Regulations & Legislation
The Real Estate Agency Council (REAC) was established under the Real Estate Agency Act, 2020 (Act 1047) to regulate and streamline activities within Ghana’s real estate industry. The Act provides a comprehensive legal framework that ensures professionalism, accountability, and transparency across all real estate transactions.
1. The Legal Foundation – Act 1047
The Real Estate Agency Act, 2020 (Act 1047) empowers REAC to oversee licensing, monitoring, and regulation of real estate agents, brokers, and developers in Ghana. Sections of the Act outline REAC’s powers: maintaining a registry, setting professional standards, licensing practitioners, and applying sanctions when necessary.
2. Licensing & Compliance
Every person or company engaged in real estate must be licensed by REAC. This applies to Agents, Brokers, and Agencies/Developers. Licensing ensures competence and compliance with ethical standards. Operating without a license is an offence under Act 1047.
3. Enforcement of Ethical Standards
REAC enforces strict codes of conduct and ethics to protect buyers, sellers, and tenants by ensuring fairness, transparency, and accountability in transactions. Misconduct may result in suspension or revocation of licenses.
4. Consumer Protection & Dispute Resolution
The Public Registry allows citizens and investors to verify licensed professionals. REAC also provides mechanisms for complaints, fraud reporting, and dispute resolution, protecting consumer interests at all times.
5. Legislative Impact
The introduction of Act 1047 formalizes Ghana’s real estate sector, strengthens investor confidence, eliminates fraudulent practices, and positions the industry for sustainable growth.
6. Continuous Development
REAC continually updates policies, embraces digital platforms, and organizes training programs to align Ghana’s real estate practices with international standards.
In summary, Regulation and Legislation under Act 1047 form the foundation of Ghana’s real estate framework, empowering REAC to regulate practitioners while protecting consumers and investors.