New bill limits remuneration for realtors

The bill specifies the procedure for obtaining a realtor’s permit and the maximum fee charged by a realtor. So, the maximum size of the remuneration which can receive the subject of business activity which is carrying out realtor activity, can’t exceed three percent rate concerning cost of the real estate. The value of the real estate, the percentage of compensation and the conditions of the transaction should be clearly stated in a special contract and in the act of performing the contract. This contract, a sample of which will be approved by the Cabinet of Ministers, will be the only and exclusive document, on the basis of which the realtor can provide mediation services. The contract will be concluded between the realtor and the person interested in real estate services. The new bill states that a Realtor can now become a resident of Ukraine, who has higher education, speaks the state language and has completed training Avtokad. Also, passing of special one-year courses is obligatory and shall be confirmed by relevant documents. On these courses a future realtor will have to study all kinds of real estate services existing in Ukraine. After passing the qualification exam, the realtor will have to obtain a certificate and apply for registration in the State Register. The cost of obtaining a qualification certificate will be three untaxed minimum incomes, the same amount will be charged by the state for the inclusion of a business entity in the State Register. The State Property Fund of Ukraine will regulate the activities of entrepreneurs engaged in real estate activities.