New Regulations in the Sphere of Real Estate Transactions

Our attorney-at-law Jekaterina Kalniņa has recently published article on new regulations in the sphere of real estate transactions.

On 22 June 2020 in the official newspaper Latvijas Vēstnesis there was proclaimed the Law on Real Estate Intermediaries Activities (Intermediaries law) that will come into effect on 01 August 2020. Intermediaries law is binding to all private persons (natural or legal entities as well as partnerships) who operate or are willing to operate as agents or intermediaries in real estate transactions by getting remuneration, including group companies where a parent company often provides intermediary services to subsidiary companies, to the EU citizens or merchandisers registered in an EU member state.

The law sets forth mandatory requirements for persons who can act as real estate transaction intermediaries, respectively any private person who is engaged in real estate alienation, lease, rent or otherwise transfer for use, and provides and receives remuneration for the following services within its operational activities: real estate transaction offers, related real estate negotiations and drafting of necessary documents, preparing and explaining of real estate transaction provisions (including rights and obligations concerning particular transaction).

You can find the published article here on the DELFI Bizness website.

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Attorney-at-Law, Senior partner in Latvia
Aivars Blumins
Attorney-at-Law, Senior partner
Phone: +371 6703 9665