Property Practitioners Act of 2019
The Property Practitioners Act of 2019 (still to be gazetted and a commencement date announced), repeals the 43-year-old Estate Agency Affairs Act of 1976 (Act 112 of 1976). It is a substantial piece of legislation, comprising 38 pages and 77 sections dealing with all aspects of the profession.
Stated objectives of the Act
The stated objectives of the Act go far beyond the old legislation and are ambitious to say the least. They are stated in Section 3 and can be summarised as follows:
- To regulate “Property Practitioners” – this term is defined later on;
- To replace the EAAB with another body, the Property Practitioners Regulatory Authority, which will have wider jurisdiction over more players in the property industry;
- To better protect consumers;
- To provide for internal dispute resolution in the property market;
- To provide for education and training;
- To regulate licensing of Property Practitioners;
- To create a just and equitable legal framework for the industry;
- To transform the industry by promoting the interests of historically disadvantaged individuals and small and medium sized enterprises;
- To create a fund for transformation;
- To promote home ownership in the affordable and secondary housing market;
Property Practitioners should find the following articles by Deon Welz covering aspects of the Act useful and informative:
- Property Practitioners Bill Commentary - 1 - an overview and introduction to The Property Practitioners Act.
- Property Practitioners Bill Commentary - 2 - the transformation of the property sector; compliance and enforcement; the PPRA’S duty to adjudicate on disputes; and finances.
- Property Practitioners Bill Commentary - 3 - aspects of the Property Practitioners Fidelity Fund including its purpose; control and management; claims; payments; fees; and co-operation by claimants.
- Property Practitioners Bill Commentary - 4 - applications for Fidelity Fund Certificates (FFCs) and related aspects such as the prohibition of rendering services without an FFC.
- Property Practitioners Bill Commentary - 5 - a discussion about property practitioners, consumer protection and some other salient observations.
- Transformation Charter Code - a discussion about the practical implications for estate agencies when the “The Property Sector Transformation Charter Code” is elevated into law.
Download the Property_Practitioners Bill
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