Requirements for Registration as a Real Estate Developer

The Real Estate (Dealers and Developers) Act defines a developer as a person who carries on, whether in whole or in part, the business of development of land.  Development means the carrying out of building, engineering or, other operations in, on, over or under any land, or the making of any material changes in its use or in the use of any buildings or other land for the purpose of disposal of such land or any part thereof in a development scheme. 

NB. On submission of application, if deemed necessary the applicant may be asked to sit for a Interview with an REB Inspector.

Registration Requirements:

Please complete/submit the following to the Real Estate Board (REB):

• Application form

  NB: For a body corporate, the application form must be signed by two directors and the company's stamp/seal affixed.

• Application & Development Fee


• Police Report

  Note: If applicant is a body corporate, police reports must be provided for each director and secretary.

  How to Obtain a Police Record?

• Bankruptcy Clearance Report receipt (report will be sent directly to REB)
  Institution: The Supervisor of Insolvency and Government Trustee
  Location: 52-60 Grenada Crescent, Kingston 5
  Fee: $J3000
  

  
  Note: If applicant is a body corporate, fees must be paid for each director and secretary.

• Certified copies of Certificate of Incorporation and Articles of Incorporation (for companies only)

• 2 passport size photographs certified by an Attorney-at-law, Pastor or Justice of the Peace (for individuals only);

• Proof of address (Utility Bills or letter from a JP confirming address)

• Evidence of ownership of land being developed (copy of registered title, Volume and Folio).

• Evidence of approval of the development scheme, including originals and copies or certified copies of approved plans and letters of approval from the local planning authorities.

• Evidence of scheme financing whether personal or through an authorized financial institution or both.

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:   

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.