Following a public consultation in the summer of 2023, the Draft Law on Mediation in the Sale and Lease of Real Estate is expected to be submitted to Parliament for adoption shortly.
Registration mandates professional certification for agents and imposes penalties for unregistered activity, alongside requirements for liability insurance and conflict-of-interest safeguards.
The proposed legislation aims to tackle the informal economy within the real estate sector while offering greater protection to market participants through clearer legal standards and safeguards against fraud and abuse.
Marija Živković, Partner in JPM office in Podgorica provides a detailed overview of proposed novelties.
