Fri | Aug 18, 2017

Real Estate Board to benefit from timeshare training

Published:Monday | May 23, 2016 | 5:00 AM
Sandra Watson, chief executive officer of Real Estate Board.

The Real Estate Board (REB) will benefit from the expertise and experience of attorney-at-law Rachel McLarty, who is the main facilitator in a two-day training session on timeshare.

The REB assumed responsibility for timeshare registration in Jamaica as the Timeshare Vacations Act, 2014 became operational on May 1. The REB has been mandated as regulator or registrar of timeshare vacations in Jamaica, having responsibility for determining all applications for registration and licensing, monitoring compliance and providing the necessary regulatory guidance. McLarty is an associate at law firm Myers, Fletcher and Gordon.

"Our firm has been involved in timeshare matters for several years, as they arise. More recently, with the passing of the governing legislation, we have taken a keen interest in the structure and framework that this enactment seeks to implement, and its regulation of what may well become a subsector of the wider tourism sector,' she explained. McLarty will be joined by her colleague, Alexis Robinson.

 

VACATION OWNERSHIP

 

Timeshare, also called vacation ownership, is a unique real estate purchase where, instead of one person purchasing an entire property, a group of people pay a share of the price for joint ownership. Under this agreement, each owner is entitled to use the property for a certain period of time each year. The marketing and promotion of timeshare in Jamaica will be driven by a collaboration of the Real Estate Board, the Ministry of Tourism and JAMPRO. According to CEO of the Real Estate Board, Sandra Watson, these sessions will better prepare the staff to manage this new responsibility.

"Along with training our staff, a new manager is to come on board. Work in marketing and promotion with the Ministry of Tourism and JAMPRO is ongoing. We have also launched a new timeshare website with all the requisite forms for application and information for members of the public, so we are in a state of readiness, having anticipated its operationalisation since the passage of the legislation in Parliament in 2014," she said. Timeshare courses will also be rolled out at the Real Estate Training Institute. The sessions will be held on May 25 and 26 at the Training Institute on Surbiton Road.