Role of real estate agent in RERA

Role of real estate agent in RERA
  • General
  • Thursday 7th February 2019
  • Author: Riya Kapoor

Highlights

  • only registered agents can facilitate sale and purchase of real estate properties

  • No real estate agent can facilitate the sale/purchase of properties in real estate projects registered u/s 3 of the Act without obtaining registration

  • The Authority shall grant a single registration to the real estate agent for the entire State or Union territory.

  • maintain and preserve such books of account, records, and documents as may be prescribed

 

 

As per RERA act 2016, only RERA registered agent can work in the real estate market i.e. only registered agents can facilitate sale and purchase of real estate properties registered under section 3 of the act.

Section 2(zm) defines “Real Estate Agent“ – means any person:

i. 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; and

ii. receives remuneration or fees or any other charges for his services whether as commission or otherwise; and

iii. includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be; and

iv. includes property dealers, brokers, middlemen by whatever name called.

Registration of Real Estate Agent – Sec. 9

No real estate agent can facilitate the sale/purchase of properties in real estate projects registered u/s 3 of the Act without obtaining registration under section 9.

Every real estate agent shall make an application to the Authority for registration in such form, manner within such time and accompanied by such fee and documents as may be prescribed in respective State’ s rules.The Authority shall grant a single registration to the real estate agent for the entire State or Union territory.

At the time of application, the agent needs to submit the following list of documents:

  1. Name, address, contact details and the photograph of the real estate agent
  2. Authenticated copy of PAN card;
  3. Brief details of his enterprise including name, registered address, type of enterprises;
  4.  Particulars of registration as a proprietorship, society, partnership, company etc. Including bye-laws, MOA, AOA etc.;
  5. Any other information as may be specified by the Act, rules or regulation made thereunder.

Functions of Real Estate Agent – Sec. 10

Every real estate agent registered u/s 9 shall:-

a) Not facilitate the sale or purchase of any plot, apartment or building, in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority,

b) maintain and preserve such books of account, records, and documents as may be prescribed,

c) not involve himself in any unfair trade practices,

d) facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building,

e) Discharge such other functions as may be prescribed.

“Unfair trade Practice” means a practice of:

A. Making any written or visible or oral statement which:

i. Falsely represents that services are of particular standard or grade;

ii. Represents that promoter has approval or affiliation which he does not have;

iii. Makes false or misleading representation concerning services.

B. Allowing publication of any advertisement or prospectus in the newspaper or otherwise of services that are not intended to be offered.

For your agent registration, click here

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