Registered property broker

Registered property broker – on the real estate market, agents who act as intermediary and connect the seller and the buyer, should be regulated by Bar or Organization which to supervise and rule their business activities. This is important because the interests of the seller and the buyer need to be secured and unfortunately in some developing countries the real estate agents do not take liabilities towards nor the seller or the buyer. Such non-regulated trading figures do not guarantee for the property which they are “selling”, but actually only advertising and doing nothing else. Real estate agent is not the seller and does not have any ownership rights. This is why there are examples where real estate agents only connect the parties, take their commission fee and vanish, leaving one of the parties with a dodgy deal. For instance, you buy a plot of land, advertised to be with proper legal status, but at the end of the day it turns out that there are burdens on it. Then the person, who has advertised this problematic property to you, should be liable to you together with the actual seller. This is why proper regulation by Bar, together with business insurance, should be present for real estate brokers in every jurisdiction.

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