Regardless of whether they have a large or small portfolio, it is important that they are serious when handling monies. A large REA can claim to have thousands of properties in their books and be totally unaware of the minimum requirements for the protection of a prospective purchaser. REAs are not lawyers, nor they intend to be, but it has to be said that some tend to offer buckets of legal assurance, and also free legal advice, to buyers, in the hope the monies are quickly lodged with them. REA are not lawyers and should refrain from giving qualified legal advice inasmuch as lawyers do not sell properties. However, registered REAs are obliged by the regulations of the trade to check the situation of the properties they sell.
Licensed operators do adhere to a set of professional standards.
No licence or authorisation is required. Anyone can sell properties in Spain. Much to the bitterness of registered REAs, most of the highest rated agencies in the Costa del sol are not registered and are not subject to any rule or regulation. REAs are more worried in looking for buyers and matching them with the available properties than performing the relevant searches on the legal status of the properties. Even if they had the time, language barrier to some REAs is a problem.