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What To Know About HLURB’s Revised IRRs?
Some of our web users from real estate professionals to real estate – related entities who try to create their account[s] with Globelister asks why we require their Registration Numbers / License Numbers to be posted with their updated profile details. Much more when they already created their accounts and tried posting their listings, the more we require to include these numbers visible in their posted advertisements. Here’s why.
Just at the beginning of this year, the Housing and Land Use Regulatory Board (HLURB) released two sets of board resolutions governing registrations and advertisements. HLURB is the national government agency tasked as the planning, regulatory and quasi-judicial body for land use development, and real estate and housing regulation. The new HLURB rules are summarized below:
One of the rules is HLURB Board Resolution (BR) No. 922, or the Revised Implementing Rules and Regulations (IRRs) to govern dealers, brokers, and salesmen of subdivision, and condominium projects under Presidential Decree (PD) 957, otherwise known as the Subdivision and Condominium Buyers’ Protective Decree and all other projects required by Law To be registered with HLURB.
As indicated in Section 3 of the said rules, it “aims to ensure that the public and prospective buyers of any lot including any building or improvements thereon, or any unit in a project are protected from fraudulent practices and manipulations through close supervision and regulation of persons engaged in the practice of real estate service with a project.”
Further provision includes Section 6 which emphasized that “before any dealer, or any PRBRES registered broker or PRBRES-accredited salesperson can engage in the practice of real estate service specifically with respect to projects required by law to be registered with the HLURB, such dealer, registered broker and accredited salesperson shall first register with the HLURB in accordance with its existing rules and guidelines. Even business firms are required to register first with the HLURB before they can engage in the practice of real estate service.
Similar release is HLURB Board Resolution No. 921 which pertains to the revised IRRs to govern real estate advertisements. The Rules will ensure that the public and prospective buyers are fairly and truthfully informed of the development, construction, sales and operations, and other facts or activities relating to a project in order that the public and prospective buyers may not be misled or deceived through misrepresentations that may be made in an announcement or advertisement.
Apparently, the revised IRRs have essentially made advertisements as good as real estate warranty. This is because owners and developers are deemed responsible for any representations they have release to the public after the said ads were approved by HLURB. All representations in an advertisement shall form part of the sales warranties enforceable against the owner or developer, jointly and severally, as emphasized in Section 9.
In addition, the owner/developer, dealer, or the authorized broker[s] or salesperson[s] shall be allowed to advertise about the project only after the issuance of the project’s license to sell and after the HLURB has approved the advertisement material in accordance with its issued rules and guidelines. If a license to sell is not yet issued, only the owner or the developer may make an announcement, provided that such announcement shall not include any information or statement which directly or indirectly conveys or suggests the sale or marketing.
Lastly, violation[s] of these provisions or its implementing guidelines shall be subject to appropriate sanctions and penalties and we don’t want that to happen to anyone. So please, observe these Revised IRRs. For complete set of guidelines, you may find the copies of the resolutions here.
Globelister is just a startup, but we aim for excellence. And excellence can only be achieved if entities affiliated with it, whether big or small, are also doing the same. Let’s work together with integrity!