Persons looking to invest in real estate are being urged to contact the Real Estate Board (REB) before entering into any contractual agreement.
This device came from Chief Executive Officer (CEO) of the REB/Commission of Strata Corporations (CSC), Sandra Garrick, during in an interview with JIS News.
“It is important to remind the public that before they enter into any real estate transaction, they are to contact the Board… to ensure that the developer is registered [and] that the dealer or the salesman they are dealing with is registered and licensed,” said Mrs. Garrick.
By conducting the necessary due diligence, prospective homebuyers will be able to protect their “hard-earned money”, she pointed out.
“Real estate investment is one of the biggest investments any individual will make, and it’s easier for the Board to help you upfront than after you’ve put yourself into a box of bricks for the Board to help you to get out,” Mrs. Garrick said.
The CEO informed that all dealers, salesmen and developers are required to renew their registration and licences by April 1 each year.
She noted that failure to register a development is a criminal offence.
Information on registered real estate professionals can be found on the REB website at http://www.reb.gov.jm.
The REB is the government agency responsible for regulating Jamaica’s real estate industry.
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