The Real Estate Board and Strata Commission are on a mission to have the law governing the use of purchasers' deposits amended as a way of ensuring that home investors enjoy greater protection. "Cabinet has approved the amendment and we have completed three drafts of the bill; the fourth is being worked on as we speak," said Sandra Watson, the board's chief executive officer. "It has to be approved by Cabinet before we can provide any other details. Primarily, it will ensure that developers are more accountable, especially regarding depositors' deposits," noted Watson.

The issue of inadequate investor protection came to national attention recently after the Real Estate Board and several home investors expressed concerns about the millions of dollars collected by the developers of the stalled Palmyra Resort and Spa scheme in Montego Bay, St James.

 Read more at http://jamaica-gleaner.com/gleaner/20120912/news/news2.html