Regulations for Timeshare Act being developed
Chief Executive Officer of the Real Estate Board, Sandra Garrick, says the entity is currently working on developing the regulations for the Timeshare Act, which was passed in 2014.
Timeshare (sometimes called vacation ownership) relates to a property with a divided form of ownership or use rights.
Noting that timeshare monitoring is the board’s “newest responsibility”, Garrick said development of the Act’s companion regulations will fine-tune the registration process and associated forms.
She told JIS News that the board is responsible for ensuring that timeshare plans are registered and that the Registrar issues the requisite deeds.
“We have manuals and we are ready to assist anyone who would like to become a timeshare developer. It is a very lucrative business. So for those who want to offer timeshare products, it would be a wonderful venture,” she further advised.
Garrick noted that timeshare development will also positively impact tourism, through the diversification of accommodation options available to tourists.
She said that amendment to the Timeshare Act, though at the draft stage, needs greater buy-in from developers.
“We are currently rolling out the timeshare agent training. We have put together the course outline and we have a committee that will vet the courses before we roll them out. Once the committee reviews the courses and we decide on the hours, we will launch the training,” she further indicated.