Regulatory Alerts2011-01-31
Circular on Rule Changes for Cooperative Housing
The Norwegian Financial Supervisory Authority issued Circular 4/2011 to inform real estate professionals about significant regulatory changes to cooperative housing laws effective January 1, 2011. The circular mandates strict new requirements for cooperative formation, including debt limits and disclosure obligations, while prohibiting speculative sales and clarifying agent duties regarding financial disclosures. It further details the specific information agents must provide in sales prospectuses, particularly concerning shared debts, costs, and the upcoming mandatory security schemes for covering unpaid fees.
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