On April 11th 2024, the National Assembly of Nicaragua (Parliament) reformed Law No. 1129 – The Real Estate Brokerage Law of Nicaragua and made an addition to Law No. 428 – Organic Law of the Nicaraguan Institute of Urban and Rural Housing (INVUR).
This means that INVUR have been empowered as the designated regulatory authority for the real estate law introduced on September 7th 2022, previous Nica-Biz article and which came into effect 90 days later.
The National Assembly of Nicaragua made it clear to the brokers and real estate agents in Nicaragua that “This modification does not change the regulations of Law No. 1129 at all. All fees charged by MIFIC will now be charged by INVUR as the new regulatory body”.
With the thirty day “transfer of files” period now expired and Law No. 428 published in La Gaceta (Number 64 Friday April 12th 2024), INVUR have now become the National Registry of Real Estate Brokers and their Agents. “They will be responsible for the regulation, control, and supervision of real estate brokers and their national and foreign agents operating in the national territory”.
According to the explanatory statement, read by Wilfredo Navarro, second secretary of the National Assembly, the Brokerage Law has the “object of regulating real estate brokerage, protecting the legal relationship between the contractor and the real estate broker, developing confidence in the real estate market and guaranteeing the role of the State as a facilitator of economic activity.”
From the INVUR web site, “The purpose of the Real Estate Brokerage Law of Nicaragua is to regulate the activity of real estate brokerage in the national territory, which will contribute to increasing confidence in the real estate market, protecting the consumer public and ensuring that the Broker has the necessary capacity to provide the real estate brokerage service”.
Who is INVUR?
The Urban and Rural Housing Institute is a state institution responsible for solving housing needs through the construction of new social interest housing as well as improvements to existing homes.
Their mission is to work with institutions from the public and private sectors in increasing access to housing in the countryside and in the cities, allowing Nicaraguan families to acquire decent and safe housing.
They are located at Km. 4.5 South on the Pan-American Highway, Managua, Nicaragua.
oaipc@invur.gob.ni
Tel: 2266-6112
One Stop Shop: Tel: 2266-9992
Web site https://www.invur.gob.ni/ click on the header Bienes Raíces de Nicaragua and you will find information on the requirements and fees as well as an (undated) list of “Authorized Brokers” in Nicaragua.
