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Bulgaria to Combat Real Estate Rogues

The days of rogue agents and fraudsters in Bulgaria should be coming to an end, as Bulgaria's real estate brokerage business has been set for a cleanup.

Later this year, legalization in parliament will be on the agenda in order to modify the business to force out con artists in Bulgaria.

The new proposition is to set up a professional alliance of real estate agents, similar to the associations in other countries which guarantee professional standards in the real estate trade. The other aim is to set up a public record of individuals and businesses in the real estate area.

The real estate national association has said that the bill will provide for the introduction of compulsory requirements for qualifications to become legitimate brokers and realtors. Companies in the sector must have both a legal and financial repute so that, if the worst were to happen to the client, there would always be the possibility of compensation.

Sources have claimed that the bill should be coherent with European standards and should be scheduled in late summer in parliament.