Standard seller/broker contract template to improve trust and confidence in the sector
The Bahrain Real Estate Regulatory Authority (RERA) has announced the launch of a property seller/broker contract.
The move is designed to improve the efficiency, effectiveness and transparency of the real estate sector, according to the regulatory authority.
As per a release from RERA, the seller/broker contract was developed following consultations with stakeholders including brokers, sales agents, buyers and sellers of real estate.
“RERA is continuously looking at ways in which it can improve the efficiency, effectiveness and transparency of the real estate sector. Since RERA commenced operations in March 2018, we have encouraged sellers and brokers to sign contracts to protect their legal rights,” said CEO Shaikh Mohammed bin Khalifa Al Khalifa.
RERA says the introduction of a standard seller/broker contract template will support all parties by bringing clarity and consistency to the sales process, which will improve trust and confidence in the sector.
“The utilisation of this RERA standard seller/broker 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,” added Al Khalifa.
Additionally, the regulatory authority says it plans to create a suite of contact templates and additional guidelines to assist with the buying and selling of real estate process in the coming months.