practices.
How Does This Impact Homes in Mallorca Members?
For members of the Homes in Mallorca Community, these regulations offer an added layer of security and confidence. By working with our registered agents, you’re guaranteed professional guidance, legal compliance, and top-notch service. Whether you’re renting, buying, or selling, you can trust that your interests are protected.
Additionally, we’ve made it easy for you to identify certified agents. On their Homes in Mallorca profiles, you’ll find their registration and certification details displayed clearly, providing full transparency at every step.
Your Trusted Partner in Real Estate
At Homes in Mallorca, we’re committed to creating a seamless, trustworthy property experience for our community members. With these new regulations in place, we’re even better equipped to connect you with the right experts and resources.
If you have any questions or want to learn more, explore our community or get in touch with one of our certified agents today.
Let’s build your future in Mallorca together.
