Places & Spaces
37
Be Informed
The Legal Requirements of a
Development Scheme
As stated above, every person who proposes to carry out a applies must apply to the Real Estate Board for registration as a developer prior to commencing the development. The individual will be required to submit, along with his development under a development scheme to which the Act application, a statement showing his name, address, the such other particulars as may be prescribed by the Real location and area of the land to be used for the scheme and Estate Board. The application fee varies according to size of the development with the maximum amount payable being Six Thousand Dollars ($6,000.00) per lot or unit. One Hundred and Fifty Thousand Dollars ($150,000.00) plus
developers are fully advised of the legal context within which these schemes operate so as to enhance the likelihood of success and benefit.
T
he business of development schemes has grown over the years and is now a thriving business in Jamaica. It is important that developers and prospective
A development scheme is defined legally as a scheme or of which is subject to local law and the regulatory
intended scheme for development of land, the subdivision intervention of local authorities. Putting the legal lingua
aside, a development is more readily identified as a group same management. The Real Estate Board is the primary
of similarly designed houses or buildings usually under the supervising body and the entity from which approval must be obtained if one intends to be registered as a developer and carry out a development of a particular size. The Upon receipt of an application and the required fee, the Real Estate Board if satisfied will enter the name of the applicant in the Register of the Developers and such
authority of the Real Estate Board emanates from the Real Estate (Dealers and Developers) Act and the Act regulates development schemes of more than five (5) lots and
person will be considered a registered developer under
the Act. The Real Estate Board however is precluded from registering an applicant if in the case of an individual he has been convicted at any time of an offence involving fraud or dishonesty in relation to real estate matters or
developers who carry out schemes on a regular basis or as a business fall under the supervisory arm of the board.
has had an order in bankruptcy made against him which
remains undischarged. If the applicant is a company, the