Is Your Real Estate Agent Licensed?By Kerstin Buechner Dias • Apr 5th, 2011 • Category: Quinta News
Selling or buying a home is an important and significant transaction. It is therefore important to entrust this process to a qualified real estate agent to ensure high standards of service and integrity.
Portugal maintains strict real estate licensing requirements and heavy fines are in place for any real estate companies and their agents that operate in Portugal without a licence, or that are operating without meeting the requirements of a granted licence.
To become an authorised real estate broker (empressa de mediacao imobiliaria) a property agency must satisfy a number of criteria and legal requirements, as set by the INCI – the governing institute that oversees real estate activities in Portugal.
The INCI then grants an AMI real estate number/license that is valid for three years. The granting of a licence also requires real estate companies to maintain mandatory Professional Indemnity Insurance (Seguro de Responsabilidade Civil), which covers any damages to a contracted client’s estate (property and money involved in a transaction).
All sellers and buyers should ask their prospective agents if they have a current licence and if they don’t they should ask themselves whether that’s the best place to market their property. After all, no-one would ever consider appointing an unlicensed lawyer – similar caution should also be extended to any transaction involving your home.
At Quinta Properties all our licences are in place.
Are you covered?