It is all very well talking about what should be happening but unless there is regulation nothing really ever happens at all.
As AMLASpain pointed out, real estate in USA is heavily regulated and the "realators" and "brokers" have their obligations clearly defined.
In the UK it is a different story again. There is little regulation, estate agents fees are very low, buyers are fairly well "clued up" as far as values are concerned and make their own offers through the agent.
Real estate agents have not been regulated in Spain for 8 - 10 years. Right at the beginning we just had API's who had extensive formal training, acted for both sides were permitted to charge a maximum fee of 5%.
Since deregulation, in my opinion, the whole thing has deteriorated to the point that nobody knows what they are supposed to be doing and have to "invent" a set of rules that satisfies their morals and principles.
Right now there is no regulation. Everyone is in a state of limbo and has to decide what to do for the best, as AMLASpain is trying to do.
Eventually we will have new laws, at which point the whole industry will move forward again.
The real problem is that we are in Spain. When the authorities start sorting it out anything can happen e.g. Decreto 218!
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