By Dawn Glaisher and Ravi Dolsingh

Last week, the Law Association of Trinidad and Tobago (LATT) issued a press release over increasing concerns of fraud within the real estate industry in Trinidad & Tobago.

Real estate fraud poses a significant threat to individuals and the industry as a whole, involving deceptive practices that can result in financial loss and legal complications with respect to the sale, purchase, rental and mortgage of a property. 

Mitigating the risks associated with real estate fraud requires a combination of awareness, due diligence, and preventive measures. Regulatory compliance is also crucial and industry participants must stay informed about evolving regulations and adhere to legal standards. 

In addition, regular training for real estate professionals on recognizing and preventing fraudulent activities can enhance vigilance and reduce the risk of fraud within the industry. 

The Association Real Estate Agents (AREA) as the legally recognized regulatory body in Trinidad and Tobago strongly advises to consider the following criteria when choosing a real estate professional in order to help mitigate fraud in a real estate transaction. 

Choose a Broker or agent that:

1. Is registered with AREA and is in good standing.
2. Is registered with the Financial Intelligence Unit of Trinidad & Tobago (required by law).
3. Has undertaken a professionally recognized real estate course such as the Principles of Real Estate Sales (PORES).
4. Has a good reputation in the real estate industry. 

Furthermore AREA insists that its registered real estate professionals continue with ongoing training, by attending monthly Continuous Professional Development workshops, annual FIU training and the annual AREA real estate seminar, all of which assist in reducing the risk of fraud. 

In conclusion, combating real estate fraud requires a multi-faceted approach that includes robust verification processes of the parties to a transaction, technological solutions, and ongoing education. By implementing these measures, individuals and organisations can mitigate the risk of falling victim to fraudulent activities, promoting a more secure and trustworthy real estate environment.

Dawn Glaisher is the Secretary and a Director of AREA and Ravi Dolsingh is an Attorney-at-Law and a Director of AREA. 

Link to list of AREA Brokers:  https://areatt.com/residential-broker-members/ 

Link to list of AREA Sales Associates:  https://areatt.com/sales-associate-members/ 

Link to list of FIUTT registered Agents, pages 77 to 123:  

https://fiu.gov.tt/wp-content/uploads/31_Dec_2023_LIST-OF-REGISTRANTS-AS-AT-December-31-2023.pdf

For more information, or details on how to apply for membership of AREA, contact us at area.tt.assoc@gmail.com