Parliamentary Secretary for Lands and Construction Chris Agius launched new draft regulations aimed at streamlining those persons acting as intermediaries in the process of negotiating and arranging transactions involving the acquiring or leasing of property.
In essence, this legal instrument will establish a regulatory framework requiring real estate agents, branch managers, and property consultants to work for real estate agents as well as property brokers to be licensed.
Parliamentary Secretary Chris Agius explained that this is a crucial milestone for the real estate market that would ultimately benefit the consumer. The Act will inspire a sense of greater responsibility amongst those working as an intermediary between property buyers and sellers.
Intermediaries will now have to undertake mandatory training in aspects of law, financial and technical issues related to property. This way, intermediaries will be better able to acknowledge their responsibility in the course of their work.
Moreover, the Parliamentary Secretary pointed out that this Act is the result of widespread consultation spread across several years, after which the stakeholders themselves insisted on the importance of having a sector that is better regulated and driven by qualified people.
The Parliamentary Secretary invited the public, particularly those involved in the sector, to send their comments and suggestions in relation to what is being proposed.
The draft Act can be accessed via:
Replies can be sent to firstname.lastname@example.org or to the postal address; Ministry for Transport, Infrastructure and Capital Projects, Block B, Triq Francesco Buonamici, Floriana, Malta, until the 26th of March 2020.
In the event of any difficulty, one can establish contact on 2292 2020.