End colorum brokers

Registry of Deeds, group deal to stop illegal real estate agents
THE DAYS of the “colorum” brokers are now numbered.

The Philippine Association of Real Estate Brokers (PAREB) and the Registry of Deeds (RoD) will soon be cracking down unlicensed land brokers.

Hardinado Patnugot, a PAREB member who is the president of the Davao Board of Realtors Foundation (DBRF), said both parties are set to sign memorandum of agreement aimed to stop fake brokers, who continue to deal in the practice of selling properties without the proper licenses.

The Anti-Colorum Drive, a campaign against illegal real estate agents, code-named Yakap (Your Anti-Kolorum Advocacy Program), aims to protect buyers from fraudulent transactions as it will encourage government agencies to run after colorum practitioners.

The MOA aims to curb the illegal practice in real estate transaction by allowing only licensed real estate brokers and accredited and registered real estate salespersons to transact business with the Registry of Deeds.

Patnugot said the practice of colorum brokers also causes government to lose revenues in the absence of collected taxes from the transactions.

Under Republic Act 9646 (the Real Estate Service Act or RESA) that took effect on July 30, 2009, all real estate service practitioners except real estate salespersons must undergo the regular four-year course leading to the degree of Bachelor of Science in Real Estate Management offered by colleges and universities.

The PAREB said some unlicensed brokers are still practicing.

At the moment, there is no data yet on the number of illegal brokers operating in the region.

However, the PAREB believes that as much as 50% of the real estate business goes to the unlicensed.

PAREB, the first and largest national real estate service organization in the Philippines, celebrated yesterday its 57th founding anniversary.

In Davao, the group has 300 members, with around 120 active realtors.

Patnugot’s DBRFI, a member of PAREB, recently, conducted a forum highlighting its anti-colorum drive with the collaboration of the Professional Regulatory Board on Real Estate Service (PRBRES) Chair Eduardo Ong, Housing Land Use Regulatory Board (HLURB) Regional Director Atty. Roberto Mauro Miguel Palma Gil, PRC XI OIC Atty. May Suzanne Puentespina-Ciudadano and the Davao City Council represented by Rene Elias Lopez.

The drive is fully supported by government enforcement agency-partner like the National Bureau of Investigation (NBI) thru its Director Atty. Dante Gierran.

Posted in HEADLINES