Cap. 644 Art. 29Brokerage shall be declared.

(1) In every contract concluded after the 1 December

2024 whereby land is acquired, transferred or leased the parties shall declare whether or not the services of a real estate agent, a property broker, an occasional broker, a property consultant or a specific property consultant were engaged and whether brokerage is due in respect of the transaction, and if brokerage is so due, the parties shall identify the natural or legal person receiving or who shall receive brokerage fees.

(2) Any party to a contract and any property broker, occasional broker, property consultant, specific property consultant or real estate agent, who acts in contravention of this article shall be liable to an administrative penalty of not more than ten thousand euro (€10,000). to be imposed by the Agency.