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;
• 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.