The Property Practitioner's Act
Category Principal's Message
The real estate industry foresees significant changes in the property sector, following President Ramaphosa's announcement of the commencement of the Property Practitioners Act (PPA) effective from the 1st February 2022.
The Act is focused and designed to protect the consumers within the property industry.
The expected changes include;
- The current Estate Agencies Affairs Board will be replaced by a new governing body namely, the Board of Authority.
- The scope of legislation will broaden to include all property practitioners involved in any transaction.
- Practitioners in this regard, include all involved in the selling, purchasing, letting, renting, financing and marketing of property.
- All practitioners are obliged to possess a Fidelity Fund Certificate, and additionally, a Tax clearance certificate and a BEE certificate.
- All agencies are required to ensure all property practitioners are fully compliant in terms of the Act.
- Property defects disclosure document is mandatory for all mandates and will form a part of the agreement.
Author: Prime Property Marketing
