Yesterday the National Assembly adopted the Property Practitioners Bill. The envisaged legislation will repeal the Estate Agency Affairs Act of 1976 and in its stead, will introduce many far-reaching changes to the regulation of the industry. The Bill also intends to accelerate the transformation in the sector by promoting the participation in the sector by previously disadvantaged individuals and companies.
The envisaged legislation will regulate “property practitioners”, this including estate agents as well as many other role players in the property sector, and will replace the Estate Agency Affairs Board with the Property Practitioners Regulatory Authority. It also provides for the establishment of the property practitioner’s ombud office and the continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund.
The Bill will now be sent to the National Council of Provinces for concurrence before it is handed to the President to sign into law. We will shortly issue guidelines on the new requirements, as soon as the date on which it will be effective, is known.