Since May 9, 2024, a new law for real estate agents has been in force in the Balearic Islands to regulate the sector and create more transparency. Real estate agents have until November 9, 2024 to take the necessary steps to register in the Real Estate Register (ROAIIB – El Registro de Agentes Inmobiliarios de las Islas Baleares). But what does this mean in concrete terms? Here is an overview of the most important points. <\/p>\n
The aim of the new decree is to better regulate the real estate industry on the Balearic Islands and to curb so-called “regular estate agents”, as well as to protect owners and buyers. It is intended to ensure that only qualified people work as estate agents. <\/p>\n
Anyone wishing to register as a real estate agent must meet at least three of the four requirements:<\/p>\n
1. Postanschrift auf den Balearen: <\/span><\/strong><\/p>\n <\/span>It can be a business address or a private address. Even estate agents who mainly work online or are based in Germany can register with an address in the Balearic Islands (for example via a Gestoria). The law explicitly allows telematic real estate agents. <\/p>\n 2. Nachweis von Erfahrung oder Ausbildung: <\/span><\/strong><\/p>\n <\/span>There are several possibilities:<\/p>\n 3. Haftpflichtversicherung – Seguro de responsabilidad civil: <\/span><\/strong><\/p>\n <\/span>This must have cover of at least 100,000 euros.<\/p>\n 4. Kautionsversicherung – Seguro de cauci\u00f3n oder Bankb\u00fcrgschaft: <\/span><\/strong><\/p>\n <\/span>In the amount of 60,000 euros. This insurance is only mandatory if the real estate agent accepts the deposit for a property purchase. However, if the deposit is handled via a notary escrow account or a lawyer’s escrow account, this insurance is not mandatory. <\/p>\n Once these four points are met, the application can be submitted online, and registration takes place in a few minutes.<\/p>\n <\/span>Every Autonomo must meet all four requirements.<\/p>\n <\/span>Either every Autonomo meets the requirements, or only the person who signs the contracts.<\/p>\n <\/span>Either the managing director or a partner and a site manager must meet the requirements. It is important that the person who signs the contracts (the authorized signatory) is registered. <\/p>\n <\/span>As long as the Autonomos do not sign contracts, only the SL regulation applies. However, as soon as an Autonomo signs contracts, they must also meet all four criteria. <\/p>\n There are two ways to take out deposit insurance:<\/p>\n Another uncertainty exists regarding the proof of four years of professional experience. The law does not provide exact guidelines on how this is to be proven. It can be done, for example, via entries in the corresponding epigraphs, or other proofs of activity such as Vida Laboral. The President of the Ministry also mentioned at one of the associated events that social media can also serve as proof if it shows that you were already active as a real estate agent 4 years ago. <\/span><\/p>\n In the application form, however, it is sufficient to check one of three boxes: university degree, 200-hour course, or more than four years of experience. No proof is required for verification. <\/p>\n\n
What applies to different types of companies?<\/strong><\/h2>\n
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Security deposit insurance – an often-discussed topic<\/h2>\n
Many agents believe they do not need deposit insurance because they do not accept deposits themselves or have never accepted them, but instead handle them via a notary escrow account. However, the law stipulates that every registered agent must have this insurance \u2013 without exception. <\/del> Nach einem Telefonat mit der ‘Direcci\u00f3n General de Vivienda y Arquitectura’ wird diese Versicherung nur dann ben\u00f6tigt, wenn man als Immobilienmakler Anzahlungen annimmt<\/strong>.<\/p>\n\n
Proof of professional experience – how exactly?<\/h2>\n
Further important details<\/h2>\n
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