REAL ESTATE (DEALERS AND DEVELOPERS) ACT

ARRANGEMENT OF SECTIONS

PART I
Preliminary

   1   Short title

   2   Interpretation

   3   The practice of real estate business

 

PART II
The Real Estate Board

   4   Establishment of Real Estate Board

   5   Functions of the Board

   6   Power of Minister to give directions to Board

   7   Accounts and audit

   8   Annual report

   9   Power to hold enquiries

 

PART III
Real Estate Dealers and Real Estate Salesmen

   10   Restriction on engaging in the practice of real estate business

   11   Restrictions on employment of unlicensed persons

   12   Register of Real Estate Dealer and Real Estate Salesmen

   13   Applications for registration

   14   Determination on applications for registration

   15   Cancellation or suspension of registration and removal from registrar

   16   Notice

   17   Suspension of directions or orders of the Board

   18   Cost and expenses of Board

   19   Application for re-registration

   20   Licensing of real estate dealers and real estate salesmen

   21   Disqualification for registration

   22   Appeals

   23   Determination of licences

   24   Clients' money to be held on trust

   25   Keeping clients' accounts

 

PART IV
Development Schemes

   26   Restriction on entering into contracts

   27   Restrictions on advertising

   28   Copies of prepayment contracts to be forwarded to Board

   29   Payment into trust accounts of moneys received under prepayment contract

   30   Moneys paid into account to be held on trust

   31   Dealings with moneys in trust account

   32   Withdrawal from account upon completion, etc of contracts

   33   Dealings with moneys in trust account upon default of vendor

   34   Duty of authorised financial institution

   35   Register of Developers

   36   Appeals by applicants for registration as developer'

 

PART V
Real Estate Inspectors

   37   Appointment of Inspectors

   38   Power of Inspectors to demand information

   39   Entry and search of premises

   40   Issue of warrant to Inspector

 

PART VI
Miscellaneous

   41   Duty of Board to afford opportunity to be heard

   42   Notices

   43   Regulations

 

PART VII
Further Offences, Penalties and Sanctions

   44   Further offences and penalties

   45   Penalties for holding office whilst disqualified and for rendering false accounts

   46   Penalties for offences not otherwise provided for

   47   Exclusion of right to sue for fees, etc

      SCHEDULE

 

THE REAL ESTATE (DEALERS AND DEVELOPERS)ACT

[Date of Commencement: 1st September, 1988]

Act 18 of 1987.

PART I
Preliminary

1   Short title

   This Act may be cited as the Real Estate (Dealers and Developers) Act.

2   Interpretation

   In this Act-

   "authorised financial institution" means a bank licensed to carry on banking business under the Banking Act, a building society registered and incorporated under the Building Societies Act, or any person licensed under the Financial Institutions Act to carry on the business of accepting deposits;

   "Board" means the Real Estate Board established under section 4;

   "clients' money" means any money received by a real estate agent or a real estate salesman which is paid to him in his capacity as such being money paid, in whole or in part, as consideration for the disposition of any interest in land or as an earnest on the part of any person of his intention to acquire such an interest;

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.