THE PROFESSION OF REAL ESTATE AGENT UNDER CAMEROONIAN LAW: WHAT OBLIGATIONS FOR WHAT REMUNERATION?

The profession of real estate agent is framed in Cameroonian law by law N ° 2001/020 of December 18, 2001 on the organization of the profession of real estate agent, and its implementing decree N ° 2007/1138 / PM of September 3, 2007 laying down the conditions for accessing and exercising the profession of real estate agent. In order to solve the problem linked to the housing crisis with a demand for housing estimated at 11,750,000 for an offer of around 540,000 dwellings in urban areas, according to the National Institute of Statistics, according to a survey report published in July 2020, it is imperative for public policies to develop specific rules, in order to facilitate access to housing, or even access to land, for all. It is with this in mind that, apart from the vast social housing construction projects initiated by the State and its private partners, the faculty has been given to certain professionals to carry out real estate transactions and make it their usual profession. Understand by real estate transaction: “the purchase, sale, rental or subletting bare or furnished of built or unbuilt buildings; 2. The purchase, sale, rental or lease-management of businesses; 3. the subscription, purchase, sale of shares or shares in real estate companies giving rise to the allocation of premises for use or ownership; 4. The purchase or sale of non-negotiable shares, when the corporate assets include a building or a business; 5. property management”.

The real estate agent therefore appears as a link between real estate supply and demand. He is a professional who, in order to exercise, must observe strict compliance with the regulations in force, in particular with regard to the conditions for exercising his profession: it is therefore necessary to obtain an entry in the register of real estate agents from the Minister in responsible for housing for the issue of a professional card, provide the required financial guarantee, subscribe to an insurance policy and have never been convicted of an offense relating to the loss of wealth or abuse of confidence. But what are the obligations of a real estate agent vis-à-vis his client and, moreover, what are his rights?

THE OBLIGATIONS OF A REAL ESTATE AGENT

To have a good understanding of the obligations of the real estate agent, it is useful to convene section II of the second chapter of the law of 2001 which addresses them in abeyance.

Indeed, it is essential to know that the real estate agent is above all, an agent of his principal. The latter can be either an offeror or an applicant for real estate.

In this capacity, the agent is required to carry out the mission entrusted to him with expertise and diligence in the spatial and temporal extent entrusted to him. It therefore has the option of using third parties for the effective implementation of this mission. It is in this sense that he can call on brokers, colleagues or intermediaries of his choice. He can also personally take charge of carrying out his tasks. It should be added that the real estate agent, while respecting the limits of his mandate, is not bound beyond what is agreed in the mandate. All this therefore imposes a consideration, generally called “commissions”, which aims to compensate the real estate agent.

THE REAL ESTATE AGENT'S REMUNERATION

Chapter IV of the 2007 decree provides clear information on the remuneration due to a real estate agent to compensate for his services. Thus, Article 32 uses the sale or rental price as a criterion for attaching the remuneration due to this professional. Thus, the remuneration based on the facilitation of a rental or a sale, can be quantified either at a fixed amount, or as a percentage agreed upon by agreement, within the limit authorized by law.

It is also possible for the real estate agent to demand from his client, in addition to his remuneration, costs related to the opening of the file, to research, to advertising, to the drafting of the lease contract, or at the visit.

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Key words

Real estate agent

Remuneration; Fees

Real estate transactions

Mandate.