Estate agents are a vital part of our lives. We all need to live somewhere and estate agents are the people who help us find our ideal homes.
The government is considering a new law which will replace the Estate Agency Affairs Act currently in place. This affects all estate agents and others working in the property market.
Under the new law, called the Property Practictioners’ Bill, entrance to the market for previously disadvantaged individuals is being given priority. Another important chance is that estate agents will no longer be called estate agents, but will become known as “Property Practitioners”.
What is its goal?
The bill aims to provide for the …
- regulation of property practitioners;
- continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority;
- appointment of the members of the Board and matters incidental thereto;
- appointment of the Chief Executive Officer and other staff members of the Authority;
- establishment, appointment, powers and functions of the Property Practitioner’s Ombud Office;
- compliance with and enforcement of the provisions of the Act;
- continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund;
- protection of consumers;
- repeal of the Estate Agency Affairs Act, 1976, and matters connected therewith.
What happens next?
The bill is open for public comment and these need to be submitted by 30 April 2017. Comments can be sent to The Director-General, Department of Human Settlements: Thulani.Khambule@dhs.gov.za. Mr T Khambule 012 444 9088. The draft bill is available by clicking here.
We understand that you may be affected by this new legislation and are therefore available to answer any queries which you may have.
As specialist property law attorneys in Durban and throughout the country, Mc Naught and Company will be your partner of choice in navigating the changing law.