A bill to regularize property agents in the country will soon be sent to parliament, Minister of Works and Housing has said.
According to Samuel Atta Akyea, a real estate bill which includes legislation to regulate dealings between brokers and their customers has become necessary due to increased cases of fraud associated with real estate business transactions.
He said, “There’s a whole mapping out of revenue returns to the economy which the government is interested in so very soon we’ll pass it into law and then Ghana would be better off for that.”
Mr Atta Akyea added, “it’s exited the cabinet so the Attorney General is now putting together what we call the bill and then the bill is laid in Parliament and then it goes through the process of making it into law.”
When enforced, Mr Atta Akyea said, it will impose a stricter system of doing business on property brokers in the country.
The Minister disclosed this to JoyBusiness at the official launch of Ghana Association of Real Estate Brokers (GAR).
The Ghana Association of Real Estate Brokers (GAR) was formed with sponsorship from GHL Bank to among other reasons raise the profile of the real estate industry in Ghana.
The Association is opened to real estate brokers in the country.
Once qualified, brokers will be allowed to act as agents for their customers in arranging for mortgage loans from State-owned and local private banks.
The Association would also ensure that there are standardized commission fees so that clients can receive fees that are across the board for every individual.
According to the Director of Education and Training at GAR, Hanna Atiase, brokers will undergo a 6 to 8-week intensive training to provide them with more market knowledge on professionalism, property prices, safety, real estate financing, among others.
“It’s become very necessary because the public needs to be protected in every real estate transaction; we need to limit the amount of risk in fraudulent activities and we also need to increase transparency as well” she said.