On September 7, 2022, the National Assembly of Nicaragua approved Law No. 1129, Real Estate Brokerage Law of Nicaragua, which was published in La Gaceta, Official Gazette No. 169, on September 8, 2022.
Among the amendments of the new Law, the Ministry of Development, Industry and Commerce (MIFIC), through the Real Estate Brokerage Unit, is established as the entity in charge of the regulation, control, supervision and sanction of the Agents and Brokers related to the business.
The law grants a term of ninety (90) days to those who engage in Real Estate brokerage to apply for a Real Estate Broker’s license in order to avoid incurring in the faults established in the law.
Additionally, the law establishes the administrative fees which were fixed in Central American pesos equivalent to one US dollar. The following are the amounts to be charged for the services to be rendered:
Fines and fees must be paid in Córdobas, according to the official exchange rate issued by the Central Bank of Nicaragua, on the date the transaction is made. The funds received from the fees for services rendered and fines will be considered as Income with Specific Destination and will be used for the institutional strengthening of the Ministry of Development, Industry and Commerce (MIFIC).