The continued transaction being entered into by unregistered real estate brokers is not good for the government and the real estate industry.
This was raised by top officers of the Philippine Association of Real Estate Board (PAREB) and the Davao Board of Realtors Foundation Inc. (DBRFI) in a press conference here on Monday.
DBRFI president Hardinado Patnugot, Jr. said their group continues to reach out to unregistered real estate brokers in the region.
“Both the government and real estate owners are hurt by the transactions entered into by unlicensed brokers,” Patnugot said, noting that unregistered brokers don’t pay taxes to the government.
On the other hand, he said the advantages of transacting the sale or lease of a real estate with registered brokers include the proper payment of taxes and the assurance on the side of landowners of legal remedies if problems occur during or after the transaction.
Roy Rabor, PAREB vice president for Mindanao, told reporters that almost 50 percent of the sale and lease of lands in the country are being facilitated by unregistered brokers.
In the Davao region, Rabor added, only 120 of the 300 registered real estate brokers are active.
In line with the celebration of the 57th foundation anniversary of PAREB, both Patnugot and Rabor expressed optimism that more real estate brokers will be registered in the country.
Rabor said PAREB will ink a memorandum of agreement with the Land Registration Authority (LRA) and the Register of Deeds (RODs) to ensure the implementation of Republic Act 9646, the law that regulates the practice of real estate service in the Philippines.
The law also created the Professional Regulatory Board of Real Estate Service that was placed under the supervision and administrative control of the Professional Regulation Commission. (PNA)
