Bidding log should provide additional transparency

The NVM, VBO, Vastgoedpro, and the Vereniging Eigen Huis (Homeowners' Association) will implement a digital bidding log on July 1st. Prospective buyers who have submitted a bid can use it to see how the bidding process progressed after the cooling-off period and any resolutory conditions have expired.

The bidding log is intended to provide additional transparency . As of January 1, 2023, the use of the bidding log will become mandatory: from that day on, prospective buyers will have the right to inspect the bidding log. A prerequisite is that the real estate agent is affiliated with one of the three trade and professional organizations: NVM, VBO, and Vastgoedpro. The Ministry of the Interior and Kingdom Relations (BZK) intends to make the bidding log mandatory by law in the future. Parties that do not use a certified bidding log will then no longer be able to supervise a bidding or negotiation process.

Joint disciplinary law
Earlier this year, the three organizations announced they would establish an independent, joint disciplinary body. This will allow consumers to have their complaints handled at a single point of contact. The disciplinary body will assess real estate agents, appraisers, and building inspectors against existing professional codes of conduct.