The parliament of the Balearic Islands has approved the law stemming from Decree Law 6/2023, of 2 October, on urgent housing measures, having introduced an amendment that entails the approval of the regulation of the real estate agent profession and a compulsory register.
In this way, the social partners understand that the lack of seriousness that generates intrusiveness in the real estate sector will be curbed. Citizens’ rights and legal certainty will prevail from now on.
With the approval of Royal Decree-Law 4/2000, of 23 June, on Urgent Liberalization Measures in the Real Estate and Transport Sector, the profession of real estate brokerage was left liberalized and deregulated, making both membership and training for the provision of these services unnecessary from its entry into force.
However, three years later, in Law 10/2003 of 20 May, this liberalization of the exercise of the profession was maintained, although the need to establish a regulatory framework for this activity in order to protect consumers was recognized. This need remained unresolved until now.
The new regulation will mean that from now on it will be necessary for real estate agents to have the necessary knowledge to operate, to sign a contract to clearly establish the marketing conditions as a guarantee for all parties, to have an address in the Balearic Islands, to have civil liability insurance, a guarantee or surety to guarantee client deposits, to maintain continuous training and to be in possession of full documentation and provide detailed information about the property.
For the consumer, the number of the Official Register of Estate Agents of the Balearic Islands (ROOAIB) will be easily recognizable. Since the publication of the new regulation in the Official Gazette of the Balearic Islands, real estate agents will have six months to register. Any offer, promotion and advertising of real estate without complying with the legal requirements will be considered as an illegal offer or clandestine activity, intrusive and unfair competition and will imply the initiation of the corresponding sanctioning proceedings.
All of this unquestionably means that operations are carried out in a transparent, safe and reliable manner for the consumer, who is undoubtedly the great beneficiary of this measure approved by the Balearic Parliament.
