New legislation for registered brokers in Spain

Which real estate agents need to register?

Actually, any real estate agent who regularly operates in the Valencia region must register. It doesn’t matter whether you keep office on the Costa Blanca or work from another country, as long as you regularly sell or rent properties in the region, you fall under this rule.

There is one exception: if you are a real estate agent already registered in another autonomous region of Spain, such as Andalusia or Catalonia, and you can prove it, you do not have to register in Valencia.

What are the requirements a real estate agent must meet?

• Conditions of location and provision of services: the broker must have an office accessible to a public where he can deal with questions, complaints and possible claims from clients. In the case where the broker provides services exclusively by electronic means, he must have at least one physical address in the Comunidad Valenciana for the above purposes;

• Expertise and competence: in order to register as a real estate agent on the Costa Blanca, you must have the appropriate knowledge and skills. This can be demonstrated in several ways:
  • Official real estate title: you have obtained an official Spanish real estate title;
  • University education: you have completed a Spanish university degree in Law, Economics, Architecture, Engineering or a similar field;
  • Academic course: you have completed an academic training course of at least 200 hours in Real Estate and Brokerage.

These requirements ensure that brokers have the necessary expertise to provide professional advice and guidance to clients;

• Financial security:
  • To work as a real estate agent on the Costa Blanca, you must be able to prove that you are financially reliable. You do this by means of a bank guarantee or bail insurance. This guarantee serves as protection for the amounts of money you receive from customers, for example, down payments or reservation fees. In this way, the Comunidad Valenciana ensures that customers do not lose their money if something unexpectedly goes wrong with the real estate agent;
  • In addition to a bank guarantee or surety bond, proper professional liability insurance is also mandatory for real estate agents on the Costa Blanca. This insurance protects clients against any damage caused by errors or negligence of the real estate agent. For example, wrong advice, incomplete information or errors in contracts. The insurance must be valid throughout Europe and covers all possible claims arising from malpractice.

Why this mandatory registration for brokers?

• Consumer protection: the law was created to better protect buyers and sellers from rogue practices;

• Transparency: The registration requirement makes the real estate industry more transparent. As a consumer, you can check more easily whether a real estate agent meets the requirements;

• Professionalism: registration contributes to the professionalization of the real estate profession.

What does this mean for you as a buyer or seller?

• More assurance: you can be more certain that you are dealing with a reliable real estate agent;

• Easier to check: you can check online whether a broker is registered;

• Higher quality service: registered brokers must meet certain requirements, which improves the quality of service.

How do you recognize a certified real estate agent on the Costa Blanca?

You can recognize a certified real estate agent on the Costa Blanca by the mention of the RAICV number on their website, in brochures and in their office, which proves that they meet the requirements of the official real estate register. Tip: feel free to ask the real estate agent for his or her registration number!

• Read more about how to recognize a certified real estate agent on the Costa Blanca