The new Property Practitioners Act a positive for the industry
The new Property Practitioners Act aims to better regulate and monitor processes, and has been heralded by estate agents as a vast improvement on the Estate Agency Affairs Act.
The Act has been signed into law but is not yet in force, with some components still to be ironed out. We expect that this will be a positive development for the industry, with important principles, some of which we list below, being addressed:
transformation of the property practitioners sector including a transformation fund and establishment of the research centre on transformation
continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority, with an organisational structure including board members, CEO and staff members
continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund
compliance with the Consumer Protection Act
The President will fix a date when the Act will be in force, after which it will be included in the Government Gazette. Until then, the Estate Agency Affairs Act is still applicable.