Rosina’s regulation on registration and supervision of activity of real estate transaction intermediaries.

In order to regulate the legal bases of the activity of real estate transaction intermediaries and to ensure sufficient supervision of the professional activity of these persons, the Ministry of Finance has developed the Law on the Activity of Real Estate Transaction Intermediaries. Its purpose is to prevent the legalization of criminal proceeds and the financing of terrorism and proliferation, as well as to promote the provision of stable, safe and reliable real estate transaction mediation services, the ministry explains. The need for such a regulation is also pointed out by international experts who assess the compliance of supervision with its inherent risks. The bill envisages limiting the engagement of third parties as a transaction intermediary, that is, performing mediation services for the benefit of other persons within the framework of economic activity. On the other hand, it does not prohibit natural and legal persons from carrying out activities with real estate owned by them. The proposed regulation applies to natural and legal persons who wish to provide or provide mediation services for real estate transactions for a fee, which includes making an offer for a real estate transaction, conducting negotiations and preparing documents necessary for concluding a real estate transaction. It also includes preparing and explaining the terms of the real estate transaction. Real estate transaction mediation services refer to real estate transactions of real estate expropriation, lease, rental or other transfer for use. Also, the draft law provides for the possibility to exclude a real estate transaction intermediary from the register of real estate transaction intermediaries. For example, if there is no written contract, or if he has breached the requirements of the Anti-Money Laundering and Anti-Terrorism and Proliferation Financing Act.

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