Regulatory Alerts2015-06-03
Notification of Contract Positions
The Norwegian Financial Supervisory Authority issued Circular 6/2015 to clarify the obligations of real estate brokers facilitating the resale of construction-phase housing contract positions under the Norwegian Housing Construction Act and Sales Act. The circular mandates specific disclosure requirements in sales agreements, including clear identification of the transaction type, detailed fee breakdowns, and explicit warnings regarding the buyer's financial risks depending on whether they are a consumer or a business entity. It further establishes procedural rules for contract formation, journaling, and the broker's role in securing legal rights and handling financial settlements to ensure consumer protection and regulatory compliance.
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