Real Estate Services Act (Republic Act 9646)

Recently, a client of mine in Angeles City, approached me and asked me to help him because he was told by a freelance real estate agent to purchase a property. The freelance real estate agent in Angeles told him that he would process a bank loan for him to acquire the said property. And the agent said that, for him do this, the client needed to pay the “downpayment” or equity at one time plus processing fees. The client then was obliged to pay the downpayment and processing fees to the freelance real estate agent, to process the loan and execute a Contract to Sell with the Angeles property seller. The agent drafted a contract to sell and was executed between the seller and the client. The freelance agent then collected an “advanced commission” for the downpayment made by the client, from the Real Estate property seller in Angeles City.

After that incident, the agent was never seen. The client has been following up on him through phone calls about the bank loan but the freelance real estate agent in Angeles was giving so many reasons for the delay and told that if the client give an additional “grease money” it will speed up the loan process. That was the time when he suspected something wrong was going on. Time was running out before the downpayment is forfeited, so this client decided to approach me. I told him the proper procedures in acquiring a bank loan and purchasing real estate property in Angeles City. That’s when this client realized he’s been swindled by this so-called freelance real estate agent! Both the seller and the buyer has been conned by this freelance real estate agent in Angeles City! I’ve heard countless incidents like these in the past and many more of these are waiting to happen because many people are ignorant or they just don’t care that certain laws exist to protect real estate clients.

And due to the rampant violations of the law called Real Estate Brokerage Law (Republic Act 2728) with implementing rules and regulations (DTI M.O. No. 39 Series of 1985), it seemed like this law had no teeth as any Tom, Dick or Harry can pose as “freelance” real estate salesperson and process real estate transactions. This law was absolutely not respected as we heard many instances in the past of unscrupulous freelance real estate agents selling lands with fake titles to some of our fellows, and such similar acts. Since the real estate practice is in this predicament, many of these so-called freelance real estate agents had gotten away with these illegal practices. There were no-way for their client-victims to go after them freelance real estate agents because they have no license to go after! And these freelance real estate agents never hesitated in continuing their illegal practice because there was never been any illegal real estate agent in the history 0f the Philippines who was apprehended, tried and punished for illegal real estate brokerage practice!

Hence you’ll find these illegal real estate agents posting advertisement on the internet, classified ads, newspapers, etc. and they don’t fear no consequences of their actions because they have no license to protect.

I believe the reason why DTI M.O. No. 39 Series of 1985 was not followed by these freelance real estate agents is because the real estate practice didn’t have the respect it truly deserved. Back then, the Real Estate Service Practice was not viewed as a profession but rather just a mere “trade” or “business”. Hence the common notion that one doesn’t need to be a licensed professional to offer real estate services was widespread!

These were the reasons why the Real Estate Services Act was enacted into law, or the Republic Act 9646. This law promises to dramatically change the Real Estate Service landscape by imposing the law with its full power. This development hopes to bring the industry to a much higher level by setting up standards and guidelines of qualifications for real estate services providers. More important thing to monitor, I believe, is the actual implementation of this law. All of us who are legally practicing licensed Real Estate Service providers are banking on this law to protect the industry and the buyers and our nation as a whole from illegal real estate practices that are rampant nowadays. We will closely monitor how the law will sink its’ sharp teeth to those who violate the it and punish the culprits.

In this regard, the real estate industry will be more competitive, competent and more professional. So without further ado, may we present you —> the Real Estate Service Act of the Philipines of 2009, Republic Act 9646.

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ALWAYS TRANSACT BUSINESS WITH LICENSED REAL ESTATE SERVICE PROVIDERS!!!

DEALINGS BY UNLICENSED REAL ESTATE AGENTS ARE PUNISHABLE BY LAW. Republic Act 9646

CHECK IF YOU'RE DEALING WITH LICENSED REAL ESTATE BROKERS HERE

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Cheers,

Gary Louis David

Real Estate Broker License No. 0003469

VP for Marketing KingDavid Realty Co.


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