Clarification on Independent Internet Real Estate Advertising
The State Property Management Agency has clarified that independent online advertising for real estate will not be banned.
Cameron Jordan
- 2023-12-27
- Updated 03:10 PM ET
(NewsNibs) - In response to widespread speculation on social media, the State Property Management Agency has announced that the proposed "On Real Estate Activities" law will not prohibit individuals from independently advertising their real estate for sale online. This announcement comes as a relief to citizens who were concerned about their rights to freely advertise their properties. The agency has made it clear that the current wording of the law does not apply to real estate transactions executed independently by homeowners. This clarification seeks to address concerns triggered by the early draft provisions of the proposed law.
Article Revision in Progress
Revisions to Article 27 of the draft law are underway to ensure that the rules for editing real estate advertisements are in line with the stipulations of Articles 11 and 12 of the "On Advertising" law. The planned changes aim to protect the interests of real estate owners, while adhering to proper legislative techniques. This is seen as a move to balance regulatory oversight with the rights of individuals in engaging with the real estate market.
Background of the Legislation
Prior versions of the "On Real Estate Activities" draft law had considered introducing a ban on independent internet advertising. Article 27's initial form required that the promotion and announcements of real estate properties by individuals should be conducted by real estate organizations and agents on a voluntary, non-commercial basis. Such stipulations had raised concerns about potential overreach and the infringement of property owners' rights to sell their real estate without the mandatory involvement of third parties.
The State Property Management Agency's rebuttal to the rumors signifies its commitment to ensuring that the legal framework remains fair and conducive for property owners to conduct sales independently. The revised law will aim to foster an environment that respects the autonomy of individuals while ensuring fair practices in real estate transactions. Further developments and finalizations of the law are awaited by stakeholders and the general public alike.
