As a real estate agent who wants to ensure that everyone wins in a real estate transaction, my advice to you would be to contact the Real Estate Board before contracting with a developer to make a purchase.
According to Sandra Garrick, Chief Executive Officer of the Real Estate Board (REB)/Commission of Strata Corporations (CSC), prospective homebuyers should contact the agency before entering any binding arrangements.
“When you are purchasing units, prior to getting involved in the transaction, contact the Real Estate Board to ensure that the developers are registered, so that your investment can be protected,” she advised.
On occasion, developments have been undertaken without being registered. Consequently, if or when a developer defaults on the development or something goes wrong which results in a loss for the purchaser, there is no recourse.
The REB is the government entity responsible for regulating the real estate industry in Jamaica. Their mandate is to establish systems that create acceptable standards of professional and ethical conduct in the business of real estate and land development to protect the mutual interests of all persons involved in such dealings.