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Registration Information & Guidelines for Developers

Requirements for Registration as a Real Estate Developer under the Real Estate (Dealers & Developers) Act. 

 

  • Submit an application to the Real Estate Board on the prescribed form (available from the Real Estate Board and Website @ www.reb.gov.jm ) as well as do the following:  
  • Pay the prescribed Application and Development Fee; (See fee structure below) 
  • Payments should be made using the Real Estate Board Vouchers, which is payable at any branch of the Bank of Nova Scotia Jamaica Ltd. Once the payments are made a copy of the voucher must be forwarded to us. Payments can also be made at our office using only debit cards or by manager’s cheque. No personal or company cheque will be accepted.  

  •   Pay a fee of J$3,000.00 to any office of the Inland Revenue Department for police clearance re fraud (if the applicant is a body corporate, the fee must be paid for each director and secretary).  Fingerprinting is required and is done at the CIB office located at 34 Duke Street, Kingston where the report should be collected.  Express five (5) days service - $6,000.00 and $8,000.00 for the next day service;   
  • Pay a fee of J$3,000.00 to the Office of the Supervisor of Insolvency (formerly the Trustee In Bankruptcy) (52-60 Grenada Crescent , Kingston 5) for clearance re bankruptcy (if the applicant is a body corporate, the fee must be paid for each director including the secretary);Submit receipts obtained from the abovementioned Departments to the Board's office at the time of application; 
  • Submit certified copies (by Company Office of Jamaica) of the Certificate of Incorporation and Articles of Incorporation if the applicant is a body corporate; 
  • 2 passport size photographs certified by any of the following: Attorneys-at-law, Pastors and Justices of the Peace (for an application as an individual); 
  • Submit evidence that the developer is the owner of land being developed (copy of registered title, Volume and Folio); 
  • Submit evidence of approval of the development scheme, including originals & copies of approved plans and letters of approval from the local planning authority; 
  • Submit evidence of scheme financing by an authorized financial institution; 
  • For a body corporate, the application form must be signed by two directors and the company's stamp/seal affixed. 
  • Proof of address for the developer/s (Utility bill or letter from J.P. confirming residence) or Form 17 from the Companies Office of Jamaica. 
  • TRN .

 

Application Fee:  

Schemes of 41 lots/units and over ........……………………………………………  $165,000.00 

Schemes of 21 to 40 lots/units ............…………………………………………….  $121,000.00 

Schemes of 6 to 20 lots/units ……………………………………………………………… $88,000.00 
 

Development Fee:  

For each unit/lot of a development scheme ........………………………………. $7,000.00
 
 

Annual Renewal Registration Fees:   

Schemes of 41 lots/units and over .......………………………………………………. $99,000.00
 
Schemes of 21 to 40 lots/units ..............……………………………………………. $60,500.00
 
Schemes of 6 to 20 lots/units ………………………………………………………………. $40,000.00
 

Guidelines for Developers

  • All fees are applicable from April or from the date of initial registration to March 31 the following year.
  • Annual renewal registration fees are due and payable as at April after initial registration and every subsequent April until completion of the development scheme.       
  • The registered title must be free from mortgages except where it is for infrastructure works for the development.
  • A developer who commences a development without having paid the applicable fees to the Board “shall be liable to pay a penalty equivalent to the total amount so such fees that the developer should have paid, in addition to being liable to pay such fees”. 
  • All development schemes must be registered by the Board prior to advertising and contracting. 
  • Subject to the approval of the Board, where there are restrictive covenant(s) endorsed on the title of a development scheme, these must be modified and endorsed on title prior to advertisement of the scheme and entering into pre-payment contracts.
  • Copies of pre-payment contracts must be submitted to the office of the Real Estate Board within fourteen (14) days of their execution. 
  • All deposits received must be placed into a Trust Account. Quarterly statements, outlining all pre-payment deposits received, must be sent to the Real Estate Board. The Board must be notified immediately if funds are withdrawn from the Trust Account. Funds can only be withdrawn in compliance with the Real Estate (Dealers & Developers) Act. 
  • A charge must be lodged on the registered title for the development scheme once purchasers’ deposits have been used for payment of transfer tax, stamp duty or construction/infrastructure purposes.
  • Where a developer does not intend to enter into prepayment contracts he must declare same under The Voluntary Declarations Act.

 

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