Realtors welcome enactment of landmark Real Estate Bill


See the full joint statement from the Realtor Association of Guyana & Guyana Association of Real Estate Professionals below:


The Realtor Association of Guyana & Guyana Association of Real Estate Professionals are  pleased to express its profound gratitude to the Government of Guyana, with a special mention to  the Attorney General, for the successful passing of the Real Estate Agents and Brokers Bill 2023 by the National Assembly. This monumental legislation signifies a remarkable stride towards the  professionalization and regulation of the real estate industry within the country.

The collaborative efforts between the Realtor Association of Guyana (RAOG) and the Guyana  Association of Real Estate Professionals (GAREP), in partnership with the Government of  Guyana, have culminated in the development of this significant bill. Through a series of  constructive dialogues and consultations with the Attorney General, each provision of the bill  was crafted to encapsulate the perspectives of both associations, consumers and the government,  exemplifying a true consensus-driven endeavor. 

The enactment of this bill marks the initiation of an era of self-regulation, empowering the real  estate sector to take the lead in instituting a comprehensive regulatory framework. Industry  stakeholders will actively participate in shaping qualifications, a code of ethics, and other vital  aspects concerning the overall administration of the law. Rooted in accountability, transparency,  and professionalism, this legislation is poised to elevate Guyana’s real estate landscape,  enhancing its appeal to international entities while fostering trust and confidence among existing  stakeholders. 

A key highlight of the legislation is its emphasis on maintaining consistency and ethical  standards throughout the industry. This encompasses equitable remuneration rates, the  establishment of a comprehensive code of conduct, and the delineation of binding terms and  conditions governing real estate agents’ transactions. 

Notably, the bill also introduces explicit guidelines to ensure the secure handling of clients’ funds  once received by real estate agents, a provision designed to safeguard the interests of all parties  involved. 

In this joint statement from both associations, we express our fervent optimism and  wholeheartedly welcome the passage of this bill. Its potential to revolutionize the Guyana real  estate sector is undeniable. We eagerly anticipate implementing its provisions to catalyze positive  transformation and drive unparalleled growth and success within the industry. 

Once again, we extend our deepest appreciation to the Government of Guyana for their steadfast  commitment to the advancement of the nation’s real estate sector. 

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