Role & Responsibilities of a Real Estate Agent

A real estate agent acts as a professional intermediary in a property deal, managing everything from initial consultations to closing. Their role includes assisting buyers in finding suitable properties and helping sellers market and price their homes, coordinating negotiations, managing paperwork, and overseeing the process to ensure a smooth transaction. They facilitate communication between all parties involved, such as buyers, sellers, lenders, and escrows, and resolve potential issues that may arise.  

The main functions of Real Estate Agents:

1. The role of a bridge between the buyer and the seller:
A real estate agent or broker plays a major role between the buyer and the seller or the tenant and the owner when making a deal of sell or purchase.

2. Property Marketing:
Advertising the property, online or in physical ways, to reach as many buyers or tenants as possible.

3. Market Research:
Knowing area rates, property values, trends, and other market data to provide clients with accurate advice.

4. Preparing and reviewing legal documents:
Preparing or reviewing contracts, sales contracts, leases, and other legal documents.

5. Client Guidance:
Showing suitable properties to the buyer, helping the seller determine the price of the property, and explaining the advantages/disadvantages of the property.

6. Negotiation:
To negotiate the purchase or sale price, terms and conditions to satisfy both parties.

7. Ethical Responsibilities:
To deal with clients with transparency, honesty, and trust. Avoiding any kind of fraud or misrepresentation.

8. Registration and Licensing:
To keep oneself registered with the relevant agency as per the law and to abide by the rules.

9. Post-Deal Support:
To provide support to clients in transferring documents, utility connections, or any legal assistance after the deal is completed.

Responsibility in Dispute Resolution:

In case of any dispute between the seller and the buyer, the role of the real estate agent is very important, impartial, and conciliatory. This can be summarized in the following points:

1. Role of the Mediator:
The agent tries to resolve the misunderstanding or dispute between the two parties through mutual understanding so that the matter does not escalate to court or dispute.

2. Clarifying the terms of the contract:
If there is a disagreement on any clause in the contract, the agent clarifies it and reminds the parties of what they signed.

3. Impartiality:
The real estate agent has a duty not to take sides with either party but to consider the interests of both.

4. Legal guidance:
The agent tries to resolve the dispute outside the legal jurisdiction, but if the problem escalates, he advises the parties to seek legal advice.

5. Documentary transparency:
In the event of a dispute, the agent helps to clarify the truth by bringing forward all the documents, receipts, contracts and messages in his possession.

6. Finding an alternative solution:
If there is a problem with the property (for example, non-payment or non-possession), the agent tries to save the deal by proposing an alternative solution.

7. Restoring trust:
The agent tries to restore the trust of both parties and complete the deal amicably.

Remember: With a good, registered and experienced agent, the chances of disputes are less, because he keeps things in writing, transparent and clear from the beginning.

Whether the real estate agent is responsible for the money in case of a dispute or not — it depends on the following factors:

1. If the money was received or given by the agent:

• If the agent himself received the money or kept it in his account (advance, token or full payment), he will be directly responsible for it.
• In such a case, if the money is misused or the parties suffer losses, the agent may be legally liable.

2. If the agent has only made the agreement:

• If the agent has only made the agreement and the money is directly given by the buyer or seller to each other, then the agent is not liable for the money.
• In this case, the agent is considered to be only a mediator or facilitator.

3. Written Agreement:

• If the agent has made a written agreement with the parties that mentions the procedures, conditions and responsibilities of the token or advance, then this agreement will determine who is liable.
• If the agreement states that the agent will only provide facilitation, then his legal liability will be less.

4. Liability of registered and licensed agents:

• If a registered agent exceeds his responsibility or does not maintain transparency, regulatory bodies (such as Excise or Real Estate Council) can take action against him.