This is a summary of the article we have published on Linkedin, if you want to see the whole article you can view it here.
At futurseguros, we want to do our bit to help you understand how the new regulations will affect real estate agents and agencies in the Balearic Islands. We work closely with real estate agencies to facilitate the contracting of insurance, understanding the importance of this link in the real estate market.
Do you need a reliable insurance agency in Mallorca? We are here to work with you! We offer mutual benefits and customised solutions. Contact us at info@futurseguros.com
Who is affected by the new regulation?
The decree affects all natural or legal persons who carry out real estate mediation activities in the Balearic Islands, including the purchase, sale, rental, exchange or transfer of real estate. However, it does not affect property administrators in their professional activity or people who sell their property on an occasional basis and without remuneration.
How long do I have to adapt to the new law?
Real estate agents already operating before the entry into force of the decree have one year to submit the responsible declaration according to article 18. New agents must comply with the current regulations before starting their activities.
What new obligations does a real estate consultant in Mallorca have?
- Financial Guarantee: Provide a guarantee of 60,000 euros per year of coverage.
- Civil Liability Insurance: Have a policy of at least 600,000 euros per year and 100,000 euros per claim. To get a personalised quote for your civil liability insurance, contact us here or: info@futurseguros.com.
- Registration in the Register: Register in the Register of Estate Agents of the Balearic Islands, complying with one of the following conditions:
- University degree in related areas.
- Non-university training of at least 200 hours in real estate.
- Experience in real estate services for at least four years.
- Establishment and Customer Service: Have an establishment open to the public or, if operating online, a postal address for enquiries and complaints. In addition, they must display their registration number in all advertising.
- Professional Training and Criminal Record: Meet professional training requirements and have no criminal record related to real estate activity.
Consequences of not complying with the new regulations for estate agents in the Balearic Islands.
Advertising or carrying out real estate agent activities without having submitted the responsible declaration or without complying with the legal requirements is considered an illegal, clandestine and unfair activity. Penalties for these infringements can vary between 3,001 euros and 30,000 euros.