What you need to know?

Property Developers

One of the most significant changes under RERA Law 27 of 2017 is the introduction of a licensing requirement for real estate professionals.

Real estate sales agents will be required to hold a specific license to sell property and be affiliated with a RERA licensed broker.



Continuous Professional Development for Real Estate Professionals

As part of the licensing process all brokers and sales agents must participate in the RERA Continuous Professional Development Programme. Bahrain Institute of Banking and Finance (BIBF) is accredited by RERA to deliver these professional training programmes(CPD).




Anti-Money Laundering

Real Estate Professionals are required to comply with Law No 4 of 2001 concerning the Prohibition of Money Laundering. The Ministry of Industry, Commerce and Tourism has published Guidelines and Forms relating to AML:

Escrow Accounts

Buying a property off plans can be a risky endeavor. Buyers cannot see the unit they are purchasing nor can they visit the property. Escrow accounts provide a level of protection to buyers.

More Details

Brokers & Sales Agents at a Glance

REAL ESTATE BROKERS AND REAL ESTATE SALES AGENTS MUST HOLD A RERA LICENSE

In order to sell property in Bahrain, specific RERA licenses are required. You can process your application for a RERA license online or apply in person at RERA’s office.

APPLICATION IS STRAIGHTFORWARD

To process an application for a license, you will need to provide RERA with specified personal, professional and financial status documents. In addition, RERA will charge you fees to process your application. All licenses will be reviewed annually and may or may not be renewed, depending on whether you have comply with RERA regulations.

REAL ESTATE SALES AGENTS AND REAL ESTATE BROKERS

In accordance with RERA Law 27 of 2017 a real estate sales agent must be affiliated with a RERA-licensed broker or a property developer and will not be permitted to operate independently.

RERA CODE OF CONDUCT

You must familiarise yourself with the Code of Conduct adopted by RERA. All real estate brokers and real estate sales agents are required to comply with the standards set out in the RERA Code of Conduct

PROFESSIONAL DEVELOPMENT PROGRAMMES

RERA provides a series of continuing professional development programmes (CPDs) for real estate professionals. Successful completion of specified CPD programmes is a prerequisite for renewal of your annual RERA license

REAL ESTATE REGISTER

Brokers will be required to maintain a register where brokerage transactions are recorded which in turn will be submitted to RERA at the end of every financial year.