The recent lawsuit against the National Association of Realtors (NAR) is causing major legal changes in the real estate industry not only in the United States, but also in the European Union. These changes relate to increased transparency and accountability of the work of brokers. They also require stricter procedures for verifying the identity of their clients.
The introduction of new requirements by regulators is intended to prevent potential money laundering and other illegal activities. This aspect is of utmost importance as it helps to maintain the integrity of the real estate market and to protect clients from possible risks.
In Bulgaria, similar market practices have been in place since August 2020. They are carried out under the strict control of the State Agency for National Security (SANS) and the Commission for Personal Data Protection.
In addition, new consumer declarations and requirements are in place. These will have a major impact on the way brokers operate and interact with their clients. One of the key criteria for your selection should be the broker's care to ensure complete transparency and preparedness before the transaction process begins. This includes carefully gathering all necessary documents and information.
Choosing a broker who strives for exclusivity and ethics is a clear indicator of their commitment and responsibility to their clients. It is also an indicator of his future efforts to be punctual and professional in all aspects of the real estate buying or selling process.
If we want to have a transparent and stable market, we must learn to respect rules and norms. We should value the work of brokers instead of trying to circumvent them in every possible way in an attempt to save a few bucks.
