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
A legal issue receiving almost constant attention since the lockdown commenced is the liability of commercial tenants for rental of their business premises during the Lockdown (including the more relaxed Alert Levels).
The Property Industry Group (PIG) give some relief to tenants who can accept their landlord’s offer to provide for any of the relief. It should also be noted that any acceptance of a landlord’s offer for a remission of rental, in accordance with the PIG’s relief package, should be considered against whether or not a landlord is entitled to rental at all. Tenants are not bound to accept these terms; however, once an election has been made, such decision is final, and any rights waived can likely not be revisited. We would therefore urge tenants to take proper advice, and to consider the full extent of their rights before accepting any such offers from landlords.
Previous articles have been published by us advising on the impact of COVID-19 and the national lockdown on our daily lives, including that on business and legal practitioners. This article focuses on how the lockdown will affect property transactions as well as the administration of estates.
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