Who is “Real Estate Agent”?
As per section 2 “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; and
- Receives remuneration or fees or any other charges for his services whether as commission or otherwise; and
- 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
- 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,
- Maintain and preserve such books of account, records and documents as may have prescribed,
- Not involve himself in any unfair trade practices,
- 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,
- Discharge such other functions as may be prescribed.
- Includes property dealers, brokers, middlemen by whatever name called.
As per RERA (Real Estate Regulation and Development Act, 2016), only registered real estate agents can facilitate the sale/purchase of properties in a real estate projects registered u/s 3 of the Act.
Now, No Real Estate Agent can facilitate the sale/purchase of properties in a real estate projects registered u/s 3 of the Act without obtaining registration under section 9.
If he does so, there are hefty penalties on him.