Real change to the real estate industry: how does the Property Practitioners Act affect your firm?
22nd March 2022
The new Property Practitioners Act provides a substantive change to the real estate market in South Africa with a bigger focus on transformation and consumer protection
The Act introduces new restrictions on the conduct of ‘property practitioners’ in their interactions with consumers, including obligations relating to the display of Fidelity Fund certificates and the completion of a mandatory disclosure form
In line with its transformative aims, the Act requires property practitioners to be in possession of a valid BEE certificate for them to receive Fidelity Fund certificates
The Act imposes new requirements for the training of ‘candidate property practitioners’ and imposes heightened transparency in practitioners’ management of trust accounts and accounting records