Consumer Council revised its “Code of Practice” for intermediary services in real estate operations and added several terms to further safeguard the right of consumers to information. The Council will revise its current “codes” according to changes of law and society, as well as consumers’ behavior, more “codes” will also be established for various industries in the future to enhance fair and harmonious relations between traders and consumers.

The Council has made two revisions on its “Code of Practice” for intermediary services in real estate operations since the promulgations and amendments of the law applied to the intermediary services in real estate operations (“Actividade de mediação imobiliária”) and the enforcement rules of such law (“Regulamentação da Lei da actividade de mediação imobiliária”), the latest revision the “code” is updated with several newly-added terms that require real estate agencies that are entitled to the “Certified Shop” emblem to abide by the two laws, the related shops are also required to provide factual and accurate information when placing real estate advertisements and promotional materials. Meanwhile, all selling and rental prices must be displayed in patacas, and the property prices should be displayed clearly whether they are calculated based on saleable or gross floor area. The newly-added terms helps to strengthen the right of consumers to information, and provide comprehensive and secured protection to consumers when purchasing properties.

The Council states that the revised edition of its “code” define the rights and duties of both parties in a property transaction, this helps to promote a fair and harmonious relations between both parties as well as regulate a well-established business model for the industry. The revised edition of “Code of Practice” for intermediary services in real estate operations is now available in leaflets, free of charge at Consumer Council, and the Housing Bureau, and can be downloaded from the Council’s website (www.consumer.gov.mo).

“Certified Shop” are reminded to comply with the “codes” applied to their industries, failure to do so will affect the annual assessment result.

For enquiry, please call 8988-9315.