WHO HAS THE LEGAL RIGHT TO SELL REAL ESTATE IN GHANA?

Some practitioners operating in the Ghana Real Estate Industry have expressed dislike on their non-involvement in the drafting of the real estate bill. “WHERE IS THE DRAFT BILL? Why is it under the carpet? Ghanaians and stakeholder in the industry need to study this Bill. This is Democracy right? Why is the draft circulating amongst few selected members of GhiS?” Mr. Diawudeen, a member of the Real Estate professional group questioned in an interview i had with him.

Other Ghanaians who had their training and practiced real estate outside Ghana also searched their thoughts and the subject and they believe that real licensing in Ghana is the way forward.

“I believe that the Ghana market could benefit greatly from the development of licensing for Real Estate Practitioners: Agents, Brokers, etc”. Here are some random thoughts on how to move this forward: Partnership with a US-based Real Estate Association (say, State of Maryland) for assistance in developing the following, among others: Legislative Agenda (to help develop legislative support); Institutional Development for Ghana Association; Development of Membership Rules and Regulation, and Code of Ethics; Training & Development for New Licensees; Licensing Examinations; Membership Programs, Development of Multiple Listing System; Etc., etc”. Mr. E.K Torkornoo shared with me on his social media.

The Real Estate Agency Bill is a private members bill initiated by the Ghana Institution of Surveyors (GhiS) somewhere in 2000 or earlier and it seeks to regulate and restore sanity in the Ghana Real Estate brokerage industry. For now the Ghana Institution of Surveyors (Valuation and Estate Survey division) is the sort of formally recognized body in charge of regulating the real estate practitioners in Ghana. But as it has no legislative backing, they can only regulate their members and anyone who claims to be a real estate practitioner would not have to bother themselves about their rules and regulations if they are non-members.

The institution already has most (if not at) of the concerns raised by Mr. E.K Torkornoo in place; a very detailed code of ethics, rigorous training program and high ethical standards and now managed to get the bill through cabinet and is more probably than not, that it would be approve soon. If passed, the law would require that only members of the Institution can legally practice as surveyors, estate agents or anyone engage in the buying or letting or any such activity on behalf of a client.

The Ghana Real Estate Professional Association on other hand believes that the GhiS now want to constitute itself into a defacto monopoly. They are of the view that if the Real Estate Agency Bill should become law, then it will have a legal backing which will make it both the only recognized professional body and the licensing authority at the same time. Investing such powers would not only lead to abuse and inefficiencies but would be of detrimental consequences to the burgeoning real estate industry.

“The bill is currently at Cabinet level, and even at the Cabinet level we have gone very far so the next moment it will go to Parliament.

“At the Cabinet it can take some time; if it doesn’t even happen this year, I’m sure early next year it will come to Parliament,” Information coming from the office of the Director of Works and Housing.

Very soon the bill will be out in the public domain and everybody will know who is qualified to sell real estate in Ghana. Register with www.grepconnect.com for more happenings within the ghana real estate industry.