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Passage of landmark Real Estate Agents and Brokers Bill represents strides in professionalism and regulation – Realtors
Kaieteur News – The Realtors Association of Guyana has lauded the passage of the Real Estate Agents and Brokers Bill by the National Assembly which they say signifies a remarkable stride towards the professionalization and regulation of the real estate industry within the country.
The development of the Bill was a collaborative effort between the Realtor Association of Guyana (RAOG) and the Guyana Association of Real Estate Professionals (GAREP), in partnership with the Government of Guyana.
In a joint statement, the two groups noted that the new legislation was developed through a series of constructive dialogues and consultations with the Attorney General.
“Each provision of the bill was crafted to encapsulate the perspectives of associations, consumers and the government, exemplifying a true consensus-driven endeavor,” the bodies said in their statement.
They noted too that the passage of the 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.”
According to the Realtors Association, the legislation has 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.
The joint statement from both associations expressed optimism and wholeheartedly welcomes 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,” they said.
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