The Real Estate (Dealers and Developers) Act is to be amended to increase fines for breaches and protect the interests of all players in the real estate market.
Minister of State in the Ministry of Water, Land, Environment and Climate Change, Hon. Ian Hayles, made the announcement during his contribution to the 2013/14 Sectoral debate on June 18 in the House of Representatives.
He explained that the Act is being revised to “tighten-up” the accountability of real estate professionals, especially developers, as the Real Estate Board has been called upon to expend huge resources to defend the welfare of purchasers, where developers have failed to honour contractual obligations.
“The Board is also increasing the penalty fees for breaches of the Act. Legislation will have to be drafted to ensure that the Board is able to carry out new anti-money laundering duties that it was instructed would be assigned,” he noted.
Mr. Hayles also informed that the Real Estate Board will be regulating timeshare properties in Jamaica and licensing the marketers of timeshare.
He said the Ministry of Tourism is piloting legislation to regulate timeshares in Jamaica, with the Board slated to become the Registrar of Timeshare.
“Although timeshares are generally thought of as a tourism product, it is real estate-based, hence the interest of both bodies in the matter. The board will also have to licence the agents, who sell timeshares. The legislation to support these new responsibilities will be tabled shortly,” he noted.
Contact: Latonya Linton