By: Ana Barquero
By: Lic. Ana Carolina Barquero
On September 8, 2022, Law 1129 on Real Estate Brokerage of the Republic of Nicaragua was published in La Gaceta number 169, which aims to regulate real estate brokerage, protect the legal relationship between the contracting party and the broker, develop the confidence of the real estate market and protect the consumer public in the provision of these services and applicable to brokers and their agents in the Republic of Nicaragua, being the entity in charge of its regulation the Ministry of Development, Industry and Commerce, ( MIFIC) through the Real Estate Brokerage Unit.
Said law establishes that the rights of real estate brokers and their agents are to receive payment of their commission and exercise all the rights established therein, as well as oblige them to comply with it, sign the contracts for the provision of their services, observe ethical conduct, abide by the resolutions of the MIFIC, comply with the commitments acquired, keep your current real estate broker license in a visible place, and that your agents carry their card issued by the MIFIC, verify the capacity of the contractors, and their legitimacy, keep a record of the services, and keep them for 10 years, provide the contracting party with comprehensive advice on the advantages and disadvantages of the property being sold, and up-to-date accounting, paying taxes derived from its activity.
Regarding the responsibility of the Real Estate Broker, it is established that he must respond to the contracting parties for the acts under the provision of his services and any damage, harm or crime in the provision of his services, may be claimed by the contracting parties or third parties before the corresponding judicial authorities.
The law also establishes prohibitions for the broker and his agents, as well as sanctions for breach of his obligations; the requirements and formalities that the brokerage contract must comply with are established, in the same way, it establishes that without prejudice to the obligations established in the law, it is the obligation of real estate brokers, in their capacity as obligated subjects, to comply with the provisions issued by the Financial Analysis Unit (UAF) and authorized before the MIFIC must submit within a period not exceeding 30 business days, the registration certificate before the UAF.
Finally, the law establishes the rates that will govern the services are appraised in Central American pesos and are detailed as follows:
| NO | Description | Fee $ CA |
| 1 | Legal Entity Real Estate Broker License | 400.00 |
| 2 | Natural Person Real Estate Broker License | 200.00 |
| 3 | Course to process Real Estate Broker license and card payment | 150.00 |
| 4 | Real Estate Broker license replacement | 100.00 |
| 5 | Renewal of Real Estate Broker license for legal person | 400.00 |
| 6 | Real Estate Broker License Renewal Natural person | 200.00 |
| 7 | Real Estate Agent Card | 50.00 |
| 8 | Course to process a Real Estate Agent license | 100.00 |
| 9 | Update seminar for Real Estate Agents | 50.00 |
| 10 | Replacement of Broker and Real Estate Agent card | 30.00 |
| 11 | Renew broker license and Real Estate Agent | 50.00 |
| 12 | Registry of Powers of the representatives of real estate brokers | 20.00 |
| 13 | Certifications or certificates | 10.00 |
The new law 1129, repeals the law number 602 of Real Estate Brokerage of the Republic of Nicaragua, published in La Gaceta on July 12, of year 2007 and will enter into force 90 days after publication in La Gaceta.
For more information on this and other legal issues, contact LatinAlliance Nicaragua, Lawyers and Notaries, at the following email address: abarquero@latinalliance.co