Montenegro began to regulate the activities of realtors: Legislative Innovations

Montenegro, with its breathtaking nature and beautiful sea views, has long attracted the attention of both tourists and investors looking for real estate opportunities. Recently, a law came into force in this beautiful country that regulates the activities of realtors. These legislative innovations are aimed at protecting the interests of all participants in the real estate market.

What is the law and what changes does it make?

The Ministry of Economic Development and Tourism of Montenegro has adopted a bill on real estate brokerage. The main purpose of this law is to protect the interests of buyers, sellers and realtors themselves.

Registration of brokers:

According to the new rules, realtors must now be registered as legal entities or individual entrepreneurs in the public Register of brokers. One of the key conditions for registration is the presence of at least one employee who works full-time and has passed a professional exam for the right to mediate the sale and rental of real estate - the so-called agent.

Language requirements:

For successful registration in the register of brokers, the candidate must meet the language requirements. This includes having permanent residence on the territory of Montenegro and having the necessary qualifications. In addition, the examination for the implementation of brokerage activities must be passed in the Montenegrin language.

Penalties for violations:

The law also introduces serious penalties for working without registration in the register of brokers. In case of violation of this rule, realtors face a fine of up to 40,000 euros. If the realtor activity is carried out by a person who has not passed a professional exam, the maximum fine will be 10,000 euros. These fines are designed to ensure compliance with the law and protect the interests of customers.

Professional liability insurance:

For additional protection of clients and participants of the real estate market, the law prescribes brokers to insure their professional liability. This insurance will help to compensate for losses in case of violation of contractual obligations on the part of the realtor.

Transition period:

Montenegrin realtors are given 12 months to adapt their activities to the new requirements of the law. This transition period is designed to facilitate the process of transition to new standards and reduce possible negative consequences for the real estate industry.