Before the regulation of the real estate agent profession, there was total confusion in the real estate sector. The public was confronted with all kinds of individuals claiming to be real estate agents. Today, there are legitimate, state-recognized and approved Real Estate Agents. These are professionals.
Decree No. 2007/1138 / PM of September 3, 2007, signed by the Prime Minister, sets the application modalities for this law.
Real estate is a sector that includes a wide range of activities with diverse methods of intervention.
The law we refer to covers the following real estate operations:
- The purchase, sale, rental, or subletting of both developed and undeveloped properties.
- The purchase, sale, rental, or management of business assets.
- The subscription, purchase, or sale of shares or stakes in real estate companies, granting the right to property or enjoyment of premises.
- The purchase, sale of non-tradable shares, when the corporate assets include real estate or a business.
- Real estate management.
A true real estate agent is one who is state-approved and holds a professional card signed by the Minister in charge of housing.
A true real estate agent is one who is traceable, with an office. You have the right to ask for their approval references and professional card number. You can confidently give such an agent a mandate for brokerage, property management, or property sales. It is at your own risk if you engage with fake real estate agents or street solicitors.
A real estate agent lives off their profession. In addition to the fees they receive for administrative charges, they are compensated for their work by commission. The fees for file openings, research, visits, advertising, and lease drafting are legally set at twenty-five thousand (25,000) CFA francs (Article 34 of Decree No. 2007 / 1138 / PM of September 3, 2007). Sometimes, real estate agents accept a minimum of ten thousand (10,000) CFA francs.
In the case of property sales, whether developed or undeveloped, the agent’s commission is legally set between eight percent and four percent (8% and 4%) excluding taxes, depending on the property value (Article 32-a of Decree No. 2007 / 1138 / PM of September 3, 2007).
With taxes included, the commission ranges between 09.54% and 04.77%. Often, real estate agents round it off to between ten percent and five percent (10% and 05%) including taxes.
For rentals, the agent’s commission is legally set at ten percent (10%) of the net rent for one year (Article 32-b of Decree No. 2007/ 1138 / PM of September 3, 2007). It is often the case that real estate agents accept one (01) month’s net rent to avoid lengthy calculations.
For furnished apartments and villas, the real estate agent receives a commission of ten percent (10%) of the total amount calculated for the entire stay of the client.
Always have the reflex to hire a State-approved real estate agent!
This way, you will make your decision with full knowledge of the facts, avoid long and costly lawsuits, and carry out your real estate transactions securely.
For more information, please write to us or call us.
Phone: (237) 675 19 52 03 / 698 38 82 04 / 699 95 79 64
Email: info@codecis.com
