What you need to know if you are selling property?
Sellers
If you are planning to sell property or are considering hiring a professional to represent you then make sure that you are selecting a RERA registered real estate professional.
A real estate professional is your representative in the marketplace. It is important to take the time to find the right professional.
Always check that your real estate professional is a RERA licensed broker or sales agent. Ask for a professional license number.
An experienced-sales professional should be able to provide buyers with guidance on what price to expect for a property and be able to give examples of successful sales completed for similar properties.
Broker/Seller contract will bring clarity and consistency to the sales process
The introduction of the RERA standard Seller/ Broker contract template will assist all parties by bringing clarity and consistency to the sales process, which will ultimately improve trust and confidence in the sector.
The Seller /Broker contract was developed following consultation with key stakeholders, including brokers, sales agents, buyers and sellers of real estate.
Utilisation of this contract is not mandatory however it is anticipated that the introduction of this standard contract template will be to the benefit of all stakeholders, particularly those engaging in the straightforward sales of single unit properties such as an apartment or villa.
Over the coming months RERA will create a suite of contact templates and additional guidelines to assist with the buying and selling of real estate process.
Selling Property Units before Completion
In the event a buyer (natural person or corporate entity) decides to sell a property unit before completion of the building (flipping), an administration charge is required by the developer of a maximum of 500BD.
In this case the buyer needs to obtain the consent of the developer.