A brokerage plans to market units in an off-plan project that Mashrooi shows as registered, with an escrow account in place. The developer's sales head has agreed terms with the broker only by phone. What does the Practice Guide still require?
The Practice Guide sets the conditions for marketing off-plan projects: the project must be licensed and registered with RERA, an escrow account must be linked to it with buyers told to pay only into that account, and there must be a marketing contract between the developer and the brokerage office. The first two conditions are met; a phone agreement is not a marketing contract. Brokers never hold buyers' off-plan money in their own accounts, and title deeds do not exist for units still under construction. Source: RERA Real Estate Brokerage Practice Guide, 2nd ed., Nov 2024, 'Marketing Mechanism for Off-plan Projects' (in force 12 Oct 2026).
Stopping after the registration and escrow checks and forgetting the developer-brokerage contract.
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