The event was held at the Lloyd Erskine Sandiford Conference Centre last Friday October 11, 2024
It is a pleasure, and indeed an honour, for me to stand before you this morning to deliver these opening remarks at this, the first ever event of this nature to be hosted by the Housing and Lands Ministry, which is targeted at bringing about transformation of the land transaction and conveyancing processes in Barbados. My officers in the Ministry of Housing, Lands and Maintenance and I are truly encouraged by the level of interest and enthusiasm that we have seen demonstrated by stakeholders in responding to the call to participate in this colloquium. What this suggests to me is that practitioners in the various fields of work are just as enthused as we are, by the prospects of seeing improvements in the level of efficiency involved with the conveyancing of land.
Allow me from the start to extend my heartfelt thank you to all those Associations, Agencies and Departments, who at relatively short notice, have answered the call to deliver papers on their various areas of expertise. Your contributions here today, I am sure, will all be well received and appreciated. I also extend apologies on behalf of the Honourable Attorney General, who is currently preparing for the Bar Call, but will join us during the course of the day.
Ladies and gentlemen, today we stand at a pivotal crossroads in land transactions—a process that appears to have become bogged down by inefficiencies, complexities, and perhaps outdated practices.
The Colloquium being held this morning is the realization of a promise made earlier this year, in March, when the Honourable Prime Minister, in delivering the Budgetary Proposals and Financial Statement (2024) committed to having, and I quote: “the Minister of Housing and the Attorney General to jointly convene a colloquium amongst all of the stakeholders to review all of the systems and processes relating to transactions involving real estate and to recommend and oversee in the immediate future, the implementation of these recommendations.” The need for such an event was contemplated as a move towards deconstructing and reconstructing the processes associated with land transactions.
The Prime Minister in her Budget Speech had expressed concern regarding the inordinate length of time taken to complete real estate transactions in the country During discussions with various stakeholders, the point was made that it can take months, even years, to complete a single land transaction in Barbados, while in other jurisdictions the process can be completed in a much shorter time. The Caymans Island, for example, can complete a mortgage in as little time as a week. Other countries with considerable shorter periods for completing land transaction include New Zealand, Australia, Kenya, Ireland, Singapore, Canada, and St. Lucia. This inefficiency not only frustrates buyers and sellers, but also deters potential investors who seek quicker returns and seamless experiences.
It is with this in mind that the government sees it as imperative that the land transaction process be transformed, as part of measure that could stimulate economic growth. A streamlined land transaction process can attract both local and foreign investors, boost property values, and increase tax revenues. It can furthermore facilitate sustainable development by making land more readily accessible for essential projects—housing, infrastructure, and commercial ventures, in a timely manner.
Today you will hear Presentations from several Stakeholders, from both the Private and Public sectors, who deal with land transaction matters on a daily basis. This includes the Barbados Bar Association who will provide a comprehensive overview of the land transaction processes, in both the public and private sectors, and the legislation affecting land transactions.
Today, ladies and gentlemen, we hope that you will garner a better understanding and appreciation for the work undertaken by the officers in my Ministry in the area of land transactions. Hardworking officers, who despite the negative stigma associated with being an employee in the public sector, work tirelessly towards identifying solutions for streamlining processes, including those related to technological advancements.
Many persons would be surprised to hear of the wide range of areas in which the Land and Surveys Department is involved. This extends to providing support to several Government Departments and Agencies in areas of expertise that belies what would be expected based on its name, and this is achieved despite limited resources. Allow me to briefly highlight some of the excellent work being undertaken by this Department.
During the year 2023, the Lands and Surveys Department would have been the recipient of the Special Achievement in GIS Award. This International Award was in recognition of its achievement with:
1) The creation and utilization of a Barbados Building Identifier (BBID) to provide a unique identification of all building structures on the island.
(2) The Creation of the Barbados GeoPortal. This portal is a first for Barbados and creates a single point of reference for all geospatial data for the island of Barbados.
(3) The creation of a National Digital Parcel Fabric (NDPF) which is a digital representation of all land parcels for the island of Barbados and serve to provide underlying data for land information analysis. This National Digital Parcel Fabric was developed with the support of the Ministry of Industry, Innovation, Science and Smart Technology (MIST).
The Department has furthermore developed initiatives within the land registration programme for the identification of registered parcels. A demarcations E-Form has also been developed to be utilized for data collection prior to the start of the demarcation exercise, which can also be utilized by the public.
They have established a Continuous Operating Reference Station (CORS) System for the provision of provisional information for GPS users and holders of GPS survey grade devices. A Geo-Portal has furthermore been established. This is a single space for all geo-spatial data, where State Agencies can place their geo-spatial information for easy access.
The Surveyors among us would already be aware and are benefitting from the Survey Information Management System. With the establishment of this system, Land Surveyors no longer have to physically visit the Lands and Surveys Department to conduct their research, but now have access to this on-line platform 24 hours a day, 365 days a year.
The presentations today will furthermore take a look at the enhanced use of technology for improving efficiencies and reducing the time taken in effecting transactions. By the end of the day, it is anticipated that we will have a better appreciation for what would be required for the country to move towards electronic conveyancing.
When we speak of electronic conveyancing, often referred to as e-conveyancing, we are alluding to the digital process of transferring property ownership and handling related documentation through electronic means. It encompasses everything from the initial offer and acceptance to the final transfer of funds and registration of the property title. This method employs advanced technologies such as secure online platforms, blockchain, and electronic signatures to facilitate transactions that are faster, safer, and more efficient than ever before.
On your Agenda to-day is a session on “Digital Transformations in the Land Transaction Process”. During this session you will receive a presentation from Sagicor Bank, the only digital bank in Barbados. We will also be introduced to an innovative system being developed by a young Attorney-at-Law, that would allow parties in a transaction to communicate in real-time in a virtual world, allowing easier access to documents and the ability to know your customers better. This would eliminate the potential for fraud and allow transactions to be completed quickly. We will also hear how Artificial Intelligence can be used to extract information from deeds, in a manner that could remove the potential for error and eliminate the need for the time-consuming examination of legal documents, thus shortening the land adjudication process.
In conclusion, I believe that we can all agree that transforming the land transaction process is not just a necessity but an opportunity—a chance to improve efficiencies, encourage investment, and drive economic growth. By embracing technology, and fostering public-private collaborations, we can create a legal environment that is not only efficient but also attractive to investors.
I look forward to listening to the various presentations here today and I am sure that at the end of the day we would have achieved a roadmap on the way forward.
Let us work together to pave the way for a more efficient and accessible land transaction process. Thank you for your attention, and I look forward to the discussions on the changes that can be made to render the transformation of the land transaction process a reality. (PR)
