Background of Property Agent Law legislation
- Buying an apartment in Israel
- The real estate broker
Property Agent Law legislation in Israel
The waves of Immigrations from Russia in the 1990s created a high demand for apartments in a large public that was not well versed in the field, resulting in many complaints about the exploitation of agents by customers.
Judge Baron described the background and purpose of enacting the Realtors Law in 1996, as indicated by the bill’s explanation that the services provided by the realtor are of critical value to home buyers since, in most cases, the investment constitutes the bulk of his savings and property.
In order not to create the impression that the Agent Law is intended solely to harm and limit the mediation profession, I will mention Marom (A Member of Parliament) remarks at a meeting of Agent Bill that explained that it is time to give this profession the respect it deserves in the statute book and allow all property agent in the State of Israel to be under standards that will reflect their stature and also be a barrier to a loophole before others.
H.K h. Marom explained that the leading agent in the State of Israel told him, “Let’s legislate this matter because the agent is tired of suffering stigmas due to people acting irresponsibly in the profession.”