Parliament passed the bill earlier in the year which when turned into law will regulate real estate agency practice, the conduct of real estate practitioners, and commercial transactions in real estate including the sale.
It also covers the purchase, rental, and leasing of real estate, as well as other real estate transactions.
Speaking to Citi Business News, CEO of Meqasa, an online real estate platform, Kelvin Nyame, said considering the impact the law will have on sanitizing the sector, it is imperative that the bill is immediately assented to.
He stated that,
We want this bill to be passed as soon as possible if it’s possible. I know it is an election year and a lot of focus shifted from this bill, but we think that even getting close to Christmas is a time that a lot of people are coming in and the government is encouraging a lot of Ghanaians and investors to move back. One of the main variables we have discussed is trust and confidence, so if this is passed and the message is preached properly and communicated properly, it will give more people the confidence to those who are coming with a lot of money, those who are looking to move back, those who are looking to invest. I think it is the right time for the president to spend a few hours to assent this bill for us.”
The Real Estate Authority Bill, 2020 will also establish the Real Estate Agency Council to license real estate brokers, issue real estate transfer certificates, and monitor the performance of the brokers.
A memorandum of the bill underscored the need to regulate real estate agency services to rid the industry of fraud, laundering of illegal income, and tax evasion to minimize the effect of these vices on the national economy and the image of the country internationally.
The law would require a real estate broker to submit within three months after the end of each calendar year to the Council, a report covering the real estate transactions undertaken by the real estate broker and the agents of that broker in the previous year.
A person who fails to submit annual reports to the Council or fails to conspicuously display the license issued per the law would be liable to pay to the Council an administrative penalty of 1,000 penalty units.