Regulatory Alerts2011-06-23
Guideline: Brokerage of Housing Under Construction (Project Brokerage)
The Norwegian Financial Supervisory Authority issued this guideline to clarify the duties of real estate brokers when mediating the sale of housing under construction, based on a thematic supervision conducted in early 2011. The document mandates that brokers ensure balanced contracts, provide clear written information regarding completion timelines and guarantee requirements, and strictly enforce rules regarding client funds and final occupancy certificates. It further requires brokers to actively supervise the transaction process, including verifying that legal prerequisites are met before payment is released to the seller.
Share