New real estate laws to protect consumer

25th July 2006, Comments 0 comments

25 July 2006, BRUSSELS — New regulations to protect the consumer in the real estate sector and stimulate fair competition will come into force on 1 January 2007, Consumer Affairs Minister Freya Van den Bossche said on Tuesday.

25 July 2006

BRUSSELS — New regulations to protect the consumer in the real estate sector and stimulate fair competition will come into force on 1 January 2007, Consumer Affairs Minister Freya Van den Bossche said on Tuesday.

Earlier research had indicated that four out of five real estate agents breached regulations and the legislation is designed to thwart future problems.

The research accused real estate agents of drawing up contracts with an unreasonably long timeframe, imposing unclear fees and charging unexpected damages.

The new regulations are designed to protect the seller from such tactics.
 
From 2007, consumers will also be given a period of reflection of seven days and a written contract will always need to be drawn up.

The real estate agent also will need to issue a monthly report detailing his or her efforts to sell the house.
 
On the other side, real estate agents will gain the right to damages if consumers sell their house themselves after entering into an exclusive contract with the estate agent.

The new legislation will establish a system of reciprocity in which real estate agents and consumers can claim their rights.

If one of the parties breaches the contract, the other party will then have the right to compensation.

[Copyright Expatica News 2006]

Subject: Belgian news

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