Samuel Atta Akyea, Minister of Works and Housing
Members of Parliament (MPs) have given their final backing to the Real Estate Agency Bill 2020 after a brouhaha over the title to be carried by the legislation.
The legislation, which passed through the House by a unanimous voice vote, is intended to regulate real estate agency practice and commercial transactions, including the sale, purchase, rental and leasing.
The government said the legislation would establish Real Estate Agency Council to license real estate brokers, issue real estate transfer certificates, and monitor the performance of the brokers.
In a memorandum accompanying the bill, the government indicated that there was the need to regulate real estate agency practice to get rid of fraud, money laundering and tax evasion in order curb its effects on the economy and also protect the international image of the country.
The bill, when assented to by the President, would require a real estate broker to submit within three months after the end of each calendar year to the yet-to-be established Council’s report covering the real estate transactions undertaken by the real estate broker and the agents of that broker in the previous year.
Failure to submit annual reports to the Council or conspicuously display the licence issued, a person would be liable to pay to the Council an administrative penalty of 1,000 penalty units.
Contributions from both sides stressed the need for such legislation to make it criminal for property owners to take deposits for properties that are not ready and conduit for money laundering.
By Ernest Kofi Adu