Who are real estate agents and what are their rights?
The current legislation does not contain the concept of “realtor”. In the regulation “On licensing of real estate activities”, approved. Decree of the Government of the Russian Federation dated November 23, 1996 No. 1407 and valid until 2002, gave the following definition: real estate activities were understood as activities involving transactions with land, buildings, structures, residential and non-residential premises:
- on behalf and at the expense of the client;
- on its own behalf at the expense and in the interests of the client.
According to established practice, the responsibilities of a real estate agent currently include not only making transactions, but also:
- selection of options for purchasing real estate;
- legal support of transactions;
- assistance in selling an apartment (evaluation, selection of buyers).
Real estate agencies additionally provide assistance:
- in obtaining a mortgage;
- purchasing housing using maternity capital funds, the Young Family program and other subsidies, etc.
Draft laws defining who realtors are, their rights and responsibilities have been repeatedly submitted to the State Duma. As an example, let's take bill No. 1106182-6, which was rejected in the 1st reading in 2020. The project provided for compulsory membership of a realtor in an SRO, as well as compulsory insurance of real estate activities. We will tell you more about the rights of realtors and their responsibilities below.
Basic rights and responsibilities of realtors when selling real estate
So, we found out that the activity of realtors is to provide intermediary services in transactions with real estate. What is the responsibility of a realtor depends on the drawn up agreement, on what type of intermediary agreement the parties chose and what nuances were recorded in it. You can learn about the types of intermediary agreements and download the form of such an agreement in the article “Agreement on intermediary services - sample”.
Let's consider the rights and responsibilities of a realtor during his intermediary activities during the sale of an apartment.
In this case, the realtor has the right:
- to receive comprehensive information about the property being sold;
- access to the apartment;
- issuing him a power of attorney;
- receiving a reward.
Here are the responsibilities of a realtor for selling an apartment:
- photographing and including the apartment in your database;
- implementation of advertising;
- obtaining various extracts and certificates (you can learn how to obtain an extract from the Unified State Register of Real Estate from our article “How to order and receive an extract from the Unified State Register of Real Estate (USRN)?”);
- selection of buyers;
- Negotiating with buyers/potential buyers;
- showing the apartment to potential buyers;
- drafting contracts for the purchase/sale of real estate and related documents;
- organizing the delivery of documents or submitting documents for registration to Rosreestr (for information on how to submit documents for registration without leaving home, read our article “Procedure for electronic registration of real estate transactions”).
Through a realtor - cheaper?
– Vadim, when I first asked you why it is better to buy a new building through a realtor, you sent me such a large sign, where the first point was a serious statement - “Saving money”! Tell me how this suddenly happens: with an intermediary, suddenly the deal becomes more profitable?
– The seller, as a rule, highly values and praises his product. Naturally, his desire is to sell at a higher price. The appetite of developers is adjusted by the market. As soon as sales “fall”, they resort to various techniques, among which one of the most popular is a discount. Providing a discount on an apartment is voluntary, at the discretion of the individual sales manager. One client may be given a discount, but another may not, or they will simply be overlooked.
Therefore, with the information, a realtor can make sure that the buyer is told about all promotions and special offers. This is a good saving!
Also, a realtor, knowing the needs of the buyer and the supply on the market as a whole, helps solve the housing problem without overpaying for unnecessary options. If you are satisfied with a typical city landscape, then there is no need to overpay hundreds of thousands of rubles for a view of a green square or stream. Probably, each of us once or twice used the services of low-cost airlines when traveling or bought a discount coupon for going to a cafe with friends. So a realtor can help reduce costs when purchasing a new building without being associated with a specific developer - the seller. A professional will study offers from different developers and choose the best options for you in terms of price-quality ratio.
“There, on the sign, there is a wonderful phrase: “We are aware of the situation on the market, what and how much can rise in price.” Vadim, are you Nostradamus?
