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Sandra Watson

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JAMAICA MORTGAGE BANK SEMINAR Presented By Sandra Watson (General Manager) A Person Should Not Enter Into a Contract To Sell Units or Lots in a Development Scheme ... – PowerPoint PPT presentation

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Title: Sandra Watson


1
REAL ESTATE BOARDS PRESENTATION
For
JAMAICA MORTGAGE BANK SEMINAR
  • Presented By
  • Sandra Watson
  • (General Manager)

2
REAL ESTATE BOARDS REQUIREMENTS DEVELOPMENT
SCHEMES
Development is a business decision, so it does
not require Licensing just Registration
3
RESTRICTIONS ON ENTERING INTO CONTRACTS
4
A Person Should Not Enter Into a Contract To Sell
Units or Lots in a Development Scheme Unless
  • a) The vendor (seller) is a registered developer
    with the Real Estate Board
  • b) The land being sold is free from any mortgage
    or charge unless it is to construct the units and
    or to subdivide the land subject of the
    development scheme (mortgage cannot be for
    purchasing the land).
  • c) All approvals for the development have been
    obtained and the conditions of these approvals
    complied with or will be complied with
  • d) The vendor (seller) has given the Board copies
    of all approvals
  • - Subdivision Approval
  • - Building Approval
  • and copies of all plans, drawings and
    specifications referred to in such approvals.

5
Who Is To Register as a Developer
  • Any person who is subdividing land or building
    units in excess of five (5) in number or anyone
    who is now subdividing land or building units of
    whatever number who has subdivided land or built
    units of whatever number in the past 24 months.

6
Comparison of Registration of Developers Over
Seven Years - Financial Periods 2001/2002 to
2007/2008
7
REQUIREMENTS FOR REGISTRATION AS A DEVELOPER
8
(No Transcript)
9
PRESCRIBED FEES FOR DEVELOPERS
FEES ARE CURRENTLY BEING AMENDED
10
Documents To Be Supplied With Application
  • i) Copy of Title of the Land.
  • ii) Copies of Subdivision and Building Approvals
  • ii) Copies of Plans Drawings
  • iv) Bankruptcy Report Police Clearance Letter
  • (R.E.B. cannot register an undischarged bankrupt
    nor anyone found guilty of fraud and dishonesty.
    This applies to individual, company directors and
    secretary.)
  • v) Copies of companies Memorandum Articles of
    Association, Articles of Incorporation and
    Certificate of Incorporation
  • vi) Explanation of how the scheme will be
    financed.
  • Registration information is available on the Real
    Estate Boards website
  • www.reb.gov.jm

11
(No Transcript)
12
Advertising a Development Scheme
A person shall not advertise a development
scheme unless the scheme is registered with the
Real Estate Board.
13
Advertisements Should State
  • 1. The agencies from whom approvals for the
    scheme have been obtained and when they were
    obtained
  • 2. When and where the relevant Plans, Drawings
    and Specifications may be inspected
  • 3. The total floor area of each type of building
    unit in the scheme
  • 4. The sale price of each type of building unit
  • 5. The precise location of the land and its
    physical features

14
Advertisements Should State contd
  • 6. The estimated time of commencement and
    completion of the scheme
  • 7. Whether contracts for purchase of units
    include an Escalation Clause
  • 8. The composition of the walls, flooring and
    roof of each building
  • 9. Name and address of the Developer of the
    scheme.

15
Interest Bearing Trust Account In An Authorised
Financial Institution for Purchasers Deposits
16
Once Pre-payment Contracts Have Been Entered the
Following Should Be Done
  • A. All Deposits collected under pre-payment
    contracts should be lodged immediately into an
    authorised Financial Institution. The Board
    should be supplied with
  • i) The institutions name , branch and account
    number for the Trust Account.
  • ii) Reports of all lodgements into and
    withdrawals from the Trust Account.
  • B. Supply the Board with details of pre-payment
    contracts to include
  • i) Purchaser(s) name(s)
  • ii) Lot or unit number
  • iii) Amount deposited
  • iv) Total sale price
  • v) Contact information for purchaser(s)
  • vi) a copy of each type of Contract entered
    into.

17
(No Transcript)
18
WITHDRAWALS FROM PURCHASERS DEPOSITS IN TRUST
ACCOUNT CAN ONLY BE MADE FOR THE FOLLOWING
  • 1) To pay Stamp Duty and Transfer Tax
  • 2) At the completion of rescission of the
    contract
  • 3) To be used in the construction of the project
    under the following conditions
  • a) Where monies withdrawn never exceeds 90 of
    the value of the works on the ground as is
    certified by a Quantity Surveyor or an architect
    (This Certificate must be presented to the bank
    before withdrawals are done).
  • b) A charge is lodged with the Registrar of
    Titles in favour of the Real Estate Board to
    protect Purchasers deposits.

19
REMINDER
  • PLEASE BE REMINDED THAT THERE ARE FINES FOR
    BREACHES OF THE ACT. SOME FINES ARE CHARGED PER
    DAY FOR EACH DAY THE BREACH CONTINUES.
  • THESE FINES ARE PRESENTLY BEING REVISED TO MAKE
    THEM MORE PROHIBITIVE.
  • THE REAL ESTATE BOARD IS ON THE PROSECUTION
    PATH IN LIGHT OF THE INCREASING NUMBER OF FAILED
    SCHEMES.

20
THANK YOU
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