Regulation for Real Estate Agents in the Balearic Islands

This law regulates the activity of real estate agents to promote market transparency and protect consumers. It applies to all individuals and legal entities regularly engaged in the remunerated intermediation of properties located in the Balearic Islands. 

 This regulation comprehensively outlines the rights and duties of consumers in their relationship with real estate agents. It also mentions the rights and duties of real estate agents. Conflict resolution between real estate agents and consumers will preferably be through mediation and arbitration of consumer advice centre.

 To work as a real estate agent, it is mandatory to register with the Official Registry of Real Estate Agents of the Balearic Islands. Registration can be done individually or collectively through a professional college/association. Registration must be completed within 6 months after the law comes into force. Working as a real estate agent without being registered in the registry is considered illegal offering or clandestine activity.

The requirements for registration are as follows:

Having a publicly open establishment or physical address in the Balearic Islands. Consumers must be attended to in these establishments or addresses.

 Having permits, licenses, etc.

 Commitment to act according to the code of conduct and comply with legislation.

 Professional qualifications: university degree / 200 hours of training / 4 years of experience. In the case of a company, the administrator and office manager must fulfill obligations. No criminal records are allowed.

Liability insurance: mandatory with minimum €100,000 and €600,000 annually.

Bonding insurance: mandatory with minimum €60,000 per year.

Some of the highlighted obligations mentioned in this summary include:

a) Visibly displaying registration in the Registry and publishing the number in all communications.

b) Providing all information about properties and accompanying the interested party to obtain all necessary additional information from technicians, the administration, etc.

c) Informing about deposit regulations and guaranteeing their return. This can be done collectively through professional associations.

d) Complying with consumer protection, ensuring their safety, providing proper treatment, and informing them about data protection.

e) Informing about specific regulations regarding protected housing, etc.

f) It is mandatory to have a customer service phone and email and facilitate the submission of complaints and claims.

g) Include in the Order Note: details of insurance, registration number, mention that the order is written in accordance with the provision of the regulation

For the consumer, the number of the Official Register of Estate Agents of the Balearic Islands (ROOAIB) will be easily recognisable. From the date of publication in the BOIB, estate agents will have six months to register. 

Any offer, promotion, or advertising of real estate without complying with the legal requirements will be considered an illegal offer or clandestine activity, intrusive and unfair competition, and will lead to the initiation of the corresponding sanctioning proceedings.