Yesterday the Government was urged to “revolutionise” the real estate industry in the Bahamas by approving a three-tier legislative package to establish a Land Registry.
The Land Adjudication Bill, the Registered Land Bill, and the Law of Property Bill could potentially give commercial and residential real estate owners a greater certainty knowing that their property had a good title.
Sharlyn Smith, an attorney with Sharon Wilson & Company, told Tribune Business that the prospective reforms are “an engine for economic growth”.
The three Bills were originally devised under the Ingraham administration, but were sent to the Law Reform Committee for further review and to other government agonies for feedback and consultation.
The Christie administration promised in their 2012 campaign that moving towards a Land Registry system is “a must”.
Ms. Smith told Tribune Business that moving to a proper Land Registry would eradicate the necessity for attorneys to conduct high-cost, time-consuming title searches that can be prone to error.
“The entire package was all designed to facilitate land registration and, done properly, a Land Registry would revolutionise the way land is dealt with in this country,” she told Tribune Business.
“I think it would provide greater assurance to persons purchasing property that they are, in fact, getting what they bargained for…. Land registration is something I think is critical. You have land all over the country that is not being developed due to title issues.”
