Who and why pay a commission to a real estate agent when buying real estate in the UAE?
Buying real estate in the UAE is a strictly regulated process. The parties involved in the transaction, especially real estate agents, must comply with the requirements of the law and the prescribed norms. This source – https://emirates.estate – will tell you more about the work of a real estate agent, his role in the process of buying a property and who pays for his services.
Agent’s legal side
Real estate in the UAE is an area that strictly obeys the law. Each of the emirates has its own body responsible for regulating the real estate sector. In Dubai, this institution is called the Department of Land Resources (RERA). In Abu Dhabi, the municipality deals with the registration of real estate.
Each real estate agent must receive a broker card with an individual number, pass an exam and get certified. To continue working, a specialist must take a state exam every year and score at least 85 out of 100 points.
NOTE! An agent has no right to provide broker services without confirmation of certification and availability of a broker card. If an agent works for a company, it must also be accredited, have a RERA card license and a certificate with a full list of services.
Can an agent be a freelancer?
Yes, it can, but only on the territory of Ras Al-Khaimah and Abu Dhabi. For the provision of services, a specialist also needs to obtain a certificate from the relevant regulatory authority. In Dubai, the work of freelance real estate agents is prohibited.
Real estate agent’s role in the UAE
According to the legislation of the UAE, an agent is a properly qualified person with state registration and deep knowledge of the real estate market. An agent advises and helps to find a property for a certain fee.
There are the following basic requirements for the agent:
- To provide the client with up-to-date information about the real estate market;
- To be aware of current developments in real estate sector;
- To verify documents.
A real estate specialist provides comprehensive transaction support. It means that he selects properties for the client, checks documents, conducts negotiations, as well as analyzes similar objects.
Who pays for the agent services
The real estate market of Dubai and the UAE is considered to be the buyer’s market. Therefore, the payment for real estate services should be carried out. However, everything does not work quite like that. A lot depends on the agreements fixed in the forms of the contract A and B. In accordance with the law, a real estate specialist has the right to receive payment for services rendered from the employer. If the broker was hired by two parties at the same time, then they pay equally.
To buy real estate in the UAE
You will find more interesting offers from leading developers and proven owners of Dubai on Emirates.Estate. Highly-qualified brokers are at your service. If necessary, you can always get advice on any issue here.
