SEVERAL stakeholders within the real estate industry met recently with Attorney-General and Minister of Legal Affairs, Anil Nandlall, S.C., to initiate consultations on the formulation of legislation to govern operations within the country’s fast growing real estate industry.

According to a press release, the Attorney-General said that the real estate industry was one which Guyana had 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 from stakeholders was seen as timely.

He invited submissions of recommendations for the proposed legislation and said that it will be reviewed and approved by the government after consulting with industry stakeholders before it is taken to Parliament.
As a follow up to the meeting with the Attorney-General, a virtual meeting was held with the aim of reaching all other realtors to formulate a comprehensive proposal for the model real estate legislation.

The press release further stated that, during the meeting, a short-term interim steering committee was established to expedite the process of submitting the legislation and to form one unified association that is built on pillars of inclusivity and fairness for all.

The members of the interim steering committee are 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.

An association will soon be formed, and 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 formalisation 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 devising solutions for real estate issues.

“The steering committee hereby requests feedback and participation from all real estate agents and firms,” the press release stated.
This feedback will be compiled into the proposal which will be submitted to the Ministry of Legal Affairs. Coordinators of the process have asked that all questions and contributions be submitted via email to RealEstateAssociationGY@gmail.com by May 27, 2022.