Law On Real Estate

Original Language Title: Lov om eiendomsmegling

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2007-06-29-73

Law on real estate.


Date LOV-2007-06-29-73


Affairs Ministry

Edited

LOV-2016-06-17-29 from 01/07/2016


Published in 2007 Booklet 6


Effective 01.01.2008, 01.07.2011, Ministry.

Changes
LOV-1989-06-16-53

Promulgated
29/06/2007

Short Title
Real Estate Law - emgll.

Chapter Overview:

Chapter 1. Purpose and scope (§§ 1-1 - 1-4)
Chapter 2. Requests for permission form of enterprise, organization, etc.. (§§ 2-1 - 2-10)
Chapter 3. Further requirements to business (§§ 3-1 - 3-6)
Chapter 4. Qualification requirements. Title (§§ 4-1 - 4-6)
Chapter 5. Requirements for independence (§§ 5-1 - 5-4)
Chapter 6. Assignment and execution of this (§§ 6-1 - 6-10)
Chapter 7. Consideration. Disbursements (§§ 7-1 - 7-7)
Chapter 8. Supervision and sanctions (§§ 8-1 - 8-9)
II. Commencement and transitional rules

Ref. former lover 24 June 1938 no. 13 and 16 June 1989. 53.

Chapter 1. Purpose and scope

§ 1-1. Purpose The purpose is to facilitate the transfer of real estate using the intermediary takes place in a safe, orderly and efficient manner, and to facilitate the parties to the transaction receives an impartial assistance.

§ 1-2. Scope
(1) This Act shall apply to the real estate activities carried out in Norway. The King may decide that the law should also apply to activities carried on Svalbard or Jan Mayen.

(2) The real estate is meant to act as intermediary, including carry out clearing by

1.
Transfer of real estate, including own section and nonprofit interests in real estate,

2.
Conclusion and transfer of leasehold contracts to real estate, with the exception of contracts covered by the Act of 25 June 1965. 1 on lease hold,

3.
Turnover of cooperatives share and share, share certificates, mortgage deeds or other documents of title with associated lease or cooperative housing or other areas in the developed property,

4.
Sales of interests in companies, cf. Act 21 June 1985 no. 83 on general partnerships and limited partnerships (the Companies Act) § 1-2, first paragraph a, or shares in the corporation or public, cf. Act 13 June 1997 no. 44 on corporations (Act) and the Act of 13 June 1997. 45 on Public (Companies Act), which is not listed, if turnover mainly aimed at transfer of property or right referred to in Nos. 1 to 3 || |
5.
Sales of timeshare concerning real property and falls under the law on agreements on timeshare and long-term holiday products etc.

6.
Transfer agreement for the acquisition of rights as mentioned in Nos. 1 to 5.

(3) as an intermediary under the second paragraph. 2 is any person engaged in leasing business with the purpose to convey leasehold contracts to real estate.

(4) As real estate is not considered dissemination of agreements to let cottage or private housing or rooms in such recreational use, and dissemination of rooms in hotels, hostels, etc.. for accommodation or stay. The exemption does not include timeshare concerning real property and falls under the law on agreements on timeshare and long-term holiday products etc.

(5) As the real estate under subsection are not considered services performed for companies within the same group,. Act and the Public Limited Companies Act § 1-3, or for enterprises within a group of similar association between enterprises, provided that the property is not completely or partly suited for use as a dwelling or for recreational purposes.

(6) In this Act, the terms of purchase, trade, sales, etc., also include the other acquisitions as mentioned in the second paragraph.

§ 1-3. Waivers consumer relationships The provisions of § 6-4, § 6-5, § 7-1, § 7-2 subsections, § 7-4 first and third paragraph, and § 8-8 may be waived in consumer contracts. Consumer conditions in the Act refers to a situation where the client is a natural person who is not primarily acting in business.

§ 1-4. Regulations relating to certain forms of estate agency
(1) The Ministry may issue further rules, including exceptions from the Act's other rules, the real estate business run by housing associations.

(2) The Ministry may issue further rules, including exceptions from the Act's other rules, estate agency activities relating to leases of immovable property.

(3) The Ministry may issue further rules, including exceptions from the Act's other rules, the real estate business related to property that is not wholly or partly suited for use as a dwelling or for recreational purposes.


(4) The Ministry may issue further rules, including exceptions from the Act's other provisions for real estate operations related to the sale of property located outside Norway. The ministry may in regulations lay down special rules for such activities.

(5) The Ministry may issue further rules, including exceptions from the Act's other provisions for real estate activities relating to sales of an agreement on the acquisition of real property, title documents as mentioned in § 1-2, second paragraph. 3 or timeshares as mentioned in § 1-2, second paragraph. 5. the Ministry may by regulations lay down special rules for such activities.

Chapter 2. Requests for permission form of enterprise, organization, etc..

§ 2-1. Requests for permission to engage in estate
(1) Real estate for compensation may only be conducted:

1.
Of companies authorized to do so by the Financial Supervisory Authority (estate agencies), cf. § 2-3 first paragraph or

2.
Pursuant Norwegian practicing certificate if the lawyer has provided security for the Courts Act § 222.

(2) permits are not required for banks as the settlement as mentioned in § 1-2, second paragraph.

(3) The ministry may in regulations provide that real estate for compensation also can be driven by enterprises engaged in legal activity under 13 August 1915. 5 of the courts (Courts Act) § 218, second paragraph. 1

(4) The Ministry may issue regulations concerning the real estate for compensation also can be operated temporarily by persons lawfully established in another Member State in order to carry out such activity there, and may issue further rules concerning the exercise of such activities, including exemptions from the Act.

§ 2-2. Requests for permission to establish a branch, etc.
(1) Corporate and advocate engaging in estate agency. § 2-1 must have permission from the FSA to establish a branch office in Norway.

(2) Corporate and advocate engaging in estate agency. § 2-1 must have permission from the FSA to establish a branch or subsidiary abroad. The Ministry may issue further rules for such branches / subsidiaries.

§ 2-3. Licensing authority. Application for permission
(1) Financial Supervisory Authority may grant permission to engage in estate to companies that meet the requirements of §§ 2-4 to 2-9. Conditions may be imposed for granted, including the entity before business start up documentation to FSA that the requirement in § 2-10 are met.

(2) If the requirements of § 2-5 second paragraph and § 2-9 second paragraph, third sentence are met, it may issue a permit as mentioned in § 2-2.

(3) Applications for authorization shall include information showing that the requirements mentioned in the first paragraph or second paragraph, as well as other information relevant to assessing whether permission should be granted. FSA may request additional information that is of importance for the decision. The Ministry may issue further rules on the information to be stated in the application.

(4) The Ministry may issue regulations concerning procedural rules to supplement the provisions of the Services Act for permission to carry on estate, including procedural deadline and legal consequences of deadline exceedance. Exceptions Services Act § 11 subsection may be made only when it is justified by overriding public interest, including the interests of private individuals defensible interests. The procedures may depart from the rules in the Public Administration.

§ 2-4. Legal form Permission to engage in estate can be given to:

1.
Corporation, cf. Act, or public, cf. The Public Limited Companies,

2.
Building societies, cf. Act on 6 June 2003 no. 38 on bustadbyggjelag,

3.
Foreign enterprises registered in the Register of Business Enterprises, cf.. Act 21 June 1985 no. 78 relating registration of enterprises, which meet specific requirements for organization and audit obligations stipulated in regulations issued by the Ministry, and

4.
Other undertakings that meet specific requirements for organization and audit obligations stipulated in regulations issued by the Ministry.

§ 2-5. Requirements for permanent office premises
(1) Corporate and advocate engaging in estate agency. § 2-1 shall have a permanent office in Norway. FSA may in individual exemptions from the requirement for permanent office premises, provided that the entity documents concerning contracts covered by this law, kept in a fixed place in the realm in an orderly and responsible manner. The documents should be available and accessible for inspection by public control authority and statutory inspection.

(2) The first paragraph applies correspondingly to branch as mentioned in § 2-2.

§ 2-6. Requirements for economy
(1) Enterprises engaged in estate agency. § 2-1 must:

1.

Be able to meet its obligations as they fall due,

2.
Have equity that is appropriate to the risk and scope of activities of the enterprise,

3.
Hold assets that have a value that exceeds the company's total liabilities, and

4.
Have fully paid up share capital at the time of application, where the activities are organized as limited companies or public limited company.

(2) advocate engaging in estate agency. § 2-1 subsection. 2 must be able to meet its obligations as they fall due.

§ 2-7. Collateral
(1) Corporate and advocate engaging in estate agency. § 2-1 must have insurance to cover the liability they may incur during the execution of the real estate business.

(2) The Ministry may issue further rules on insurance as mentioned in the first paragraph. The Ministry may by regulations or individual exemptions from the insurance requirement that other satisfactory security.

§ 2-8. Shareholder structure
(1) The owner of a qualifying holding in real estate agencies, cf. § 2-1 subsection. 1, shall be liable to ensure that the enterprise operated in accordance with laws, regulations and good brokering practice. A qualifying holding means any direct or indirect shareholding representing at least 10 percent of the share capital or voting rights or which otherwise makes it possible to exercise significant influence over the management of the company. Equal to an individual's own shares any shares owned by close associates. Close associates means of this provision a person mentioned in the Act of 29 June 2007 no. 75 Securities Trading § 2-5.

(2) Acquisition of a stake in real estate enterprises can only be implemented after notification in advance is sent to the Financial Supervisory Authority.

(3) Message to the Financial Supervisory Authority shall also be sent before the increase in shareholding which means that the proportion of the share capital or voting rights reaches or exceeds 20 percent, 33 percent or 50 percent.

(4) Financial Supervisory Authority shall, within three months from the date that notification pursuant to subsections, refuse such acquisition if the acquirer does not meet the requirements of subsection.

(5) The Ministry may issue further regulations concerning liability for estate agencies to notify the owners of the entity.

§ 2-9. Management of the enterprise. Senior Lecturer.
(1) Directors and Managing Director of estate agency, cf. § 2-1 shall have relevant qualifications and professional experience, a good repute, Ref. Subsection, and otherwise not have displayed untoward behavior that gives grounds for assuming that position or office will not be discharged properly.

(2) The Company shall have a person (lecturer), which is either an estate agent, cf. § 4-2, practicing certificate or permit under § 4-3. The person shall be liable to ensure that the enterprise operated in accordance with laws, regulations and good brokering practice. If the entity has one or more branch offices, each of which have a tutor who meets the requirements under the first and second sentence. FSA may permit that the same person is the lecturer for more than one firm or branch.

(3) Persons referred to in subsections shall submit a complete police after police Registry Act § 41 paragraph 1.

(4) Real Estate Businesses should before change of director, manager or tutor notify the FSA about this.

(5) The Ministry may issue further regulations on the entity's obligation to give notice under subsection relating to the rights and obligations of the lecturer, and about which offenses should be marked on the police certificate and the treatment thereof.

§ 2-10. Connection to non-judicial dispute resolution mechanism Undertakings and advocate engaging in estate agency. § 2-1 shall be affiliated to extrajudicial dispute resolution system approved pursuant to law.

Chapter 3. Further requirements to business

§ 3-1. Journaling Corporate and advocate engaging in estate agency. § 2-1, an obligation to keep records of received and completed assignments by regulations issued by the Ministry.

§ 3-2. Management and treatment of client funds
(1) Any undertakings and advocates engaging in estate agency. § 2-1 shall keep client funds separate from its own funds and other funds that do not belong to clients.

(2) Client funds belong to whoever has paid or delivered them to an agency or lawyer, until they are used in the manner agreed.

(3) Creditors may only seek recovery of the purchase price that has been stored in accordance with subsection if the amount belonging to the debtor on seizures time, cf. Claims Act § 2-2, and conditions of release that comes between parties to the transaction are met.


(4) The Ministry may issue further rules on the handling of client funds.

§ 3-3. The board's responsibility for procedures for arbitration board of the real estate agency, cf. § 2-1 shall ensure the production procedures for the arbitration shall be carried out and that these are updated as needed. The Board shall acknowledge that this is done.

§ 3-4. Proposals, attend and speak at board meetings in estate agency, cf. § 2-1 shall lecturer mentioned in § 2-9 and responsible broker referred to in § 2.6 shall be entitled to propose the Board in matters concerning real estate professional relationship. In such cases the person concerned to attend and speak at board meetings. Senior Lecturer and responsible broker who does not agree with a decision, may require its opinion recorded in the minutes.

§ 3-5. Use of contract contributors undertakings and advocates engaging in estate agency. § 2-1 can avail contract assistants who have themselves authorized to engage in real estate under Chapter 2 or engaging in estate agency in pursuance of a practicing certificate under § 2-1, first paragraph. 2. the Ministry may issue further rules concerning the use of agents and independent contractors.

§ 3-6. Confidentiality undertakings and advocates engaging in estate agency. § 2-1, employees and representatives, and other people linked to such businesses must maintain confidentiality against unauthorized whether the under performance of their work or duties about anyone's personal circumstances or operational and business conditions.

Chapter 4. Qualification requirements. Title

§ 4-1. Eligibility
(1) Senior Lecturer, ref. § 2-9 second paragraph, and responsible broker, cf. § 6-2 must have an estate agent, cf. § 4-2, practicing certificate or permit under § 4-3.

(2) assistant to the responsible broker must pass the examination referred to in § 4-4.

§ 4-2. Real Estate Letter
(1) Real Estate Letter issued by the FSA to persons who:

1.
Deemed unfit to carry on estate agency business,

2.
Have passed an approved real estate exam,

3.
Have at least two years of practical experience after passing the real estate exam,

4.
Is empowering, and

5.
Is able to meet its obligations as they fall due.

(2) The applicant must submit a police mentioned in § 2-9 third paragraph.

(3) The Ministry may issue further regulations on the requirements for examination and practice, including exemption from the requirement to practice.

(4) The Ministry may lay down regulations on the approval of applicants with professional qualifications from other countries.

(5) The applicant may request that the license be issued on paper.

§ 4-3. Access for lawyers to be lecturer and responsible broker
(1) Financial Supervisory Authority may grant permission to be lecturer, ref. § 2-9 second paragraph, and responsible broker, cf. § 6-2, to persons who have passed Norwegian law degree and who:

1.
Deemed unfit to carry on estate agency business,

2.
Have at least two years of practical experience after passing the bar exam,

3.
Is empowering and

4.
Is able to meet its obligations as they fall due.

(2) The applicant must submit a police mentioned in § 2-9 third paragraph.

(3) The Ministry may issue further regulations on the requirements for practices, including exemptions from this requirement.

(4) Financial Supervisory Authority may accept a law degree from abroad pursuant to the Courts Act § 241.

(5) The applicant may request that the permit issued on paper.

§ 4-4. Assistants to responsible broker
(1) Only persons who have passed an examination approved by the Ministry may act as assistants for responsible broker.

(2) Assistants who work with settlement shall have passed a special examination approved by the Ministry, showing that he possesses the necessary qualifications related to the implementation of the settlement.

(3) The Ministry may issue regulations prescribing requirements for the examination referred to in subsections providing exceptions from the requirement that the examination must be passed at the time of appointment. Moreover, the ministry in regulations establish requirements to supervise the settlement helper who performs settlement.

§ 4-5. Title
(1) The title "Estate Agent" can only be used by people who have an estate agent, cf. § 4-2.

(2) The title "broker" and other titles that could be confused with this can, if used in connection with the exercise of the real estate business, is only used by people who have an estate agent, cf. § 4-2, lawyers authorized under § 4-3 and lawyers who are entitled to engage in estate.


(3) The title "real estate agent" can only be used by individuals with real estate exam, ref. § 4-2. 2, and people with Norwegian law degree, who are employed in an estate agency, cf. § 2-1 or with a lawyer who runs real estate under § 2-1, first paragraph. 2, and working under the supervision of a responsible broker. § 4-3, fourth paragraph applies correspondingly.

(4) The title "chartered real estate agent" can not be used.

§ 4-6. Continuing education People who have an estate agent under § 4.2, a practicing certificate or a license under § 3.4, as well as assistants under § 4-4, which is engaged in real estate activities, shall undergo training in accordance with regulations issued by the Ministry.

Chapter 5. Requirements for independence

§ 5-1. Entity authorized to engage in other business activities
(1) Any undertakings and advocates engaging in estate agency. § 2-1, are in addition to real estate only engage in activities normally associated with real estate and which is not likely to undermine confidence to the company's integrity and independence.

(2) The first paragraph does not preclude lawyers engaged in legal assistance activities that are not likely to undermine confidence in their integrity and independence.

(3) The Ministry may issue further regulations on the freedom to engage in other activities under the first and second paragraphs. Ministry may issue regulations or decisions, exemptions from subsections.

§ 5-2. Employee right to conduct business activities etc..
(1) Employees and persons with corresponding connection to enterprises engaging in estate agency. § 2-1, as well as owners and officers of such enterprises which normally participate in the daily operations, can not directly or indirectly engage in trade with real estate or engage in other activities that are likely to undermine confidence in the enterprise integrity and independence. The same applies to persons having a corresponding affiliation to lawyers engaged in estate agency. § 2-1 subsection. 2. The prohibition in the first and second sentence applies only to persons who perform work that is part of the estate.

(2) The Ministry may issue further rules for keeping a register of rights in immovable property fully or partially belong to persons mentioned in the first paragraph and the obligation for such persons to provide information about their rights in real estate.

(3) The Ministry may issue further regulations on the freedom to engage in other activities under the first paragraph. The Ministry may by regulations or individual exemption from the first paragraph.

§ 5-3. Prohibition of proprietary trading. Obligation to provide information about self-interest
(1) Employees and persons with corresponding connection to enterprises engaging in estate agency. § 2-1, as well as owners and officers of such enterprises which normally participate in the daily operations, can not sell their property through the current business. The same applies to persons having a corresponding affiliation to lawyers engaged in estate agency. § 2-1 subsection. 2. Persons mentioned in the first and second sentence can not buy property or acquire other rights as mentioned in § 1-2, paragraph that the activity in question is or has been commissioned to convey.

(2) The first paragraph applies correspondingly to the purchase or sale of:

1.
Spouse or person living in a marriage-like relationship with the persons referred to in subsection

2.
Minor children of people mentioned in the first paragraph, and minor children of a person referred to in paragraph. 1 as persons mentioned in subsection live with, and

3.
Enterprises where persons mentioned in the first paragraph or second paragraph. 1 and 2, alone or together, have an influence as specified in the Companies Act and Companies Act § 1-3 second paragraph or Companies Act § 1-2, second paragraph.

(3) undertakings and advocates engaging in estate agency. § 2-1 can not communicate the message to persons and undertakings referred to in subsections. The firm may not otherwise acting as an intermediary in transactions where such persons or undertakings are party.

(4) Any undertakings and advocates engaging in estate agency. § 2-1 can not buy or sell own property through their own activities.

(5) Any undertakings and advocates engaging in estate agency. § 2-1 can not receive commission from

1.
Persons and undertakings referred to in subsections,

2.
Relatives in the up and descent and siblings of a person mentioned in subsection

3.
Spouse or person living in a marriage-like relationship with relatives as mentioned in no. 2,

4.
Enterprise in which persons or companies mentioned in this paragraph, alone or together, have an influence as specified in the Companies Act and Companies Act § 1-3 second paragraph or Companies Act § 1-2, second paragraph.


(6) The prohibition in the first to fifth paragraphs do not

1.
Employees in other branches, ref. § 2-2, an entity or legal practice than the branch carrying out the assignment, or

2.
Employees in branches, ref. § 2-2, an entity or legal practice that only the settlement.

(7) If the persons or undertakings referred to in subsections in other cases or provide personal or financial interest in the trade mission comes, the parties shall immediately informed thereof.

(8) The Ministry may issue further rules on proprietary trading, and regulations or decisions, exemptions from this provision.

§ 5-4. Relationship to other service agencies and lawyers engaging in estate agency. § 2-1 and persons mentioned in § 5-3 first paragraph may not receive income or benefits from parties other than the contracting authority for the execution of the assignment, including service providers used for implementing it.

Chapter 6. Assignment and execution of this

§ 6-1. Contractor
(1) The contractor is defined in the Act undertakings and advocate engaging in estate agency. § 2-1 that the agreement has undertaken to provide real estate services, cf. § 1-2, second paragraph.

(2) Obligations incumbent contractor under this chapter also lie with the individual person with an estate agent, cf. § 4-2, lawyer authorized under § 4-3, estate representative, cf. § 4-5, third paragraph, and lawyer entitled to practice estate, in their business practices.

§ 6-2. Responsible broker
(1) There shall be appointed a responsible broker for each assignment. Responsible broker should have an estate agent, cf. § 4-2, practicing certificate or permit under § 4-3.

(2) Responsible broker shall perform the essential agency, but may use assistants, ref. § 4-4, to minor tasks and tasks of routine or technical nature.

(3) Subsection not preclude missions carried out by real estate attorney as mentioned in § 4-5, subsection supervised by the responsible broker for the assignment or that settlement is performed by a caregiver who has passed an examination in the settlement, cf. § 4-4 second paragraph.

(4) The Ministry may issue further regulations on responsible estate rights and duties, as well as the tasks and responsibilities between the responsible broker and any assistants. Moreover, the ministry in regulations issue further rules on responsible broker supervision missions carried out by real estate attorney.

§ 6-3. Good broker practice
(1) The Contractor shall provide in its business activity act in accordance with good broker practice of caring for both parties. The assignee must not act in any manner that is likely to undermine confidence in the contractor's integrity and independence.

(2) The agent shall give buying and selling advice and information of importance to trade and execution.

(3) The assignee shall not enter into an agreement on real estate if the conclusion of such an agreement is made a condition in the agreement other than real estate.

(4) In connection with real estate contracts can not be made a condition that the client signs an agreement for services that are not reasonably related to the assignment.

§ 6-4. Purchase Agreement
(1) services agreement must be in writing and include the following information:

1.
Contractor's name, address and organization as well as the client's name, address and identity number or registration number,

2.
Assignment character (sale, purchase, rental, lease, settlement or otherwise)

3.
Which property assignment refers

4.
What has been agreed on the agent's remuneration, including what the contractor can claim if the transaction is not effected,

5.
What has been agreed on the assignee's right to claim reimbursement of expenses, including an estimate of the size of disbursements,

6.
A total, specified cost estimate of the total payment and the total outlay,

7.
Duration of the assignment and what applies for termination of the contract

8.
Assignee's any right to compensation for trade stopped during the second or without intermediary and if so, the detailed terms of the right

9.
About other contractors in the past three months has been working with the same mission,

10.
Ability to use the extrajudicial dispute resolution schemes,

11.
Who is responsible broker for the assignment and any eiendomsmeglerfullmektiger who will work on the assignment.

(2) If it is to be used contract assistance as mentioned in § 5.3, the representative's name, address and organization stated.

(3) The agreement shall be signed by the principal and responsible broker for assignment.


(4) Change of responsible broker shall be informed in writing the principal.

(5) The Ministry may issue regulations governing electronic communications in connection with the conclusion of the assignment agreement. This includes provisions related to authentication, protection of integrity and confidentiality.

§ 6-5. Assignment duration
(1) The contract shall be for a specified period not to exceed six months. The mission may be renewed for up to six months at a time. Renewal shall be in writing.

(2) The contract may be terminated without notice by either party.

(3) The assignee is entitled to reasonable remuneration for work done if the assignment is terminated by the client. Recovery of expenses can be claimed in accordance with the agreement without regard to the dismissal, cf. § 6-4.

§ 6-6. Authorization assignee can not bind a client towards a third party without express authority.

§ 6-7. Assignee's investigation and disclosure
(1) The assignee shall ensure that the buyer before conclusion of the transaction receives information has reason to expect to receive and which may affect the Agreement. Have the contractor not collect and control information as mentioned in the first sentence, the purchaser before conclusion of the transaction, given written information about the reason for this.

(2) The assignee is obliged before conclusion of the transaction to give the buyer a written assignment containing at least the following information:

1.
Property registry designation and address

2.
Ownership,

3.
Things shone obligations

4.
Adjacent rights

5.
Because spaces,

6.
The buildings spaces and indication of age and finishing,

7.
Possibility of renting out of the property or parts of it for residential purposes,

8.
Completion certificate or temporary permit,

9.
Tax value and public duties,

10.
Relationship with final public plans, licensing requirements and allodial rights,

11.
Specification of fixed running costs,

12.
If the purchase price is determined, total cost which includes share of joint debt, all fees, taxes and other costs,

13.
If the purchase price has not been determined, an overall statement that includes asking price, the share of public debt, all fees, taxes and other costs, and the sum of these amounts, and

14.
What has been agreed on the broker compensation, cf. § 7-2.

(3) For transactions covered by the Act § 1-2, second paragraph. 3, the written thesis also include the following information:

1.
Loan terms for the repayment of public debt and monthly overheads and other fixed costs related to this,

2.
Separate calculation of monthly common charges after any grace period,

3.
Informed that buyer can be held responsible for lack of coverage of overhead costs, and unsold units belonging to the project

4.
Details housings have protection against loss of joint costs, ref. The Act of 6 June 2003 no. 39 on Burettslag Chapter 5, Section VII, and if so, who the providers, the duration of the agreement and termination conditions,

5.
Relevant rights and obligations of housing association according to laws, regulations, statutes, decisions and agreements that have an impact on trade,

6.
Material information about housing company budgets and accounts and the disclosure of these documents are available from the contractor.

(4) Upon dissemination of condominium units and own sections apply third paragraph. 1, 5 and 6 accordingly.

(5) In connection with the transactions covered by the Act § 1-2, second paragraph. 4, the written thesis contain important information concerning the company's budget and accounts and the disclosure of these documents are available from the assignee.

(6) The Ministry may issue further rules on the information to be included in the specification as mentioned in the second, third and fourth paragraphs, and to stipulate additional requirements.

§ 6-8. The duties of the contract conclusion.
(1) Unless the buyer and seller wish otherwise, the assignee shall establish a written purchase contract containing all material terms of trade.

(2) The purchase contract may be made electronically if both buyer and seller have expressly agreed to this.

§ 6-9. The duties upon completion of the trade
(1) Unless the buyer and seller wish otherwise, the assignee shall ensure

1.
Issuance and registration of deeds,

2.
Issuance and any registration of other documents that relate to trade,

3.
Issuance of the license application and other applications, statements etc. and

4.
Implementation of the financial settlement.


(2) contractors who assist with tasks mentioned in the first paragraph. 1, 2 or 4 is by law 12 December 1975 no. 59 relating to stamp duty, the Act of 6 June 2003 no. 39 on Burettslag and Law 7. June 1935 No.. 2 about probate, responsible for the fees, charges and interest relating to the registration of deeds and other documents that relate to the transaction are paid.

(3) contractors conducting the settlement should ensure that the buyer has received legal protection for its purchase before the purchase price is allocated on behalf of the seller. The Ministry may issue further rules of the Regulation on the implementation of the financial settlement, including exceptions to the rule in the first sentence.

§ 6-10. Bidding Ministry may issue regulations governing the bidding, and access to information about bids and bidders.

Chapter 7. Consideration. outlays

§ 7-1. Price Information undertakings and advocates engaging in estate agency. § 2-1 shall inform about the prices of their services so that they can be easily seen by customers. The Ministry may issue further regulations concerning such obligation to provide pricing information.

§ 7-2. General information on consideration
(1) can not agree on a commission-based remuneration where the percentage to be paid by the purchase price increases with the purchase amount.

(2) The agent shall prepare a written offer to prospective clients based on an hourly rate and provide an estimate of the time that is considered necessary to carry out the assignment. If the client chooses this form of remuneration, duties assignee to notify the client if the time is expected to significantly exceed those specified in the estimate.

(3) Irrespective of the agreed payment terms assignee shall issue an invoice. The bill shall enable the client to assess the nature and extent of work performed.

(4) may not be agreed that other than the client pay the contractor's remuneration, including expenses.

(5) The Ministry may issue further rules concerning the contractor's obligation to provide services based on an hourly rate as mentioned in the second paragraph and if the obligation to issue an invoice as referred to in the third paragraph. If the conditions of the sale of real estate would indicate, the Ministry may issue further rules on the agent's remuneration.

§ 7-3. Assignee's claim for payment
(1) The assignee is entitled to remuneration if the transaction is the assignment period. This applies even if it is not due to the contractor that the transaction has been finalized. The transaction has been completed when the parties are finally bound.

(2) The agent shall also be entitled to compensation if the transaction has been finalized within three months of the assignment period with some

1.
As assignee has negotiated during the assignment period, or

2.
That inquiry, received information about the property of the contractor during the assignment period.

(3) purchasing assignments, the provisions of the first paragraph, second sentence and second paragraph only if it is agreed in the contract.

(4) This provision may be waived by agreement.

§ 7-4. Payment of compensation
(1) Contractor's claim for payment falls due once the transaction has been able.

(2) The customer has the right to withhold an amount of compensation that secure the claims by the contracting entity as a result of default by the assignee.

(3) The assignee can only cover its claim for compensation in client assets belonging to the client, if the client has agreed to this after the transaction has been finalized.

§ 7-5. Coverage of expenses The assignee may claim expenses specified in the agreement covered as they should be paid by the contractor.

§ 7-6. Sharing of remuneration The remuneration can not be shared with the buyer or seller or with someone who does not even have the right to engage in estate agency.

§ 7-7. Reduction of the remuneration If there is a not insignificant dereliction of duty earner side, the client may require that the remuneration be reduced or dropped.

Chapter 8. Supervision and sanctions

§ 8-1. Supervision of real estate
(1) Finance oversees and supervision according to law on 7 December 1956 no. 1 on the supervision of financial institutions, etc. (Financial Supervision Act) with

1.
Undertakings and advocates engaging in estate agency. § 2-1

2.
Individuals with estate agent, cf. § 4-2,

3.
Lawyers authorized under § 4-3 and

4.
Lawyers working as lecturer or estate agent in charge of undertaking or advocate engaging in estate agency. § 2-1.


(2) Undertakings and persons mentioned in the first paragraph are obliged to provide FSA with the information it requires concerning the business. They are also obliged to produce and in case surrender for inspection the books and other documents as well as printouts of the electronically stored information relating to the real estate business.

(3) The first and second paragraphs apply correspondingly to companies, lawyers and persons mentioned in the first paragraph that are deprived of permission to engage in estate under § 2.8, is prohibited to engage in real estate under § 3.8, has received recalled his estate agent under § 4.8, whose license under § 8.5, is forbidden to be in professional charge or responsible broker under § 8.6, or who have renounced the said rights.

§ 8-2. Revocation of a license for enterprises and branches to engage in estate
(1) Financial Supervisory Authority may revoke an entity authorized to engage in estate agency. § 2-1, if it's inadvisable to allow the estate agency activities to continue because the undertaking

1.
Being declared bankrupt,

2.
No longer meets the requirements of §§ 2-4, 2-5, 2-6, 2-7, 2-8 or 2-9 subsection

3.
No longer lecturer and responsible broker, cf. § 2-9 second paragraph and § 6-2

4.
No longer meets the conditions laid down for the authorization,

5.
Refrained comply with orders given by the FSA,

6.
Seriously or repeatedly violated its duties under the Act or regulations,

7.
Has been guilty of misconduct which gives reason to fear that a continuation of the real estate business can be detrimental to the public interest, or

8.
Not within the deadline set by the Financial Supervisory Authority meets an order to join the non-judicial dispute resolution mechanism.

(2) FSA may withdraw the license of a branch, cf. § 2-2, if

1.
Branch no longer meets the conditions of § 2-5 second paragraph or § 2-9 second paragraph, second sentence, or

2.
One or more of the conditions in the first paragraph. 5-7 are met for the branch concerned.

(3) In the cases mentioned in the first paragraph may FSA appoint a trustee who has permission to engage in estate under § 2-1 subsection to finalize contracts under this Act. The Ministry may issue further provisions on the rights and obligations. If it is necessary for a proper liquidation of ongoing missions, the Ministry of decisions, exemptions from its provisions.

§ 8-3. Access to prohibit lawyer to practice estate under § 2-1, first paragraph. 2
(1) FSA may prohibit lawyers to engage in estate agency. § 2-1 subsection. 2, if there is inadvisable to let real estate activity is carried on because the lawyer:

1.
No longer has a practicing certificate,

2.
No longer complies with the requirement in § 2-6 second paragraph,

3.
Refrained comply with orders given by the FSA or the Supervisory Council for Legal Practice,

4.
Seriously or repeatedly violated its duties under the Act or regulations,

5.
Has been guilty of misconduct which gives reason to fear that a continuation of the real estate business can be detrimental to the public interest, or

6.
Not within the deadline set by the Financial Supervisory Authority meets an order to join the non-judicial dispute resolution mechanism.

(2) In the case mentioned in the first paragraph, the Financial Supervisory Authority appoint a trustee who has permission to engage in estate under § 2-1 subsection to finalize contracts under this Act. The provisions of § 8-2 third paragraph second and third sentences shall apply correspondingly.

§ 8-4. Revocation of an estate agent FSA may revoke an estate agent, cf. § 4-2, if a holder of such a letter is deemed unsuitable because he

1.
No longer fulfills the conditions of § 4-2. 5,

2.
Has been guilty of a criminal offense and this must be considered to undermine the confidence required for professional practice, or

3.
Seriously or repeatedly violated its duties under the law or regulations.

§ 8-5. Revocation of a license to a lawyer FSA may revoke permission lawyer, ref. § 4-3, if he considered unsuitable because they

1.
No longer fulfills the conditions of § 4-3 first paragraph no. 4,

2.
Has been guilty of a criminal offense and this must be considered to undermine the confidence required for professional practice, or

3.
Seriously or repeatedly violated its duties under the law or regulations.


§ 8-6. Access to prohibit lawyer to be lecturer and responsible broker FSA shall prohibit lawyers to be tutor broker, cf. § 2-9 second paragraph, and responsible broker, cf. § 6-2, if no longer holds a practicing certificate. FSA may also prohibit lawyers to be professionally certified mediator and responsible broker if the lawyer is deemed unsuitable because he

1.
Has been guilty of a criminal offense and this must be considered to undermine the confidence required for professional practice, or

2.
Seriously or repeatedly violated its duties under the law or regulations.

§ 8-7. Suspension of the right to engage in estate agency. If firms authorized to engage in estate agency. § 2-1 is charged with an offense that may result in revocation of the license, Finanstilsynet may suspend the permit until the criminal case is closed. FSA may similarly prohibit a lawyer engaging in estate agency. § 2-1 subsection. 2, until the criminal case is closed.

§ 8-8. Dealing with disputes in appeal body King may approve an appeal body for dealing with disputes between undertakings or lawyer engaged in estate agency and the seller, buyer or other interested object as mentioned in § 1-2, when the body is established by an agreement between one or more organizations representing firms or lawyers engaged in estate on the one hand, and on the other hand one or more organizations representing stakeholders in the real estate market. The King may issue rules on the appeal body's operations, including whether:

A)
who can bring cases before the appellate body,

B)
conditions for processing cases at the appeal body,

C)
treatment effect between the parties, including the relationship to the ordinary courts, the right to bring cases directly before the court and enforceable and unenforceable for appellate body decisions

D)
relationship to other legislation relating to extrajudicial dispute resolution, and

E)
obliged to inform the company and the lawyer's clients and other stakeholders.

§ 8-9. Penalties Deliberate or negligent violation of provisions made in or pursuant to §§ 2-1, 2-2, 3-1, 3-2, 3-6, 4-5, 5-1, 5-2, 5-3 6-3 third and fourth paragraphs, 7-2 subsection 7-4 subsection 8.1 shall be punished with fines or imprisonment up to three years, or up to 6 years for aggravating circumstances. The same applies to violation of orders, prohibitions or conditions issued pursuant to the said provisions.

II. Commencement and transitional rules

(1) This Act applies when the King bestemmer.1 Individual provisions may enter into force at different times.

(2) The King may establish transitional rules.

(3) Regulations issued pursuant to Act 16 June 1989 no. 53 on real estate apply until otherwise decided after the Act has come into force.

(4) From the time this Act comes into force, the following amendments to other Acts:
Act 16 June 1989 no. 53 on real estate repealed.