In a significant move towards securing transparency and accountability in the real estate sector, the Valencian Community has introduced a new law that comes into effect today (16th of October 2023). Whether you're a landlord, tenant, buyer, or seller, this regulation emphasises the importance of engaging with registered real estate agents to ensure legality and secure the guarantees associated with proper registration.
As of today, anyone involved in real estate transactions in the Valencian Community needs to be vigilant about the registration status of their chosen real estate agent. This date marks a turning point, signalling the implementation of a law to eradicate potential illegal practices within the industry.
The requirement for real estate agents to be registered is not just a bureaucratic formality; it holds significant implications for both clients and industry professionals. Registration ensures that agents adhere to legal standards and ethical practices, offering clients a level of trust and assurance in their transactions.
If you're a landlord or seller, working with a registered real estate agent means that your interests are protected. Registered agents are accountable to regulatory bodies, ensuring that they operate within the confines of the law. This translates to a more secure and transparent process when leasing or selling your property.
On the flip side, tenants and buyers can benefit immensely from this new regulation. Engaging with a registered real estate agent provides a safeguard against potential scams or unethical practices. The guarantees offered by registered agents instil confidence in the legitimacy of property transactions, fostering a more trustworthy relationship between clients and agents.
Recognising that failure to engage with a registered real estate agent could lead to legal repercussions is crucial. Agents operating without proper registration may be acting illegally, jeopardising the interests of both parties involved in a transaction. The absence of registration removes the safety net of guarantees that come with adhering to industry standards.
For those navigating the real estate landscape in the Valencian Community, verifying an agent's registration status is a straightforward process. Regulatory bodies and official databases can provide up-to-date information on the registration status of real estate professionals. Taking the extra step to confirm an agent's registration is a proactive measure that can save clients from potential complications down the line.
Michelle Hughes, owner of VillaMia, said: "I´m pleased that this has come into force as in the past anyone could say they were an estate agent, they didn't need to have an office, experience, any insurance and many did not care once they had the agency fee, which gave the industry a bad name. The new law is a positive move for everyone and not only protects the interests of clients but also contributes to the overall integrity of the real estate industry in the Valencian Community".
