The main goals of the new Law on Real Estate Brokerage are the development of consumer protection, improving the quality of services in that field and strengthening the role of agents as well as the assertion of the profession of brokers, and strengthening competitiveness in real estate transactions, said Željko Stojanović, an adviser in the Sector for trade, services, prices and consumer protection, in an interview at the morning program on RTS1.

With the Law’s entry into force, a written contract will become mandatory in real estate transactions, said Stojanović.

He pointed out that the Law was initiated by the brokerage sector itself, and that agents and representatives of the leading companies in real estate brokerage were members of the working group.

Stojanović explained that brokers are legal entities registered for brokerage transactions and lease of real estate, which means that they should have a license to engage in such business and that they should be listed in the Register of real estate brokers which will be kept in the relevant ministry.

Within six months of the adoption of the Law, which was on November 8, 2013, by-laws will be prescribed which will regulate the application of legal provisions, said Željko Stojanović, adding that by May 8, 2014, the Register will be established.

He explained that this means that citizens can check, on the website of the Ministry of Foreign and Internal Trade and Telecommunications, whether a company is registered for brokerage and leasing of real estate, and whether an agent is licensed to operate.

The deadline for forming the Register of real estate brokers and for the examination for a license to be held is May 8, 2015, said Željko Stojanović from the Sector for trade, services, prices and consumer protection.