Procedure to start business of estate agent
sudhakar s. yeradkar
(Querist) 16 February 2015
This query is : Resolved
Dear Sirs,
My friend intend to start business of Real Estate Agent after taking office on rental basis. We would like to know procedure / basic requirements and rules regulations to start the business.
What are the agents responsibilities in the deals of Rent / Selling of Flats or Shops.
Expecting your earliest expert reply in this regards,
Thanking you.
Jayashree Hariharan
(Expert) 16 February 2015
Please register it under shops and establishment Act
If you are going to be partners, get done a Partnership Deed, or you can conduct business informally, but at your risk.
As for the responsibilities, you will be in the place of the seller for the purpose of explanations and other procedures, so you are atleast partly responsible. seller and buyers are also responsible.
Rajendra K Goyal
(Expert) 17 February 2015
Get your firm registered as per constitution of firm (i.e. proprietorship, partnership etc.). Take local municipal licences. Service tax no. may have to be taken. Any other local license may have to be taken as applicable.
Honesty and integrity are basics for any business.
prabhakar singh
(Expert) 17 February 2015
There is no regulator yet in this area.
Any office premise carrying on business is expected to be registered under shops and establishment Act of the state concerned.
There are four way to carry on any business:
Individually in sole proprietorship, selecting a firm name of choice;or
In partnership where two or more can run it, selecting a firm name of choice,and getting a partnership deed executed in writing and getting the same registered with registrar of firms of area concerned,though deed in writing and registration of firms are optional,yet strongly recommended;or
By forming and getting registered LLP;or
By forming and getting registered a Private or a listed or unlisted public limited company.
The responsibilities in the deals of Rent / Selling of Flats or Shops of an agent/broker are to live up on commitments made to client,even if not in writing because it is that which earns GOODWILL and helps in augmenting business .
ajay sethi
(Expert) 17 February 2015
agree with prbahkarsingghji
T. Kalaiselvan, Advocate
(Expert) 18 February 2015
I too agree with the opinion and advises of expert Mr. Prabhakar Singh on the subject issue.
