RERA launches property contract
The Real Estate Regulatory Authority (RERA) yesterday launched a template for standard Seller/ Broker contract, which the authority said, “will improve trust and confidence in the sector.” “The template will assist in bringing clarity and consistency to the sales process, which will ultimately improve the trust and confidence in the sector,” Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive of the Real Estate Regulatory Authority (RERA) said.
“Since RERA commenced operations in March 2018, we have encouraged sellers and brokers to sign contracts to protect their legal rights,” added Shaikh Mohammed. The Seller /Broker contract was developed following consultation with key stakeholders, including brokers, sales agents, buyers and sellers of real estate. The contract template can be downloaded for free from the RERA website www.rera. gov.bh.
The RERACEO, however, said that the utilisation of this contract is not mandatory. “However, it is anticipated that this standard contract template will benefit stakeholders, particularly those engaging in the 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.