While housing market in Taiwan is cooling, the real estate agents are focusing on the business of broking management of investing in real properties overseas. Ministry of Interior then announced to the press, on Aug.,12, 2015, that any real estate agents who tend to run the business involving the foreign investment in real properties must comply with the existing law in Taiwan, such as "Real Estate Broking Management Act”, "Consumer Protection Law" and "Fair Trade Act”. Therefore, real estate agents run business broking involving investing in real estate overseas is no longer in legal grey area. Here are a few main points below for real estate agents to comply with：
- According to Real Estate Broking Management Act, real estate agents shall explain the instruction of property to the counterpart with whom the trustor deals and shall not receive any price difference or other repayment. In the meantime, real estate agents shall provide the buyer of real estate necessary information and real estate agents should sign any important documents concerning the trade of real estate. Besides, committing violations could result in fines no less than NT.60,000 and no more than NT.300,000.
- According to Consumer Protection Law, real estate agents shall ensure the fairness of transactions and provide consumers with adequate and accurate information.
- Moreover, real estate agents shall ensure the accuracy of the contents of advertisements, and if any real estate agents having false advertising, and being able to affect trading order, the competent authority may punish real estate agents by an administrative fine of not more than NT$25,000,000 under Fair Trade Act.
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