Regulating the Real Estate Market

Law No. 22 of 2017 was enacted to regulate real estate brokerage activities, eliminating unlicensed brokers who cause price chaos and fraud.

Obligations of a Real Estate Broker

• Licensing: The profession may only be practiced by an office licensed by the Ministry of Justice.
• Integrity: All details and defects of the property must be disclosed to the buyer.
• Written Contract: A broker is not entitled to a commission without a written brokerage contract.

Commission (Fees)

The law sets a cap on commissions. The total commission a broker receives (whether from the seller, buyer, or both) cannot exceed a certain percentage (usually capped to prevent exploitation). Furthermore, the broker is not entitled to commission if the deal is not concluded due to their efforts.

Advice for Clients

Before paying any deposit or signing a contract, ask to see the “Real Estate Broker” ID card issued by the Ministry of Justice. Dealing with unlicensed brokers deprives you of legal protection in case of fraud.