Article: Real Estate Board amends and expands payment process for increased efficiency
August 18, 2016
Payment Options Explained
The Real Estate Board (REB) has amended and expanded its payment options, aimed at making the payment process easier for clients, eliminating instances of payment to the wrong account as well as making it easier to identify the client making the payment.
Clients are now able to pay online using the Bank of Nova Scotia and National Commercial Bank online bill payment systems. This is done by selecting and adding the Real Estate Board as a payee to their online bill payment options; the payee name for Scotia is REAL ESTATE BOARD while the name for NCB Online is REAL ESTATE BOARD RENK.
A payee account number is also required for both sites. This is an eight-digit alphanumeric number which comprises the practitioner’s abbreviated category and a six-digit registration number. The account number of a salesman for example would be SL000123 (with the zeros added to meet the 8 character requirement). For dealers the account number would be DL000123 and DV000123 for a developer.
Registration numbers can be ascertained by contacting the REB, however, for persons licenced after 2015 their registration number can be found by visiting our website at www.reb.gov.jm.
Third party transfers can also be done directly from a client’s bank account to the REB through Scotiabank Online by inputting THE REAL ESTATE BD as company name, New Kingston as the branch and Account number 0026115.
Direct deposits can also be made at any Scotia branch using the REB deposit slips. Deposits slip must however include the CCP number and serial number (Registration number). The CCP numbers are as follows: Salesman – 601 8020 768 279 452, Dealer - 601 8020 768 279 445 and Developer - 601 8020 768 279 437.
The serial number, used to identify the individual practitioner is the numeric portion practitioners’ registration number which is given at the approval of registration and is also printed on the ID and certificates (after 2015). It is important that the correct serial number is used as this is the only means of identifying the source of the payment.
Vouchers can be had at from the Real Estate Board, however, persons making deposits without a voucher must remember to include both the CCP and Serial numbers as well at the bank account number, 50575-26115, for the payment to be accepted.
Other payment methods include debit and credit cards, manager’s cheques and wire transfers (for practitioners residing overseas).
For further information please contact our office.