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Real estate transactions, whether purchasing, selling, or leasing, frequently include complex legal and procedural issues. Real estate agents (brokers) play an important role in streamlining the process by connecting buyers and sellers, coordinating paperwork, and assuring secure, transparent transactions.
This article discusses the critical role of agents in property transactions, including their roles, legal obligations, and advantages. It also emphasizes the necessary safeguards that clients should take while working with agents to ensure a seamless and trustworthy experience.
A real estate agent acts as a go-between for buyers and sellers in property transactions, enabling communication and negotiation. Their responsibilities extend beyond simply introducing parties; they assist customers in finding the appropriate home or buyer depending on location, budget, and preferences. Agents are experts in local markets, legal procedures, and transaction administration, making their involvement extremely advantageous.
Real estate agents in India are subject to a number of laws, including the Real Estate (Regulation and Development) Act (RERA). Two important sections of RERA are:
Section 9 All real estate agents involved in RERA-compliant projects must be registered. To act lawfully, agents must receive approval and submit the appropriate documentation and payments.
Section 10 Outlines the agents’ responsibilities. They must refrain from participating in unregistered ventures, keep transaction records, and prevent misleading or fraudulent advertising. They are also responsible for ensuring that buyers (allottees) obtain all necessary information and documentation.
The Indian Contract Act, which governs the terms, conditions, and enforcement of contracts entered into during property transactions, also applies to agents.
Agents choose eligible parties based on criteria such as location, budget, and type of property, ensuring that both parties are adequately matched.
Agents assist with the collection and verification of relevant papers such as 7/12 extracts, property cards, NOCs, and tax receipts. They also work with legal professionals to assure compliance, lowering the likelihood of purchasing disputed or unapproved properties.
They provide both parties with clear and accurate information, promoting confidence and transparency throughout the transaction.
Agents mediate between parties, help in negotiations, and verify that contract conditions are fair and legally binding.
Their market knowledge enables agents to advise parties on appropriate pricing, taking into account demand, supply, and current trends.
Agents assist customers on legal requirements and precautions, providing clarity at all stages of the transaction.
With fraud on the rise, agents play an important role in assuring due diligence, legal compliance, and safe business practices.
Agents simplify the property search and transaction process, saving clients from the headache of sifting through many listings or untrustworthy buyers.
Their understanding of current trends, investment opportunities, and area-specific growth enables clients to make informed decisions.
Agents aid both parties in reaching a mutually advantageous transaction that is competitive with market rates.
Beyond the transaction, agents assist with registration, property transfer, and other legal requirements.
To ensure professionalism and accountability, always work with a registered agent who holds a valid RERA certificate.
To avoid disagreements and promote transparency, discuss all fees upfront, including the agent’s commission.
Consult with legal professionals before engaging an agent or completing a transaction. Adv. Abdul Mulla (author of the article) developed services such as www.asmlegalservices and www.lifeandlaw.in, which can provide essential legal support.
Maintain documentation of all agreements and trades to avoid future conflicts and ensure legal standing.
Choose agents with a demonstrated track record and a strong reputation. Experienced specialists can provide accurate guidance and market insights.
Real estate agents are essential in property transactions. They facilitate communication between buyers and sellers, simplify complex procedures, and ensure legal compliance. Their involvement makes the entire process run more smoothly, quickly, and safely for all stakeholders.
Clients can avoid fraud and have a secure and transparent property transaction by working with a licensed and experienced agent and following all legal requirements. Finally, agents who act ethically and within legal boundaries not only foster trust, but also contribute to a healthy real estate environment.
Adv. Abdul Mulla (Mob. No. 937 007 2022) is a seasoned legal professional with over 18 years of experience in advocacy, specializing in diverse areas of law, including Real Estate and Property Law, Matrimonial and Divorce Matters, Litigation and Dispute Resolution, and Will and Succession Planning. read more….
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