Very good news for home buyers and home sellers. They will no longer have to pay an arbitrary Broker Commission to buy a property. Real Estate Regulatory Agency (H-RERA) of Haryana has ordered property dealers and brokers that they will not be able to charge more than 1% commission in the sale of the property.
Why had to take the decision
Actually, when you go to buy a property, apart from the price of the property, registry charge, broker commission is also to be paid. Due to this commission, the property becomes very expensive. Many times the commission of this property gets spoiled till the planning of buying the property. Brokers charge commission as much from a home seller as commission. Property dealer-brokers in Haryana are charging arbitrary commission from both seller and buyer in the purchase and purchase of the property. There have also been many disputes over this commission. Haryana RERA (HARERA) is also continuously receiving complaints about the arbitrary commission.
What is the decision of Haryana RERA?
The Real Estate Regulatory Agency (H-RERA) of Haryana has set several standards regarding the commission of property dealers and these standards will be strictly followed. Now the builders will not be able to take a commission in excess of the amount stipulated in the Haryana Property Dealers and Consultants Regulatory Rules, 2009, made under the Haryana Property Dealers and Consultants Regulatory Act, 2008. Under which brokers cannot charge more than 1% commission, half of the property will be sold by the seller and half will be bought by the buyer.
Already have rules
Although as far as the rule of a commission is concerned, this rule has already been made, but no one follows this rule. According to the rule, under the valid receipt, the buyer and seller have to pay half a half amount on the completion of the transaction of the property transaction. Herrera was receiving complaints that some dealers and brokers, in connivance with the promoters, were charging arbitrary fees from both the seller and the buyer. And in some cases of recovering this commission of 5-10 percent also came up, the special thing is that the burden of this extra commission is being passed on to the buyer.
After this step of Haryana RERA, it is expected that this rule will be strictly enforced in other states as well.