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DUTIES OF AGENTS UNDER RERA

 


DUTIES OF AGENTS UNDER RERA

 

Under the Real Estate (Regulation and Development) Act (RERA), real estate agents have certain duties and responsibilities. These duties are aimed at promoting transparency, professionalism, and fairness in the real estate industry. Here are some of the key duties of agents under RERA:

1.    Registration: Real estate agents are required to register with the respective state's Real Estate Regulatory Authority (RERA) to operate legally. The registration process involves providing necessary information, documents, and paying the prescribed fees.

2.    Display of Registration Number: Registered agents must prominently display their RERA registration number in all their advertisements, promotional materials, and communication with clients. This helps in establishing credibility and transparency.

3.    Fair and Honest Practices: Agents are obligated to act fairly, honestly, and in the best interests of their clients. They should provide accurate information about the properties, projects, and related services to the buyers and assist them in making informed decisions.

4.    No Misleading Advertisements: Agents must ensure that their advertisements, marketing materials, and communication with clients are not misleading, false, or exaggerated. They should provide accurate and reliable information about the properties they are dealing with.

5.    Compliance with RERA Regulations: Agents are required to comply with all the relevant provisions of RERA, including the code of conduct specified under the act. They should adhere to the ethical standards and guidelines set by the RERA authority.

6.    Disclosure of Information: Agents must disclose all material information about the properties, projects, and terms of the transactions to the clients. This includes sharing details about the ownership, approvals, encumbrances, and any other relevant information that may impact the decision-making process of the buyers.

7.    Assistance in Registration Process: Agents should assist buyers and promoters in completing the necessary documentation and formalities required for registration under RERA. They should guide clients in understanding the registration process and its implications.

8.    Conflict of Interest: Agents should avoid conflicts of interest and act solely in the interest of their clients. They should disclose any conflicts of interest to the clients and refrain from engaging in any activities that may compromise their professional integrity.

9.    Dispute Resolution: Agents should cooperate with the RERA authority in case of any disputes or grievances raised by the clients. They should participate in the conciliation process and assist in resolving the disputes amicably.

It is important for real estate agents to understand their duties and obligations under RERA and to conduct their business in a professional and ethical manner. Compliance with these duties helps in fostering transparency, trust, and accountability in the real estate industry

ADV LEENA KAULGEKAR

 


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