Regulatory background

AuthorBergsaker, Trygve
Consum er mar ket stud y on the fun ctio ning of the r eal estate servi ces for consum ers in the EU Coun try Fiche Norw ay
1. Regulat ory backgrou nd
1.1 Lev el of regulat ion in the country
Ta ble 1: L eve l o f r egu lat ion
Leve l of reg ula tion
Sou rce of re lev ant leg isla tio n
On going dis cussi on on
re gula tio n/ de re gulat ion ( if app lica ble ):
curr en t st at e o f a ffa irs a nd m ain ar gum ent s
in th e d ebat e
Re al esta te
tr a nsactions
Stri ctly regulated
Sale of Real Prop ert y Act 19 92;
Const ruct ion and Sale o f New
Houses Act 1 997;
Tena ncy Act 1 999;
Prevent ing Mon ey Laun derin g an d
Terror Fina ncing Act 200 9.
There is a const ant di scussion whet her the Sal e of
Real Propert y Act is t he basis of se vera l di sput es
bet wee n sel lers an d b uyer s. The n umb er of
dispu tes befo re court s of law ro se af ter t he
ena ctment in 199 2. It h as been argu ed t hat t he
act is not su fficien tly clear when it comes to th e
rights an d ob ligat ions of th e par ties. Suggestion s
have been ma de t hat the act sh ould be amend ed.
No ta ry syst em ( or
la wy er/ con ve yan cer
syst em ) 2
No not ary sy stem , no licence d
con veyanc ers b esides licenced
real estate a gent s an d lawyers
N/ A
N/ A
Pr ofessio n of est at e
ag e nts
Stri ctly regulated
Real Estate Agen cy Act 20 07, Real
Estate Ag ency Regulation 2007
N/ A
Sales contracts and tenan cy contr acts f or resid ent ial pr oper ty are regu lat ed i n t he Sa le of Real Property Act 19 92 and the Tena ncy Act 19 99. Ther e ar e
also oth er acts an d r egula tion s of interest: Th e Const ruct ion an d Sal e of New Houses Act 199 7, mo ney-l aund erin g r egul atio ns et c.
There is no notary system in Norw ay. Wh en d ealing wit h real estat e transact ions, the task s of cont inen tal notaries are t o a lar ge ext ent p er formed by
th e real estat e ag ent handli ng t he sale ( e.g. check of legal rest rict ions and en cumb rances, t ransfer and reg istr ation of ti tle deed and of p aym ent) .
Conv eyan cers d o no t ex ist ou tsid e th e pr ofession of licenced rea l est ate agents.
Lice nced ad voc ate s ( law ye rs, sol icit or s) m ay con duct r eal est at e a gen cy on th e b asis of th eir a dvo cat e li cen ce. They m ust wor k wit hin th e leg al f ram ewo rk
of the Real Estat e Ag ency Act.
2 Only in coun tri es wh ere nota ries do n ot e xist or do n ot h ave a mo nopo ly on con veya ncing .

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