THE Ministry of Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs has been collaborating with the Realtors Association of Saint Lucia and the Attorney General’s Chambers to facilitate the development and review of the Real Estate (Brokers and Agents) Bill.
The purpose of the Bill is to ensure that much-needed structure is brought to the vital real estate sector; that people acting as Real Estate Agents and Brokers are licenced and operate based on recognised standards and understood/accepted obligations, and that there exists a framework to monitor and protect people’s investments. The Bill includes provisions to establish a Realtors Board which shall be responsible for oversight and administration of the sector and this presiding piece of legislation.
The process of development of this Bill has been lengthy and the final draft has benefitted from review by numerous stakeholders, including individual parties to the sector who submitted comments and concerns for consideration and incorporation in the Bill. On September 10th, 2024, the Bill was presented in Parliament and went through the first reading. The Bill is expected to be presented for second and third readings in the upcoming sessions of Parliament.