The Regional Ministry of Housing has launched a new free and compulsory public register for estate agents in the Valencia Region.
On 16 October, the Register of Real Estate Agents of the Valencia Region came into force. This is a compulsory register for those involved in the mediation, consultancy and handling of real estate transactions involving the purchase, sale, rental, exchange or transfer of property.
This register has been one of the main demands of the sector for years. It is a tool that we at Hispania Homes value very positively as we believe it will provide more guarantees for end consumers and improve the sector in general.
What the Register of Estate Agents aims to achieve
The Register of Estate Agents of the Valencia Region is a move towards greater transparency in the sector, guaranteeing the protection of landlords and tenants. This is due to the fact that it will allow easy identification of accredited Estate Agents by means of this distinctive sign.
This tool will also be beneficial for the professionals themselves, as it will help to put an end to professional intrusion in the sector. Listing on the Register will be for an indefinite period of time and will allow the professional to prove that he or she meets the appropriate requirements and conditions to carry out the activity.
Upon application for registration, Estate Agents will be issued with the following standardised sign, which must be publicly displayed.
Requirements to apply for registration
Last July the Consell (regional government) approved the initiative by publishing in the DOGV (official regional gazette) Decree 98/22 of the Regional Ministry of Housing and Bioclimatic Architecture. This regulation, in addition to creating the control and registration mechanism for the Register of Real Estate Agents, also defined the requirements that must be met in order to be able to engage in this activity:
Location
It will be compulsory for estate agents to have premises open to the public with the corresponding permits, licences and tax registrations unless the real estate services are only provided remotely by electronic or telematic means.
Professional competence
In order to register as a Real Estate Agent in the Register of the Valencia Region, it will also be necessary to hold the Official Title of Real Estate Agent issued by the relevant Ministry. In order to do so, you must be a member of the corresponding Official Association of Real Estate Agents.
Hispania Homes’ CEO, Zoila Sanz, is backed by the Official Association of Real Estate of Alicante (Member no.996), meaning we have the appropriate professional competence to proceed with our registration.
There are two other valid options for accrediting professional competence:
- Having a university degree in Social and Legal Sciences, Engineering or Architecture.
- Having at least 200 hours of non-university professional training in real estate.
Liability insurance
In order to make the application, professional liability insurance must also be taken out to cover liabilities arising from possible professional negligence throughout the European Union, another requirement that our real estate agency already meets.
Surety and solvency insurance
Finally, it will also be necessary to obtain a guarantee issued by a financial institution or a surety insurance policy to protect clients against the possible failure of estate agents to transfer the sums they receive in the course of their work as intermediaries.
Real estate professionals will have a one-year moratorium in order to comply with the requirements of the new regulation and be able to register.
*At Hispania Homes we would like to inform our clients that we will proceed to register immediately as we comply with each and every one of the requirements set out in the new regulations. We would like to emphasise once again how important we consider this tool to be in order for those who need to buy, sell or rent a property in the Valencia Region to be able to do so with the help of real estate professionals with proven experience and training.
If this is your case and you would like to embark on a real estate transaction in this area, feel free to get in touch with us. We will listen to your needs, analyse your priorities and together we will draw up the best plan of action for your property.
