The newly elected Bahamas Real Estate Association (BREA) board has vowed to bring amendments to their sector’s 26-year old Real Estate Act, closing loopholes in the document and introducing criminal penalties for real estate agents who represent and sell properties locally without the use of a local agent.
BREA President Christine Wallace-Whitfield, who was elected to the post for a fifth term, said the top priority of the board is to protect local real estate agents.
According to her, foreign agents come to The Bahamas and sell local properties simply “because they can”.
She said 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.
“We have experienced a huge increase in foreign investment but at the same time, we have witnessed a spike in foreign agents doing business here, accompanying or meeting someone they know and engaging in property transactions,” said Wallace-Whitfield in a press statement.
“I would not dare go to Florida and show someone’s property and expect to earn a commission. The only reason people come here to do it is because they can. They can get away with it and make tens of thousands of dollars in a single transaction.
“All we are asking is that when a foreign agent comes here, he or she works with a local BREA-licensed agency whose associates know the market, the law, the taxes and requirements for closing. Buying property, especially for someone buying in a foreign country, is not like buying a car or a set of tools. Local knowledge is critical and the BREA licensing ensures that our agents are knowledgeable which protects the reputation of The Bahamas too.”
Wallace-Whitfield has voiced her concerns about foreign agents for years now and said in the statement that during this new term the BREA board will place a special focus on making the law work for Bahamian real estate agents.
“We are fired up and ready to resume our legislative and industry standards agenda,” she said.
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