People & News

Overdue investigation

A long overdue investigation into the laws governing the South African property industry is finally under way, and various representative bodies have made submissions to the Department of Trade and Industry. Bill Rawson, Chairman of Bill Rawson Properties, has made a number of proposals. These include:

  • Having nine sub-categories of individuals dealing with property;
  • Decentralising the Estate Agency Affairs Board (EAAB) to allow for greater accessibility and responsiveness to the public;
  • EAAB must foster estate agent training and ensure high internationally-based standards;
  • Fidelity fund covers only agents registered with it;
  • EAAB disciplinary hearings must be run by a fraternity of conveyancing attorneys and not other estate agents;
  • Attorneys be responsible for the holding of all property funding deposits in trust funds, thereby doing away with the residential agents' trust accounts, thereby eliminating expensive trust audit fees.
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