Real estate agents (makelaars) of the leading Dutch brokerage companies NVM, VBO and Vastgoedpro will start keeping trading logs from July 1, 2022. This should make the real estate sale process more transparent. Currently, both sellers and buyers are dissatisfied with the work of realtors. The brokerage Vereniging Eigen Huis alone received 600 complaints from clients who said their rights had been violated while looking for, buying or selling homes.
The brokerage companies made the decision to introduce trade logs voluntarily, after the intervention of the former Minister of the Interior Ollongren (Ollongren). Then the minister demanded to disclose information about the passage of the auction, thereby depriving real estate agents of the opportunity to act dishonestly. The log will contain information about the amount offered for the property, the date of this offer, data on how the property was reserved (advance payment, etc.) and the desired date for handing over the keys.
Potential buyers will be able to get acquainted with these data only after the time allotted to the winning bidder for reflection and fulfillment of important conditions for concluding a purchase and sale transaction has expired. The personal data of the winner will not be disclosed to other applicants.
Keeping such a log and opening trading data in the Netherlands is not required by law. However, realtors NVM, VBO and Vastgoedpro will start keeping such records from July 1, 2022. From January 1, 2023, logging will become mandatory for all brokers of these companies. With the vast majority of realtors in the Netherlands affiliated with these associations, much of the information about real estate sales will be made public. However, the Cabinet of Ministers of Mark Rutte (Mark Rutte) plans to amend the law to require every realtor in the country to disclose information about the auction.
Find out about how to check property in the Netherlands before buying or renting it.
Publication Date: 04.07.2022
