Limitation of exclusivity
- Buying an apartment in Israel
- The real estate broker
Awareness of the complexity led to the amending of the Realtors Law in 2004 so that it added terms and conditions that would apply to a connection that includes an element of exclusivity.
A review of the discussions in the case of the bill in the Knesset Economics Committee indicates that the basis of the amendment was a consumer purpose, namely ensuring the interests of the client who communicates in the exclusivity agreement and preventing its exploitation.
In addition, the desire for it ensures certainty and uniformity in the implementation of the Agent Law in the courts in situations of exclusive mediation, the profits in the market.
• The exclusivity period was limited by law to specific periods, according to the type of property in question.
• A requirement has been established.
The exclusivity agreement will be conducted separately from the brokerage services request form and signed individually by the customer who orders and signs it.
• A series of marketing activities have been defined that a property agent will have to perform during the exclusivity period, and it has even been determined that he will have to list all the marketing actions stated in the exclusivity agreement and indicate in advance which one he is taking it upon himself to perform.