The Croatian government has approved a draft new law on realtors, which introduces stricter rules and is designed to protect the interests of buyers and promote greater market transparency. This is the first large-scale update of legislation in the real estate sector since 2007.
As noted by the representative of the Ministry of Economy, Branka Augustinovich, the country's real estate market has changed significantly in recent decades, but so far only minor amendments have been made. The reform initiative came primarily from the Croatian Chamber of Commerce and Industry.
One of the key innovations will be the prohibition for agencies to require buyers to sign a contract for viewing real estate. During public discussions, many complained that such agreements automatically entailed an obligation to pay fees. Now the inspection of objects will be free.
The law also tightens professional requirements: each agency will have to hire at least one qualified full-time specialist, while agents will be prohibited from working simultaneously in several companies. Penalties for violations are being tightened, increased insurance requirements are being introduced, and mediation agreements must be concluded before ads are posted.The industry notes that the changes will help to better distinguish between legal and illegal activities. The law is expected to come into force in the summer after the parliamentary hearings.
Source: Croatia News
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