Interim Real Estate Committee invites proposals for model legislation

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See below full statement issued by the Real Estate Association of Guyana: 

On May 10, 2022, several members of the real estate industry met with the Attorney General and Minister of Legal Affairs Anil Nandlall, to discuss legislation that will govern the real estate sector.

The Attorney General noted that the real estate sector is one of those that Guyana has an obligation to regulate by way of legislation under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) law and therefore the request was seen as a timely one. He invited submissions of the proposed legislation and explained that it will be reviewed and approved by the Government after consulting with the sector before it is taken to Parliament.

Upon the completion of the meeting with the Attorney General, a subsequent virtual meeting was held with the aim of reaching all other realtors to combine efforts in submitting a comprehensive proposal for the model real estate legislation. During this meeting, a short-term interim steering committee was established to: 1) Expedite the process of submitting the legislation and to, 2) Form one unified association that is built on pillars of inclusivity and fairness for all.

The members of the interim steering committee included: Stefan John, Stanley Wills, Sharia Bacchus, Steven Persaud, Ryan Gomes, Rashawna Alleyne, Rosh Khan, Peter Abai, Pete Persaud, Nicola Duggan, Melissa Khan, Komal Ramnauth, Jewan Ramkumar, Chief Samsair, Alfred Mentor, and Aleem Hussain.

When the association is formed, there will be a democratic process to elect the Executive Management Team based on its membership. The association will also offer different tiers of membership, as it aims to be inclusive to involve all players in the real estate industry. A date regarding the general meeting for the initiation of the real estate association will be announced soon.

While the proposed legislation is being prepared for submission to the Ministry of Legal Affairs, it is important to note that key components of the proposed legislation will include: A code of conduct for real estate agents and brokers, the formalization of the current transaction process with enhancements, greater protections for buyers, sellers, agents, and brokers, and the creation of a state-run real estate authority which will oversee key issues such as real estate training and certification, and the process for implementing cures for real estate issues.

The steering committee hereby requests feedback and participation from all real estate agents and firms. This feedback will be compiled into the proposed legislation which will be submitted to the Ministry of Legal Affairs. Kindly submit all questions and contributions via email to RealEstateAssociationGY@gmail.com by May 27, 2022.

 

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