Real Estate Act review almost complete, says Koya

STANDARDISING agreements between real estate agents and property owners, the development of a code of ethics and commissions paid by clients to real estate agents will form the basis of the Real Estate Agents Act.

This was the message from Industry, Trade, Tourism and Lands Minister Faiyaz Koya to the inaugural Real Estate Association annual general meeting in Nadi yesterday.

“To bring the Real Estate Agents Act in line with the changes in the marketplace and policy changes undertaken by the Government, a review of the Act is currently underway,” he said.

“In the meantime, to improve the implementation of the Act a number of regulations will be developed.

“This includes standardised agency agreements between real estate agents and their clients, a code of ethics and professional client care, prescribed examinations for salespersons and stronger provisions on the commissions payable to real estate agents.”

Mr Koya revealed the draft legislation that would govern rules and regulations between tenants and property owners was being scrutinised.

“The ministry and Fiji Commerce Commission have finalised the draft Residential Tenancy Bill.

“It is currently with the Solicitor-General’s office.

“The Bill will provide protection for both parties — landlords and tenants — in terms of prescribing the rights and responsibilities of each party.”

Vyas Deo Sharma was elected unopposed as president of the inaugural Real Estate Association.

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