BROKERS, salespersons and dealers involved in real estate service should register with the Housing and Land Use Regulatory Board (HLURB) before April 15, or else face corresponding sanctions.

The information came from HLURB 7 Director Alixes Roy Lopez, who cited the recently released revision of the implementing rules and regulations of Presidential Decree (PD) 957 through Board Resolution 922.

Under the new guideline, dealers, brokers and salespersons are still required to register with HLURB for projects registered with the agency like subdivisions and condominiums. The registration, said HLURB arbiter Joe Vinson Empaces, is separate from the registration required in the Professional Regulatory Board of Real Estate Service (PRBRES) as prescribed in Republic Act 9646 or the Real Estate Service Act of the Philippines.

“In addition to the requirements under RA 9649, dealers, and licensed brokers, and accredited salespersons are still required to register with HLURB,” Lopez said in a document forwarded to Sun.Star Cebu.

Under the new guidelines, dealers and brokers have to file a bond of P5,000, while salespersons have to file P1,000 as bond.

Covered

Companies are also covered by the ruling, according to Empaces, and are required to post a bond of P20,000. Business firms, under the new guidelines, are defined as “any corporation, partnership, cooperative or association, or single proprietorship that is required by PD 957 to be registered first with HLURB before it can engage in the practice of real estate service with any project required by law to be registered with HLURB.”

HLURB-registered real estate service practitioners will be issued a certificate of registration and identification card.

Empaces said that those who transact business without HLURB registration shall be fined P10,000, while those with expired registration should pay P5,000.

From January to March 27, Empaces said 77 have filed for HLURB-registration. In 2014, however, the official said there were only 25.

Brokers, dealers, salesmen, and business firms’ registration with HLURB will expire on Dec. 31 of each year and should be renewed in November. Renewal filed after the prescribed period will be treated as original registration, the board said.

Rules

With the new guideline, Cebu Real Estate Board president Samuel Lao said Cereb will reach out to its members of about 400 brokers to register with HLURB before April 15.

HLURB, in Resolution 921, also revised its implementing rules on advertising subdivision and condominium projects. It ordered developers to include in their advertisements, mainly print ads, to cite the name of the developer or owner of the project, exact location of the project including street name, barangay, city or municipality, the License to Sell or amended LS number, the advertisement approval number, the approved completion date as indicated in the LS, and the maximum ceiling price in the case of economic and socialized housing projects.

Lopez said HLURB 7 has created Task Force 921/922, composed of seven HLURB officials, which will process, evaluate, and approve all applications.

He said the task force, which includes himself, is committed to approve broker registration and advertisement-related documents within five working days upon receipt, provided that the basic requirements are complete.