Tabled before plenary on Thursday chaired by Deputy Speaker Jacob Oulanyah, the bill defines a Real Estate Agent as a licensed professional, who brings a buyer and a seller together and acts as a representative of one of the parties. It further describes a Real Estate Agent as a person who receives payment on behalf of a seller or buyer for a commission or percentage of the property’s sale.
MP Richard Othieno told parliament that the Bill seeks to regulate the sector were most real estate agents make money through commission for services rendered in sale and purchase of properties. Okoth observed that although Parliament passed the Landlord and Tenants Act in 2019, the Real Estate Agents were left out unregulated.
He says that the absence of the law to govern the operation of the real estate’s agents predisposes unsuspected sellers and buyers of property to some unscrupulous real estate agents. Othieno says that the Bill will streamline and aid the real estate growth in the country.