Real Estate Board Clamping Down on Illegal Developers

The Real Estate Board (REB)/Commission of Strata Corporations (CSC) is clamping down on the number of unregistered real estate developers who are selling properties illegally. The Real Estate Board (REB)/Commission of Strata Corporations (CSC) is clamping down on the number of 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. 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,” Chief Executive Officer of the Real Estate Board/Commission of Strata Corporations, Sandra Garrick, told JIS News.Mrs. Garrick said that in one of the cases the unregistered developer was marketing and selling units 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 emphasised.Mrs. Garrick is also encouraging  purchasers to do their due diligence when buying a 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.Mrs. Garrick pointed out that there are times when the REB may give a developer  tentative approval, but will not grant the developer approval to market the units.“If modification needs to be made to the covenant on a title we never allow units to be pre-marketed or pre-sold,” she said.She explained that a covenant is a contractual agreement enforceable by a court and the agreement can be phrased to prohibit certain actions on a property or safeguard the benefits derived from the leasing or sale of the property.Mrs. Garrick informed that purchasers may share copies of their contract with the REB along with a note stating the amount deposited for the purchasing of the property. This, she said,  will alert the Board that the developer is selling.“You run the risk of not being completely protected by the law when you do business with unregistered developers and losing your money. It is all well and good if everything goes okay, but if it doesn’t, it is the REB’s charge that protects you. The Board can position itself to sell the development and refund you your money or hold the developer to completing the unit, so that you can have it,” she told JIS News.Mrs. Garrick pointed out that it is in the developer’s best interest to register with the Board, as it provides credibility and allows the Board to act as a third party in staking claims on their behalf. Story Highlights Mrs. Garrick said that in one of the cases the unregistered developer was marketing and selling units in an unregistered scheme for which the developer had not yet acquired land. “For the second time in 2019 we have had a conviction for an unregistered developer, and both cases are now at the sentencing process. 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,” Chief Executive Officer of the Real Estate Board/Commission of Strata Corporations, Sandra Garrick, told JIS News. read more

Merger Of Gaming Agencies Will Provide Stronger Oversight – BGLC Chairman

Story Highlights Chairman of the Betting, Gaming & Lotteries Commission (BGLC), Clovis Metcalfe, says the merger of Jamaica’s three State-run gaming agencies will effect stronger oversight and sustainable regulation of the local gaming industry. “Having prepared for that merger, our organisations are transforming,” said Mr. Metcalfe while addressing local and foreign stakeholders at the opening ceremony of the International Association of Gaming Regulators (IAGR) Conference 2019, at the Half Moon Hotel in St. James on Monday, September 30. The entities – BGLC, Jamaica Racing Commission (JRC), and Casino Gaming Commission (CGC) – are currently undergoing a merger to create one entity – the ‘Jamaica Gaming Commission’. Chairman of the Betting, Gaming & Lotteries Commission (BGLC), Clovis Metcalfe, says the merger of Jamaica’s three State-run gaming agencies will effect stronger oversight and sustainable regulation of the local gaming industry.The entities – BGLC, Jamaica Racing Commission (JRC), and Casino Gaming Commission (CGC) – are currently undergoing a merger to create one entity – the ‘Jamaica Gaming Commission’.“Having prepared for that merger, our organisations are transforming,” said Mr. Metcalfe while addressing local and foreign stakeholders at the opening ceremony of the International Association of Gaming Regulators (IAGR) Conference 2019, at the Half Moon Hotel in St. James on Monday, September 30.“Together, we will be a stronger, comprehensive regulator that will exercise its mandate to assure compliance, promote responsible gaming, and protect the public and those who are most vulnerable to the potential negative impacts of our industry,” he said.Mr. Metcalfe, who is also Chairman of the CGC, noted the new regulatory entity will also be tasked with maximising government revenue by facilitating the orderly growth of Jamaica’s gaming industry.In the meantime, he said the decision to host the annual conference provides an opportunity for the country to network with colleague regulators from around the world, to “benchmark global industry standards and best practices”.“Hosting the conference in Jamaica provides a unique opportunity for more of our team members to directly participate at the forum and experience first-hand the networking and knowledge sharing among global industry experts,” said Mr. Metcalfe.“We hope this will be a catalyst for greater participation of this region in the Association (IAGR),” he added.The conference will be held from September 30 to October 3, and is being held for the first time in the Caribbean. In attendance are regulators and industry representatives from North America, the Caribbean, South and Central America, Europe, Africa and Asia.The event will feature presentations and discussions by more than 40 speakers and panellists covering diverse topics that reflect the gains, challenges and complexities of the industry in the respective jurisdictions. read more