The Real Estate Regulators are here
A group of five persons now have the legal rights and tasks of monitoring the activities that take place within the local Real Estate Industry under the Real Estate Agents and Brokers Act of 2013.
Sharon Roopchand-Edwards, Chief Samsair, Dhaneshwar Deonarine, Ayana Fable, and Samantha Reid all received their instruments of appointment from the Minister of Tourism Industry and Commence Oneidge Walrond, on Friday morning.
The five were drawn from the Ministry of Tourism Industry and Commence, the Realtor Association of Guyana, the Competition and Consumers Affairs Commission, and Attorney General Chambers respectively.
The Real Estate Agents and Brokers Act of 2013 among other things, seeks to promote transparency, and accountability, and guard against money laundering, financing of terrorism, and the proliferation of finances
Once properly functional, the authority is expected to develop a register with qualified and authorized persons who will be registered as Real Estate Agents and or Brokers.
The Act states that anyone who has been previously convicted for an offense relating to fraud, dishonesty, or violence within ten years [be it] in Guyana or elsewhere of their application, convicted of an offense under the terrorism or terrorist-related activity act, anti-money laundering/ countering the financing of terrorism act, is the subject of a bankruptcy order, is the subject of extradition proceedings, bar in any country outside of Guyana from being a Power of Attorney shall be disqualified from being registered as a Real Estate Agent of Broker.
Those seeking to become registered will have to have their information published to allow for a free and transparent process where the public will have an opportunity to state reasons why they are objecting to that specific person or entity becoming a Real Estate Agent or Brooker.
In her remains after issuing the members with their instrument of appointment, Minister Walrond encouraged the members to conduct their functions with the highest level of integrity of fairness as she wished them well.
For years, some Guyanese have been complaining about the standards of the places being rented to them and the costs being attached to those rentals and in some cases sales.
The Real Estate Industry in Guyana has shifted to a higher gear with prices for apartments and spaces being doubled in some instances making it almost unaffordable for some persons. The upward shift came about shortly after Guyana discovered oil in commercial quantities which saw an influx of non-nationals and companies seeking offices, homes, and business spaces.
