Bahrain’s Real Estate Regulatory Authority (Rera) has launched the property seller/broker contract in a bid to improve the efficiency, effectiveness and transparency of the real estate sector.
The Seller/Broker contract was developed following consultation with key stakeholders, including brokers, sales agents, buyers and sellers of real estate, said a statement from Rera.
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.
Speaking at the launch, CEO Shaikh Mohammed bin Khalifa Al Khalifa said that 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, they have encouraged sellers and brokers to sign contracts to protect their legal rights.
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, he added.
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.