On Sep. 25, URY GVT enacted law on activity of real estate operators.
URY GVT enacted Law 20.380 of Sep. 25, 2024 to regulate the activity of real estate activity carried out by commission agents, brokers, brokers, operators, and others.
Document dated Sep. 25, 2024, received from URY GVT Oct. 1, summarized on Oct. 2.
Highlights
Requirements for the exercise of professional real estate activity includes registration in the National Registry of Real Estate Operators, which is created by this new Law.
Obligations of registered real estate operators include meeting professional standard.
Ensure quality and clear, accurate and visible information regarding the services.
Inspect the property that is the object of the contract in such a way as to identify it.
Manage rights and obligations with the client through a contract that they enter into.
Publish in every offer the registration number corresponding to the real estate operator registration number that proves compliance with the requirement set forth in Law.
Maintain confidentiality, as provided for in Law 18.331 of 2008 ref personal data.
Law imposes prohibitions, including seeking clients by means incompatible with decorum, dignity and integrity of the profession; keeping valuables belonging to client.
Effectiveness
The Executive Branch shall regulate this within 90 days after Law entering into force.
