Property Practitioner's Act
Category Property News
Following the Property Practitioner's Act as of February 2022, many changes have been introduced in the real estate industry. It is mandatory for property practitioners to obtain a disclosure form in order to conclude a mandate, when selling a property.
The Act states that a property practitioner must;
- Only accept a mandate from a seller, if they have been provided with a signed letter of disclosure;
- Provide prospective purchasers with the letter should they intend to make an offer on the property;
- Include the disclosure signed by all parties when submitting the sale agreement
The disclosure form is a prescribed form which forms an integral part of the sale, which must be signed and attached to sale agreement. This is to ensure that no defects were disclosed to the property practitioner at the point of sale. Failure to submit this signed disclosure could result in the property practitioner being held liable by the purchaser, for any defects found at a later stage.
Author: Prime Property Marketing
