Madrid creates the Registry of Real Estate Agents

The registration will be voluntary and the professionals must prove their professional training.

On February 13 a statement was published confirming that The Government Council has approved the decree creating the Real Estate Registry of the Community of Madrid.

This registry has as main objective to defend and protect the rights of consumers they hire real estate professionals, favoring quality and guarantees in the provision of a service that entails large outlays for citizens.

Since 2000, it was not necessary to have a specific higher degree, a level of degree medium, a specific physical address or liability insurance civil servant to practice as real estate agent (API). That is why the Api graduates have denounced the irruption in the sector of intermediaries without professionalism and measures have been taken to create this registry.

The registration of the agents will be voluntary and will favor transparency in the sector. Consumers can check the register through the website of the Community of Madrid.

These are some of the requirements that the agent must meet to formalize the registration:

-Tener a real estate establishment open to the public in the Community of Madrid or provide this service electronically.

-Acredit professional training to carry out the activity.

- Current professional liability insurance € 100,000 per claim and € 600,000 per year.

-Requirement of solvency, as a guarantee for a minimum amount of € 60,000 per establishment open to the public and year of coverage.

inscription will have a validity of five renewable years for periods of equal duration, and may be canceled in the event that the inaccuracy, falsification or omission of an essential nature is found in the information provided to appear on it.