Roles of professionals and services in the real estate market

• Author: Pinkel, Tobias
• Pages: 26-27

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 FicheGermany

26

3.Roles ofprof essionals and ser vices in the real estate m arket

Ta ble 7: R ole of p rof essi ona ls i n t he re al es tate m ar ket

Est ate age nt

Pr ope rty

valuator52

Law y er /

Advocate/

Solic ito r

Notary

Ba nk

Lice nce d

conveyancer

Te chn ical

expert

Ot her

re lev an t

professional

Ma in f unct ion :

do es t he

pr ofe ssiona l

typ ical ly w ork

in dep end ently

or as pa rt of a

fi rm or

an othe r

organisation?

Most rea l est ate

agent work

in depen dentl y or

in sm all firm s.

How ever , few

lar ge real estate

agent fi rms e xist .

Not

applicable.

In consu mer

tr ansact ion in

fact never

involved.

Not aries work

indep enden tly .

N/ A

Prof ession

doe s not exist

in Germ any .

They

ty pically

wo rk in

sm all

offices.

Not rel evan t.

Exte nt of

en gage me nt

( at whi ch

po int (s ) doe s

ea ch

pr ofe ssiona l

inte rve ne in

the pr oce ss?)

Mat ching th e

parties.

The n otar y i s

coor dinating/

guidi ng t he

process from t he

pre-ch ecks in th e

lan d r egist er

un til the tit le is

registered in the

lan d r egist er and

th e ow ner ship is,

th ereb y,

transferred.

Financin g for

th e bu yer .

Ma nd ator y

in vo lv em e nt

No.

Yes.

N/ A

52I n so me EU count rie s, t he r eal e stat e pr oper ty v alua tor s are reg ulat ed as a pr ofessi on t hat is se para te f rom est ate agent s (e .g. Hung ary , Lit huan ia, Latv ia); t heir serv ices migh t b e obl igat ory ,

espe cially wh en t akin g m ort gage loans .