A two-day forum on mediation in the sale and lease of real estate, organized by the Association Real Estate Cluster with the support of the Serbian Chamber of Commerce and Industry of Serbia, was held on October 8th and 9th, 2024, in Belgrade. One of the main topics was the amendments to the Law on Mediation in Real Estate Transactions and Leasing (the “Law”).
A significant innovation that these amendments aim to introduce is primarily the agency agreement, which allows an agent working for a brokerage firm to enter into an agency agreement with the broker. This essentially enables flexible employment of agents. The agreement also establishes the agent’s right to compensation, i.e., commission.
Additionally, the draft introduces the institution of fiduciary accounts – designated accounts where the broker will hold funds necessary to fulfill obligations in a legal transaction they are mediating, provided they have written authorization. This is expected to increase public trust in the process.
Notably, this law will be aligned with the Law on Inspection Supervision, which should simplify the procedure of inspection and supervision, while the ultimate objective should be more transparency and reduced possibility for fradulent behaviour.
The amendments were proposed to implement measures prescribed by the Serbian Government’s Program for Suppression of the Grey Economy for the period 2023-2025.
The public debate on this Law has concluded, and the amendments are expected by the end of the year, when we expect to have clear vision on what this amandments will bring.
Recent Comments