KINGSTON, Jamaica, Monday July 22, 2019 – The Real Estate Board (REB)/Commission of Strata Corporations (CSC) is clamping down on unregistered real estate developers who are selling properties illegally.
“For the second time in 2019 we have had a conviction for an unregistered developer, and both cases are now at the sentencing process,” said Chief Executive Officer of the Real Estate Board/Commission of Strata Corporations, Sandra Garrick.
“We want to remind persons that the Real Estate Board/Commission of Strata Corporation is committed to ensuring that if developers fail to register they will answer to the law.”
Garrick added that in one of the cases, units were being marketed and sold in an unregistered scheme for which the developer had not yet acquired land.
“Part of the REB’s responsibility is to oversee that purchasers receive what they have contracted and that monies paid over to developers are used as the Real Estate Act prescribes, meaning the funds are put in a Trust account and not used as the developer’s personal money,” she emphasized.
Garrick also encouraged purchasers to do their due diligence when buying property.
“As a purchaser, the first thing you should do is ensure that the real estate developer is registered with the REB and is allowed to contract business, sell units and advertise. A list of registered developers can be found on the REB’s website and persons may call the Board to do checks,” she said.
Garrick pointed out that there are times when the REB may give a developer tentative approval, but will not grant the approval to market the units.