The Property Practitioners Act has replaced the Estate Agency Affairs Act (No 112 of 1976) which places new obligations on property practitioners.
- Mandatory display of Fidelity Fund Certificates in the place of business
- Property Practitioners are required to open a trust account and ensure proper accounting and auditing of the account
- All practitioners must retain all documents for a period of five years
- Transformation of the industry will be set in place to enhance and promote the historically disadvantaged in the industry
- A mandatory disclosure form must be signed by all parties and will form an integral part of an agreement
- Intern agents, now, Candidate Property Practitioners, must work under supervision of their principals
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It is encouraged to familiarise yourself with the PPA, to ensure the new legislation is adhered to, to avoid any penalties.
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Consult the services of a reputable and professional practitioner to assist you with all your property needs.
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