Your broker must know these laws

In his work, an estate agent offers many services related to buying and selling real estate. This requires a broad knowledge of a wide range of topics. For example, a reputable and competent estate agent knows all the regulations and laws that are necessary for the real estate and housing industry. A brief overview.

To ensure that everything runs smoothly from a legal perspective when selling or buying a property, a real estate agent keeps up to date with current legislation. After all, the aim is to provide owners and prospective buyers with comprehensive advice and competent support during the purchase process.

Which real estate laws are part of the broker's repertoire of knowledge?

There are a whole host of regulations and laws that your real estate agent needs to know: the Building Energy Act (GEG), the Money Laundering Act (GWG), the Housing Brokerage Act (WoVermittG), the Real Estate Agent and Property Developer Ordinance (MaBV), tenancy law, the Operating Costs Ordinance (BetrKV), the EU General Data Protection Regulation (GDPR), the German Civil Code (BGB) including brokerage law and the Real Estate Valuation Ordinance (ImmoWErtV). We take a closer look at two from this long list.

Building Energy Act (GEG)

The Building Energy Act came into force on November 1 to help implement the government's climate targets by 2030. Previous laws such as the Renewable Energies Heat Act (EEWärmeG), the Energy Saving Act (EnEG) and the Energy Saving Ordinance (EnEV) thus became invalid.

Implementing the energy standards of the GEG is mandatory when a property changes hands through purchase or inheritance. Unless the previous owner has already taken care of this. After the purchase of an old building, there is a two-year period during which the energy standards must be implemented. This includes, for example, converting the heating system to renewable energy or renovating the façade.

Housing Brokerage Act (WoVermittG)

This law has been in place for over 50 years: introduced in 1971 and amended in 2015, it regulates when and how an estate agent receives a commission. For example, if an estate agent acts as an intermediary for price-controlled housing and publicly subsidized apartments, they do not receive a commission. Economic ties must also be ruled out; an estate agent must always act independently when brokering apartments.

In order to avoid mistakes and fines - which can be imposed by the GEG, for example - it is definitely advisable to consult an expert. Seek advice from a real estate agent who, as you now know, has extensive knowledge and can provide competent advice in all sales situations.

Do you want to sell your property and/or are you looking for a new home? Then we will be happy to advise and support you. Get in touch with us!

Notes

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.

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