Understanding Penalty for Registering a Real Estate Developer

Where a developer commences a development scheme without paying the total fees to register that development scheme the Real Estate Developer will incur and must pay a penalty of one hundred percent (100%) of the total fees to register as a Real Estate Developer they should have paid pay to register as a Real Estate Developer initially.

To commence a development would constitute the carrying out of building, engineering, or other operations in, on, over or under any land, or the making of any material change in its use or in the use of any building.

Understanding Penalty for Renewal of Registration as a Real Estate Developer

In order for a registered Real Estate Developer to maintain their registration annually, the total prescribed fee must be paid on or before April 1^st after the date of registration.

Where the total fee or a portion of the fee to maintain the registration as a developer remains outstanding after April 30^th of that financial year a penalty of one hundred per cent (100%) is accrued on the total fees the Real Estate Developer should have paid initially to maintain their registration for that financial year.

The initial and late penalty fees are as follows:

Developments of 6-20 lots/units: $40,000.00

Developments of 21- 40 lots/units:  $60,500.00

Developments of 40 and over lots/units:  $99,000.00

Understanding Penalty for Renewal of Registration as a Real Estate Salesman

In order for a registered Real Estate Salesman to avoid incurring penalty for the renewal of their annual licence fees, the total prescribed fee of Twenty –two Thousand Dollars ($22,000.00) or total first instalment Eleven Thousand Dollars ($11,000.00) must be paid on time. The prescribed due date to pay the licence fee is on or before April 1^st of that financial year. The first penalty of Five Thousand Five Hundred Dollars ($5500.00) is incurred if the total prescribed amount is paid after April 30^th. Prior to making any payment within this financial year, kindly ensure that your account is current and all outstanding fees for the prior years have been clear.

If the licence fee or portion of the licence or the second instalment and any portion thereof as a Real Estate Salesman remains outstanding after September 30^th the second penalty amounting to Five Thousand Five Hundred Dollars ($5500.00) will be incurred.

Understanding Penalty for Renewal of Registration as a Real Estate Dealer

In order for a registered Real Estate Dealer to avoid incurring penalty for the renewal of their annual licence fees, the total prescribed fee of Forty-four Thousand Dollars ($44,000.00) or total first instalment Twenty-two Thousand Dollars ($22,000.00) must be paid on time. The prescribed due date to pay the licence fee is on or before April 1^st of that financial year. The first penalty of Eleven Thousand Dollars ($11,000.00) is incurred if the total prescribed amount is paid after April 30^th. Prior to making any payment within this financial year, kindly ensure that your account is current and all outstanding fees for the prior years have been clear.

If the licence fee or portion of the licence or the second instalment and any portion thereof as a Real Estate Dealer remains outstanding after September 30^th the second penalty amounting to Eleven Thousand Dollars ($11,000.00) will be incurred.