A real estate agent, also known as a realtor, facilitates property transactions such as buying, selling, or renting on behalf of clients. The Real Estate Agency Act 2020 (“Act 1047”), was created to regulate the real estate transactions as well as real estate agents in Ghana. However, individuals involved in real estate transactions in the normal course of their personal or business affairs are exempt from the Act.
Section 22 of Act 1047 outlines that individuals are prohibited from engaging in real estate agency services, acting as real estate brokers or agents, or participating in any real estate-related business without a valid licence issued under this Act. Therefore, operating as a real estate agent in Ghana without a licence is unlawful. Prospective agents must apply for licences through the Real Estate Agency Council established by the Act.
Licences may be granted under specific conditions, including passing a qualifying examination determined by the Board of the Real Estate Agency Council or an authorized testing service designated by the Board, amongst others.
Individuals with criminal convictions related to state security, fraud, dishonesty, or moral turpitude are ineligible for licensing. Furthermore, obtaining professional indemnity insurance coverage is mandatory for licence acquisition or alternatively, applicants may engage a licensed surety company to provide insurance coverage.The issuance of licences also requires applicants to possess a Tax Identification Number.
In summary, Act 1047 governs the conduct of real estate agents in Ghana, aiming to uphold transparency and professionalism in property transactions while safeguarding the interests of individuals engaging with these agents for buying or selling properties.
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