Bill on ‘Realtor activity’ submitted to Azerbaijani parliamentary committee for consideration

Business Materials 29 March 2010 15:40 (UTC +04:00)

Azerbaijan, Baku, March 29 / Trend , U. Ismayilova /

Azerbaijani Realtors' Association (previously called Baku Realtors' Association) submitted a bill on 'Realtor activity' to the Parliamentary Standing Committee on economic policy, the Association executive director Elnur Azadov said.

"The bill has been submitted to the committee to obtain feedback and possible further amendments and alterations," Azadov said.

He said that it is expected to discuss the bill in the parliamentary committee in the near month.

Azadov said that main aim in development of the bill is use of it by all the realtors functioning in the country, for the common development of the market and the level of provided services.

According to the draft, this law provides the regulation of the relations of realtor activity of physical and legal entities, as well as the implementation of the single state policy in this direction. The law envisages: realtor activity, realtor, agent, user of realtor services, real estate, real estate market, organization of self-government of realtors.

The bill envisages introduction of voluntary liability insurance of realtors. The Realtors' Association will play a regulatory role for realtor activity in the market, as well as hold measures  for certification of realtors, the development of rules and standards for the regulation of realtor activity, and organize professional exams and training courses for realtors, to keep a register of realtors, to control compliance with standards and use of the rules of reactor activity, establishing relations, consider complaints and impose sanctions for violations of internal rules.

Baku Realtors' Association was registered in the Azerbaijani Justice Ministry registered the Association in October 2008.The Association's founders are MBA Group, New Europe and Baki Emlak real estate companies. The decision to rename it as the Azerbaijani Realtors' Association was adopted in January 2010.