Greater transparency and professionalism for the real estate market.
The real estate sector is undergoing a profound transformation, driven by the recent entry into force of Law No. 20,380 on Real Estate Operators, enacted in September 2024. It establishes a modern legal framework that seeks to elevate the standing of the activity and foster its professionalization, improving standards of transparency, ethics and competition in a market that is key to the country's economic development.
Punta del Este: an epicenter of impact and change. Where domestic and foreign investment converge, the new legal framework takes on particular significance. Growing demand for housing, tourism and corporate space has increased the number of operators, agents and brokers; the law is an essential tool for organizing the activity and giving users greater security.
Mandatory registration and requirements to operate: one of the pillars of the law is the creation of the Registry of Real Estate Operators, which requires: being of legal age and a Uruguayan citizen or legal resident; being registered with the relevant tax and social security agencies; not being disqualified from engaging in commerce and having no record of offenses against property or public faith; being registered with SENACLAFT; and holding a license issued by the competent authority.
Specific training: the cornerstone of professionalization. Operators will be required to have specific technical training. Experience or commercial intuition are no longer enough: intermediation requires in-depth market knowledge, appraisal and management skills, basic legal advisory capacity, and an understanding of urban and rural infrastructure. This consolidates the operator's role as a trusted advisor.
Rights, duties and guarantees: express client authorization through a signed agreement; the power to request documentation on the property (previously available only from the notary); professional appraisals reflecting the property's fair market value; and the right to receive fees and reimbursement of previously agreed expenses.
Disciplinary regime and professional liability: sanctions for those who fail to comply, ranging from observations and warnings to fines and, in serious cases, temporary suspension or disqualification. This reinforces the commitment to legality, ethics and transparency.
A turning point for the sector: Law No. 20,380 marks a before and after for the real estate business in Uruguay. At MECOL ESTUDIO, as notaries, lawyers and accountants specializing in the sector, we welcome this advance, which strengthens transparency and raises professional standards, providing secure transactions, comprehensive advice and solid contractual structures, with greater legal certainty, predictability and confidence for all parties involved.
