Monday, November 27, 2006

Purchasing Real Estate in Sweden - The parties involved in a Swedish real estate transaction - Real Estate Agent

In almost all real estate transfers in Sweden a real estate agent is involved. The real estate agent is commissioned by the seller and will be solely paid by the seller, but has an obligation according to the Real Estate Agent Act (Fastighetsm√§klarlagen 1995:400) to “carry out his commission carefully and in all observe generally accepted estate agency practice. In so doing, the estate agent shall watch and protect the interests of both the seller and the buyer.” (Section 12 of the Act).

As mentioned earlier, the normal Swedish buyer relies on the impartiality of the real estate agent although it is the seller who has engaged the agent and who is paying him the commission when a sale has been made.

No comments: