As from 1 September 2013, date of entry into force of the new Act of 11 February 2013, real estate agents must register as real estate brokers or building managers. The legislation also recognizes a third category of real estate agent: real estate agent-managers who carry out management activities of real estate or real property on behalf of third party, other than the building management.

This distinction is made to allow the possible adoption of specific rules for each category in order to moralize the profession.

The new law also allows practicing the profession through a corporation in which:

• the managers and directors must be natural persons authorized to practice the profession of real estate agent;
• the corporate purpose shall be limited to the provision of services in the exercise of the profession of real estate agent;
• At least 60% of the shares will be held by individuals authorized to practice the profession of real estate agent.

Finally, the new law increases penalties against unfair practices and fundamentally changes the disciplinary law, authorizing the complainant and even some third parties to have access to the decisions, and, based on serious grounds, to their motivation, and to the disciplinary record.

For more information, please contact Bernard Vandenkerckhove, bv@cairnlegal.be