The Property Practitioners Act is here
Category Principal's Message
The Property Practitioners Act has replaced the Estate Agency Affairs Act (No 112 of 1976) which places new obligations on property practitioners.
- Mandatory display of Fidelity Fund Certificates in the place of business
- Property Practitioners are required to open a trust account and ensure proper accounting and auditing of the account
- All practitioners must retain all documents for a period of five years
- Transformation of the industry will be set in place to enhance and promote the historically disadvantaged in the industry
- A mandatory disclosure form must be signed by all parties and will form an integral part of an agreement
- Intern agents, now, Candidate Property Practitioners, must work under supervision of their principals
It is encouraged to familiarise yourself with the PPA, to ensure the new legislation is adhered to, to avoid any penalties.
Consult the services of a reputable and professional practitioner to assist you with all your property needs.
Author: Prime Property Marketing
