Welcoming the Property Practitioners Act

The long awaited Property Practitioners Act of 2019 has recently been signed into law by President Cyril Ramaphosa.

This has been welcomed by estate agents countrywide, although we have been left with cautious optimism given that, it has not adequately described how transformation will take place in the industry.

The Act rescinds the 43-year-old Estate Agency Affairs Act of 1976, and is aimed at improving the performance of the property market, which includes setting standards and regulating the marketing, promotion, managing, sale, letting, financing and purchase of immovable property, along with any rights and obligations related to a property.

It is designed to create better monitoring mechanisms, included in which is the requirement for inspectors to obtain warrants to enter a property.

It is also aimed at ensuring integrated and faultless processes with a focus on professional standards within the real estate sector.

The Act is a revolutionary step for South Africans and it will play a vital role in addressing challenges within the industry.

Prime Property prides itself on exceptional standards within our industry and offers a dynamic team of property professionals at your service for property sales, rentals and management.

Contact us for further information: 031 566 5416