REAL ESTATE AGENTS

REAL ESTATE AGENT MEANS ANY PERSON:

• who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment, or building, as the case may be, in a real estate project, by way of sale, with another person or transfer of plot, apartment or building, as the case may be, of any other person to him

• receives remuneration or fees or any other charges for his services whether as commission

• includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for the sale or purchase of a plot, apartment, or building

ROLE OF REAL ESTATE AGENTS:

• Real estate agents play a critical role by bridging the gap between developers and home buyers. RERA has put forth several obligations on real estate agents, such as mandatory registration with the regulatory authority, maintaining records of transactions, and providing accurate information to home buyers. Real estate agents are also responsible for ensuring compliance with the provisions of RERA by the developers they represent.

• Real estate agents are professionals who act as intermediaries between developers and home buyers. They assist developers in marketing and selling their projects and help home buyers find suitable properties. Real estate agents play a crucial role by providing guidance and assistance to both developers and home buyers. Real estate agents act as a bridge between the developer and the home buyer. They provide developers with valuable insights into the market demand and help them price their properties competitively. They also assist developers in marketing their projects to potential buyers, which is essential in a highly competitive real estate market.

• On the other hand, real estate agents help home buyers navigate the complex process of home buying. They help buyers find properties that match their requirements, provide them with information about the property and the surrounding areas, and assist them in negotiating the price and completing the legal formalities. Real estate agents also play an important role in ensuring transparency and accountability in the real estate sector. They are obligated to register with the regulatory authority under RERA. Moreover, obligated to disclose all relevant information about the project to the home buyer. They are also required to maintain records of transactions and ensure compliance with RERA by the developers they represent.

• Real estate agents are also responsible for providing after-sales services to home buyers. They assist buyers in obtaining necessary approvals and documentation and help them resolve any issues that may arise after the purchase.

RESPONSIBILITIES OF REAL ESTATE AGENTS UNDER RERA

• Registering with RERA:

The Real Estate (Regulation and Development) Act, 2016 (RERA) mandates that all real estate agents must register with the regulatory authority. Real estate agents are required to provide their details, including their name, address, and registration number.

• Disclosing project details:

Real estate agents are responsible for providing accurate information about the project to the home buyer. They must disclose all

relevant information about the

project. It includes the title of the property, layout, and development plans, land status, approvals, and completion timeline.

• Assisting in property selection:

Real estate agents must assist the home properties. In addition, help them compare the features and prices to make an

informed decision.

• Maintaining records:

Real estate agents must maintain records of all transactions, agreements, and contracts related to the sale of the property. These

records must be available for inspection by the regulatory authority.

• Assisting in the documentation:

Real estate agents must assist the home buyer in completing the legal formalities related to the purchase of the property. They must

ensure that the buyer has all the necessary documents, including the sale deed, possession letter, etc.

• Resolving disputes:

Real estate agents must assist in resolving disputes that may arise between the developer and the home buyer. They must facilitate

negotiations and mediation to reach an amicable resolution.

EVERY REAL ESTATE AGENT REGISTERED SHALL NOT –

• facilitate the sale without registering himself under the state RERA authority.

• facilitate the sale of any plot, apartment, or building, in a real estate project which is not registered with the state RERA Authority

• involve himself in any unfair trade practices such as making any written visible or oral statement which:

  • Falsely represents that services are of a particular standard or grade

  • Represents that the promoter has approval or affiliation that he does not have

  • Makes false or misleading representations concerning services.