BREA president: Election will not derail real estate sector’s proposed legislation changes

Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield told Guardian Business yesterday that she does not think a change in government next month would derail the real estate industry’s push to make legislative changes to the sector, given the amount of work the sector has already done on proposed changes.

The Bahamas found out yesterday morning that the government plans to hold a general election on September 16.

When asked if she thought the introduction of a new legislative agenda and possibly a new party leading the country would thwart BREA’s efforts to introduce legislative amendments for the real estate sector after the general election, Wallace-Whitfield said, “I don’t think so, we just have to keep pushing through and forward and hope that whoever comes out on the other side victorious will see all the hard work that the real estate industry is doing to protect its industry for the Bahamian people. That’s what it’s all about,” said Wallace-Whitfield.

“We’re in this together. We are a mighty and tiny nation and we must adhere to all the rules and regulations for The Commonwealth of The Bahamas. It’s not about which party is in power, it’s about protecting the rights and the land of the Bahamian people.”

She said the real estate sector is at “the finish line” with its proposed legislative changes and has a goal to submit them to the government, regardless of which party is in power, before the end of the year.

Wallace-Whitfield said in a statement earlier this month that it is important for the country to close the loopholes in the existing real estate legislation and introduce criminal penalties for foreign real estate agents who represent and sell properties locally without the use of a local agent. She said in that statement that foreign agents come to The Bahamas and sell local properties simply “because they can”.

She added that amendments should be made to the act governing the sector to introduce a criminal charge with fixed penalties and fines where none currently exist, to foreign agents who attempt to work in The Bahamas illegally.

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source https://thenassauguardian.com/brea-president-election-will-not-derail-real-estate-sectors-proposed-legislation-changes/